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Surprise CPI.

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The Tape Read — Pre-Market Intelligence Brief for July 15, 2026. Tape holds a narrow risk-on after June CPI's surprise cool-down; the one skew-confirmed read is heavy call flow in META, while the semis melt-up (SMH +2.5%) carries steep put-skew that keeps the chip complex to context. Full written brief for paid subscribers at thetaperead.morganbranch.co. Educational and observational only — not investment advice.
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