# @benzinga on YouTube - **Type:** Video - **Original URL:** https://youtube.com/watch?v=hML8bXjHjsY - **Gondola URL:** https://gondola.cc/posts/68118974-benzinga-youtube - **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/08ef917ac2.jpg - **Posted:** 2026-07-17T14:51:26.000+00:00 - **Account Owner:** Benzinga | News That Moves (@benzinga) โ€” https://gondola.cc/benzinga ## Caption On the July 15 episode of The Drift, the weekly markets show hosted by thinkorswim and tastytrade founder Tom Sosnoff and trader Adam Mesh, Sosnoff shared his current read on the market, and the takeaway was more nuanced than a simple bull or bear call. Sosnoff started by making clear he is not turning bearish. "It's impossible to say bearish because, you know, the market's definitely still in an uptrend until it's not." He then broke his view down by timeframe. "I would say that if you're looking at it on a short term basis, meaning like a month or two, it's range bound. If you're looking at it in 2026 kind of terms, it's definitely still bullish." From there, the tone shifted. Sosnoff described the current tape as feeling tired and top-heavy. "I would like to think of this market as getting a little heavy here. To me, it feels heavy." He acknowledged the calendar is working against a bearish stance in the near term. "This is July expiration this week and tends to be a very bullish expiration cycle. So I'm reluctant to be very short here." But he did not soften his read on the underlying tape. "But I think this is a heavy market right now. It's range bound. It's heavy. And I think that the outlier risk is to the downside." Translation: he is not calling a top, but he is signaling that if the market makes a surprise move from here, he thinks the odds favor a downside break rather than another leg higher. His view lines up with what several market technicians have been flagging in recent weeks. The S&P 500 has spent much of the past two months chopping sideways in a tight range, with Reuters and multiple technicals desks describing the tape as consolidation after a strong second-quarter rally. Seasonality also cuts both ways. Bloomberg data shows the S&P 500 has not posted a losing July since 2014 and averages a gain of about 2.5%, but Stock Trader's Almanac data going back to 1990 shows the second half of July, and particularly the days around and after standard options expiration, tends to see volatility pick up. Sosnoff, who now leads a new venture called Lossdog after building thinkorswim and tastytrade, has consistently framed his read on the market in terms of odds rather than absolutes. His current stance is a good example of that philosophy in action, respecting the uptrend, respecting seasonality, but preparing for the outlier move. This clip is from The Drift episode released July 15, 2026. #TomSosnoff #StockMarket #MarketOutlook ๐ŸŒ Find more market-moving insights at https://www.benzinga.com โ€” your one-stop destination for the latest financial news, data, and expert analysis to stay ahead of the markets. ๐Ÿ–ฅ๏ธ Want the same tools the pros useโ€”without the $10K Bloomberg terminal? Benzinga Edge gives you real-time portfolio alerts, weekly stock picks, and pro-grade research in one command center. ๐Ÿ‘‰ https://bit.ly/4unSKiB ------------------------------------------------------------------------------------ ๐Ÿ“ฒ Follow us on socials @benzinga ๐Ÿ”” Subscribe To The Channel: https://www.youtube.com/@Benzinga ------------------------------------------------------------------------------------ โš ๏ธ Disclaimer: Investing in financial markets carries risk, and there are no guaranteed returns. All information is for educational purposes only and should not be taken as financial advice. Always do your own research and speak with a qualified financial advisor before making investment decisions. Only invest what you can afford to lose. Past performance does not guarantee future outcomes. ## Stats - **Views:** 1,482 - **Likes:** 13 - **Shares:** 0 - **Comments:** 0 ## Tags stockmarket, marketoutlook, tomsosnoff --- Copyright (c) Gondola