S&P 500 7785.76 -0.17%NASDAQ 26729.16 -0.28%Dow Jones 53732.41 -0.20%Russell 2K 3068.42 +0.75%VIX 14.25 -2.06%EUR/USD 1.1593 +0.17%
MORNING ALPHA

Daily Financial Newsletter

Monday, August 17, 2026 · 08:49:53 · archived issue
EN FR
⚠ Data quality : DEGRADED · 8 notes
⚠ Data quality: DEGRADED
market_pulse — Monday Zurich run: equity/index/^VIX/^TNX marks are Friday 2026-08-14 settles; EURUSD/GC/CL/BTC already show Monday 2026-08-17 prints — both are labeled in headline_summary.
yesterday_retrospective — Several sector SPDR live /price reads returned Stooq Cloudflare HTML; rotation evidence uses AlphaVantage history for XLK/XLE/XLI/XLF where available.
eu_equity_ideas — eu_fundamentals_gap: /fundamentals for TTE.PA returned empty derived fields; idea published on price + web catalyst only.
commodities_outlook — GLD/USO ETF history sparse mid-week; WTI/gold theses cross-checked against Monday futures prints (CL=F $81.77, GC=F $4,453).
crypto_landscape — ETH-USD Monday live print $1,899.63 used alongside Friday/Sunday history closes for change context.
risk_cover_playbook — ^VIX3M/^VIX9D/DX-Y.NYB aggregator /price empty; VIX/VIX3M ratio taken from thetrading.tools Aug 14 close (VIX 14.25 / VIX3M 18.46).
portfolio_reality_check — INTC /positions avg_price still ~$439 vs filled trade prices ~$86–100 (known PM aggregation bug); holdings show API fields verbatim, picks_reviewed return uses trade-fill economics (~+19%). EURO/Commodities/Crypto/Penny books largely price_estimated.
penny_plays — No buy-tier name cleared ≥6/10 after anti-late-mover filter; INO published watchlist-only after a +47% 4-session spike.
General
GeneralThe Bottom Line 1 minHormuz tanker traffic collapsed over the weekend while VIX still sleeps at 14.3 — oil and gold stay the live hedges into Home Depot earnings and Wednesday’s FOMC minutes.
THE BOTTOM LINE
RISK-ON=
Hormuz tanker traffic collapsed over the weekend while VIX still sleeps at 14.3 — oil and gold stay the live hedges into Home Depot earnings and Wednesday’s FOMC minutes.
Today's Top Picks
USO
8/10
RDDT
8/10
GLD
7.5/10
HD
7.5/10
TTE.PA
7/10
Biggest Risk
Iran/Hormuz oil premium persists (WTI >$80)
Probability: High • Impact: High
Portfolio Snapshot
All Portfolios, Combined: $295229.13
Blended P&L: -1.59% • 30d Hit Rate: +60.00%
3 of 7 books, weighted by capital invested. Estimated quotes, and books whose path statistics disagree with dollar P&L, are left out. Hit rate is 12 of 20 reviewed picks still on track. Average gain 31.7%, average loss -6.6%.
GeneralMarket Pulse 2 minFriday’s cash close still frames the tape: S&P 7,785.76 (−0.17%) with VIX asleep at 14.25 even after retail sales −0.6%, while Monday futures already show gold +1.66% to $4,453 and EUR/USD…
MARKET PULSE
Friday’s cash close still frames the tape: S&P 7,785.76 (−0.17%) with VIX asleep at 14.25 even after retail sales −0.6%, while Monday futures already show gold +1.66% to $4,453 and EUR/USD +0.17% to 1.1593. The inter-market tell is oil still >$81 alongside a sub-15 VIX — markets are pricing a Fed hold (~64–69% odds) without pricing Hormuz upside inflation risk. Watch today’s Empire State manufacturing print at 8:30 a.m. ET and the opening of Home Depot’s pre-earnings week for confirmation that the consumer scare is real.
Book Risk-On 4/4 clear
Indexes
S&P 500 Data7,785.76
yday 7,785.76
▼ -0.17%
NASDAQ Data26,729.16
yday 26,729.16
▼ -0.28%
Dow Jones Data53,732.41
yday 53,732.41
▼ -0.20%
Russell 2K Data3,068.42
yday 3,068.42
▲ +0.75%
Commodities
Metals
Gold Data4,453.00
yday 4,380.40
▲ +1.66%
Energy
Oil (WTI) Data81.77
yday 82.40
▼ -0.76%
Crypto
Bitcoin Data63,530.00
yday 63,069.00
▲ +0.73%
Ethereum Data1,899.63
yday 1,882.58
▲ +0.91%
Rates
10Y Yield Data4.70
yday 4.70
▲ +0.30%
Credit
HY OAS Data2.71 %
yday 2.71 %
calm
IG OAS Data0.79 %calm
HY−IG spread differential Data1.92 ppwatch
Volatility
VIX Data14.25
yday 14.25
▼ -2.06%
VIX/VIX3M term structure Data0.77 ratio
yday 0.80 ratio
calm
Dollar & FX
EUR/USD Data1.16
yday 1.16
▲ +0.17%
Breadth
Stock-bond 20d correlation (SPY vs TLT) Data0.38 ratio
yday 0.03 ratio
watch
Liquidity
Initial claims (ICSA) Data209,000.00 claimscalm
SOFR vs fed funds upper Data-0.13 ppcalm
Cross-asset
Gold/Copper ratio (GC=F / HG=F) Data662.30 ratiowatch
Cover checks
VIX Data14.25 / 25.00
yday 14.25
Not Triggered
10Y-2Y spread Data0.51 / -0.20
yday 0.48 / -0.20
Not Triggered
HY OAS (BAMLH0A0HYM2) Data2.71 / 5.00Not Triggered
S&P drawdown from window high Data0.00 / -10.00Not Triggered
DataHedge instruments : GLD, TLT, SH, VIXY · Target cash 15%
If triggered today — do this now AI
• Trim high-beta AI/tech (RDDT, MU-style) to fund hedges
• Add SPY put spreads / VIXY and raise cash toward 15%
• Keep USO/GLD as oil-shock and real-rate hedges rather than cutting both
AI0/4 hard triggers fired (VIX 14.25, curve +51bp, HY OAS 2.71, SPX at window highs) so regime stays risk-on, but 3 of 8 populated internals are watch (stock-bond corr +0.38, gold/copper stress, HY-IG differential still tight). That matches a market calm on the surface with Hormuz/consumer cracks underneath — keep the crash checklist ready for minutes/earnings week.
GeneralYesterday's Market Retrospective 3 minFriday was a soft fade from Thursday’s S&P record: the index slipped 0.17% to 7,785.76 after July retail sales unexpectedly fell 0.6% and Brent jumped 1.7% to $88.52 on Hormuz uncertainty —…
YESTERDAY'S MARKET RETROSPECTIVE
Friday was a soft fade from Thursday’s S&P record: the index slipped 0.17% to 7,785.76 after July retail sales unexpectedly fell 0.6% and Brent jumped 1.7% to $88.52 on Hormuz uncertainty — growth-scare meets energy-inflation scare in one session.
How Yesterday Unfolded
Asia  Asia finished mixed into the US data day: Nikkei closed +0.59% at 68,713.80 while KOSPI ripped +2.42% to 6,977.94 on another AI/memory bid, even as Hang Seng was little changed around 25,396.
Europe  Europe was soft ahead of the US retail print: FTSE 100 −0.56% to 10,772.70, CAC 40 −0.28%, and DAX roughly flat (−0.12%), with energy-linked names better than rate-sensitives as oil firmed.
US  US opened firmer then rolled: S&P −0.17% to 7,785.76, Nasdaq −0.28% to 26,729.16, Dow −0.20% to 53,732.41 as the retail-sales miss and a late oil spike capped the third weekly gain; Reddit jumped ~12.6% on S&P 500 inclusion while Applied Materials fell ~5.1% despite a beat.
Capital Rotation
Long-duration tech / growth (AMAT −5.1% on beat; AI multiple compression) → Energy (XLE +1.44% Fri vs XLK +0.61%) · XLE +1.44% on 2026-08-14 vs XLK +0.61%; Brent +1.7% to $88.52
Hormuz shipping risk re-priced oil higher while soft retail sales pressured high-multiple AI names that had already run hard into the print.
Consumer discretionary / retail beta → Index-inclusion / communication services (RDDT +12.6%) · RDDT +12.6% on S&P add vs broad consumer soft tape after retail sales −0.6%
Forced passive buying into Tuesday’s inclusion overwhelmed the session’s consumer-fatigue narrative for that single name.
Key Drivers
July retail sales −0.6% vs +0.2% expected — Broad pullback in shopper spending after tax-refund/World Cup/Prime Day distortions, raising soft-landing vs stagflation debate into Fed hold odds.
Hormuz oil premium — Brent +1.7% to $88.52 — Ongoing uncertainty over tanker transit through the Persian Gulf swung oil higher midday and helped fade equity gains.
Reddit named to S&P 500 effective Aug 18 — S&P DJI announced RDDT replaces AvalonBay; shares surged as index funds prepare to buy before Tuesday’s open.
UMich sentiment down to 51.0 — Preliminary August consumer sentiment fell more than expected, reinforcing the retail-sales growth scare.
Bridge to Today
Monday’s Empire State print plus this week’s Home Depot/Walmart earnings and Wednesday’s July FOMC minutes will decide whether Friday’s consumer scare deepens or gets shrugged off under a still-subdued VIX.
Stocks
Ideas board
TickerRegionCall Conv. Price1dType
RDDTReddit Inc. USBUY8 178.09+16.05% Growth
HDThe Home Depot, Inc. USBUY7.5 338.86-1.33% Value
TTE.PATotalEnergies SE EUBUY7 75.41-0.16% Commodity
INOInovio Pharmaceuticals PennyWATCH5.5 1.09+21.10% Penny
StocksUS Equity Ideas 2 minRDDT BUY · HD BUY
US EQUITY IDEAS
Ticker Name Conviction 1d
RDDT= Reddit Inc. 8 +16.05%
HDNEW The Home Depot, Inc. 7.5 -1.33%
RDDT  GROWTH BUY 🔥 2-issue streak=
Reddit Inc. • Communication Services
8/10 Conviction
$178.09
▲ +16.05%
Into Tuesday’s Aug 18 S&P 500 effective date, expect another mechanical bid as passive funds finish indexing RDDT — the same forced-flow catalyst that already drove Friday’s ~12.6% surge to $178.09. Conviction 8 pairs…
S&P 500 addition effective prior to open Tue Aug 18 (replaces AVB) Friday +12.6% on inclusion announcement follow-through
Target
$200.00
Conviction 80%
Invalidation: RDDT loses $155 on a volume-backed breakdown before the Aug 18 effective date.

TradingView's price for RDDT. It is not the last print in this letter.

RDDT · 20d illustrative range
RDDT illustrative 20-day price cone from 178.09: 5th pct 94.95, median 167.74, 95th pct 296.35 (vol 122.81% annualised)RDDT · 20d illustrative range82.87158.06233.24308.43Illustrative · vol 122.81% ann. · not a forecast-9d0+20d
HD  VALUE BUYNEW
The Home Depot, Inc. • Consumer Discretionary
7.5/10 Conviction
$338.86
▼ -1.33%
Over the next 48 hours into Tue Aug 18 earnings, HD is the cleanest listed test of whether Friday’s retail-sales −0.6% miss is a one-off or the start of big-ticket demand rolling over — especially with CEO Ted Decker on…
Fiscal Q2 earnings before open Tue Aug 18 (consensus ~$4.71 EPS) CEO medical leave announced days before print; guide reaffirmed July retail sales −0.6% raises the bar for DIY/pro commentary
Target
$365.00
Conviction 75%
Invalidation: Q2 comparable sales miss with FY guide cut below the flat-to-+2% comps band.

TradingView's price for HD. It is not the last print in this letter.

HD · 20d illustrative range
HD illustrative 20-day price cone from 338.86: 5th pct 294.38, median 337.68, 95th pct 387.35 (vol 29.61% annualised)HD · 20d illustrative range288.8323.51358.22392.93Illustrative · vol 29.61% ann. · not a forecast-9d0+20d
Desk research framework — not a recommendation to buy or sell.
StocksEU Equity Ideas 1 minTTE.PA BUY
EU EQUITY IDEAS
Ticker Name Conviction 1d
TTE.PANEW TotalEnergies SE 7 -0.16%
TTE.PA  COMMODITY BUYNEW
TotalEnergies SE • Energy
7/10 Conviction
$75.41
▼ -0.16%
Into this week’s Hormuz headlines, expect TTE.PA to keep tracking the oil premium: the company’s own 2Q commentary already flagged 5–10% production impact from Middle East export constraints, and Monday’s Kpler traffic…
Aug 17 Kpler/Reuters: Hormuz weekend traffic 5/0 vs 31 prior weekend Brent early Monday toward $89 as US–Iran talks stay stalled Prior 2Q print: adjusted NI $6.0B with Hormuz lifting/liquids price capture
Target
$85.00
Conviction 70%
Invalidation: Brent sustains below $75 for two consecutive weeks with Hormuz traffic normalized.

TradingView's price for TTE.PA. It is not the last print in this letter.

Desk research framework — not a recommendation to buy or sell.
StocksPenny Plays 1 minINO WATCH
PENNY PLAYS
Ticker Name Conviction 1d
INONEW Inovio Pharmaceuticals 5.5 +21.10%
INO  PENNY WATCHNEW
Inovio Pharmaceuticals • Healthcare
5.5/10 Conviction
$1.09
▲ +21.10%
This is a confirmation watch on an already-moved name, not a ground-floor entry — INO ripped from $0.74 (Aug 10) to $1.09 (Aug 14), ~+47% in four sessions, so size/expectations must reflect chase risk. Scores 5.5/10:…
Narrative
1.5/2
Catalyst
1/2
Balance sheet
1/2
Price suppression
1/2
Institutional
0.5/1
Social
0.5/1
INO-3107 PDUFA target Oct 30, 2026 (RRP accelerated approval path) Q2 update: late-cycle review + pre-licensure inspections complete; label talks eyed for September
Target
$1.50
Invalidation: FDA issues a CRL / extends review past Oct 30 without a clear path, or a dilutive raise below $0.80.
INO between stop and target 1.09
0.61.5
Stop on the left, target on the right. Red and green mark those ends only. The tick is the last price.

TradingView's price for INO. It is not the last print in this letter.

INO · 20d illustrative range
INO illustrative 20-day price cone from 1.09: 5th pct 0.15, median 0.71, 95th pct 3.27 (vol 330.52% annualised)INO · 20d illustrative range-0.041.132.293.46Illustrative · vol 330.52% ann. · not a forecast-9d0+20d
Most sub-$5 names that look cheap stay cheap or go to zero. This screen is diligence, not a buy list.
Desk research framework — not a recommendation to buy or sell.
Forex
ForexForex Rebalancing Radar 1 min
FOREX REBALANCING RADAR
Base currency: EUR
Currency vs EUR Short-term Medium-term Long-term
USD 🔥2 AVOID (-3) NEUTRAL (0) SEEK (3)
JPY 🔥18 SEEK (3) SEEK (4) NEUTRAL (1)
GBP 🔥43 SEEK (3) SEEK (2) NEUTRAL (0)
CHF 🔥18 NEUTRAL (0) NEUTRAL (0) SEEK (2)
NOK 🔥9 SEEK (5) SEEK (4) NEUTRAL (1)
Suggested rebalancing actions
DECREASE USD vs EUR — Keep trimming USD vs EUR while hike odds stay suppressed and EURUSD holds above 1.155.
Conviction 60%
INCREASE NOK vs EUR — Add NOK as the oil-linked EUR alternative while Hormuz keeps Brent near $89.
Conviction 60%
INCREASE JPY vs EUR — Small JPY add as a cheap risk-off hedge with EURJPY extended near 184.
Conviction 40%
Crypto
CryptoCryptocurrency Landscape 1 minSpot BTC ETFs flipped from a +$865M inflow week (Aug 3–7) to roughly −$390M the following week, snapping ETH’s five-week inflow streak with a modest −$2.3M — institutional pipes cooled even…
CRYPTOCURRENCY LANDSCAPE
Spot BTC ETFs flipped from a +$865M inflow week (Aug 3–7) to roughly −$390M the following week, snapping ETH’s five-week inflow streak with a modest −$2.3M — institutional pipes cooled even as BTC holds the mid-$63k area.
Ticker Name Conviction 1d
BTC-USD Bitcoin 6 +0.73%
ETH-USD Ethereum 6 +0.91%
BTC-USD  HOLD 🔥 41-issue streak
Bitcoin
6/10 Conviction
$63530.00
▲ +0.73%
Into the next ETF-flow prints, stay patient: price is stabilizing near $63.5k after the outflow week, but adding risk before flows flip back to multi-day green is chasing a tape that already failed to break $65k on…
Weekly ETF flow print (watch for re-acceleration) FOMC minutes Wed as USD/real-yield swing factor
Conviction 60%
Invalidation: BTC closes below $60k on a weekly basis.

TradingView's price for BTC-USD. It is not the last print in this letter.

undefined · 20d illustrative range
undefined illustrative 20-day price cone from 63530: 5th pct 59764.42, median 63487.14, 95th pct 67441.76 (vol 13.04% annualised)undefined · 20d illustrative range59303.7862169.9965036.1967902.4Illustrative · vol 13.04% ann. · not a forecast-9d0+20d
ETH-USD  HOLD 🔥 41-issue streak
Ethereum
6/10 Conviction
$1899.63
▲ +0.91%
Over the next 1–2 weeks, ETH should trade as a satellite to BTC ETF flows rather than an independent breakout — the five-week inflow streak just broke, and $1,900 remains a ceiling until ETH ETFs print sustained green…
ETH ETF daily flow stabilization BTC leadership / risk-on beta
Conviction 60%
Invalidation: ETH closes below $1,750 on a weekly basis.

TradingView's price for ETH-USD. It is not the last print in this letter.

undefined · 20d illustrative range
undefined illustrative 20-day price cone from 1899.63: 5th pct 1780.81, median 1898.2, 95th pct 2023.32 (vol 13.78% annualised)undefined · 20d illustrative range1766.261856.81947.332037.87Illustrative · vol 13.78% ann. · not a forecast-9d0+20d
Desk research framework — not a recommendation to buy or sell.
General
GeneralCommodities Outlook 2 minOil stays bid after weekend Hormuz tanker traffic collapsed (Kpler: five vessels Saturday, zero Sunday vs 31 the prior weekend), while gold reclaims the $4,400 area as September hike odds k…
COMMODITIES OUTLOOK
Oil stays bid after weekend Hormuz tanker traffic collapsed (Kpler: five vessels Saturday, zero Sunday vs 31 the prior weekend), while gold reclaims the $4,400 area as September hike odds keep falling.
Oil and gold rising together is a classic geopolitical-premium pattern: WTI still >$81 while GC=F prints $4,453 on Monday. If Hormuz disruption persists into…
Ticker Name Conviction 1d
USO WTI Crude (USO proxy) 8 -0.55%
GLD Gold 7.5 -0.85%
WTI Crude (USO proxy)  ENERGY BUY 🔥 15-issue streak
USO
8/10 Conviction
$126.60
▼ -0.55%
Into the next few sessions, treat Hormuz as a live supply option: Kpler’s weekend traffic collapse and stalled US–Iran talk signals keep Brent threatening $89–90, which historically forces another USO bid before any…
Kpler: 5 Hormuz transits Sat / 0 Sun vs 31 prior weekend (Aug 17) Iran FM says no decision to resume US talks; Trump urges higher gasoline tolerance Brent early Monday toward $89.20 (+~0.8%)
Conviction 80%
Invalidation: WTI sustains below $75 for two consecutive weeks.

TradingView's price for USO. It is not the last print in this letter.

undefined · 20d illustrative range
undefined illustrative 20-day price cone from 126.6: 5th pct 94.19, median 124.76, 95th pct 165.27 (vol 60.67% annualised)undefined · 20d illustrative range89.93116.46143169.53Illustrative · vol 60.67% ann. · not a forecast-9d0+20d
Gold  PRECIOUS METAL BUY 🔥 15-issue streak
GLD
7.5/10 Conviction
$401.48
▼ -0.85%
Over the next week into FOMC minutes, gold should keep attempting $4,400–4,500 as softer retail sales and cooler inflation cut September hike odds and ETF inflows printed six straight sessions (~21t). The invalidation…
GC=F Monday rebound to $4,453 after Friday dip Bloomberg-cited ETF inflows: longest uninterrupted stretch since April (~21 tons) September hike probability compressed after soft CPI/PPI/retail
Conviction 75%
Invalidation: GC=F sustains a weekly close back below $4,300 on rising real yields.

TradingView's price for GLD. It is not the last print in this letter.

undefined · 20d illustrative range
undefined illustrative 20-day price cone from 401.48: 5th pct 358.66, median 400.57, 95th pct 447.39 (vol 23.85% annualised)undefined · 20d illustrative range353.34386.46419.59452.71Illustrative · vol 23.85% ann. · not a forecast-9d0+20d
Desk research framework — not a recommendation to buy or sell.
GeneralTop 5 Risks Right Now 1 min#1 Iran/Hormuz oil premium persists (WTI >$80)
TOP 5 RISKS RIGHT NOW
#RiskProbability Impact Trend
1Iran/Hormuz oil premium persists (WTI >$80)=HighHighEscalating
2US consumer fatigue — July retail sales −0.6%NEWHighHighEscalating
3Labor market rolling over (NFP −23k, revisions)NEWMediumHighStable
4Credit complacency / HY spread compression=MediumHighStable
5Vol complacency into Fed minutes & retail earnings (VIX ~14.3)NEWMediumMediumNew
Watch: Daily Hormuz transit counts (Kpler)
GeneralWhat's Coming Up 1 min2026-08-17 — Empire State Manufacturing Index
WHAT'S COMING UP
2026-08-17 Empire State Manufacturing Index · risk_top5
2026-08-18 RDDT joins S&P 500 (effective open) · us_equity_ideas
Sources: S&P DJI
2026-08-18 Home Depot (HD) Q2 earnings · us_equity_ideas
2026-08-19 Target / Lowe’s earnings — consumer check · risk_top5
2026-08-20 July FOMC minutes + Walmart earnings · risk_top5
2026-09-16 FOMC decision (Sep meeting) · forex_rebalancing
2026-10-30 INO PDUFA (INO-3107) · penny_plays
Stocks
StocksPortfolio Reality Check 5 min30d hit rate 60%
PORTFOLIO REALITY CHECK
P&L Across Portfolios
Penny Plays
-4.77%
Anti-Fragile
+0.00%
Trend Follow
+0.00%
Named holdings. 44 smaller positions (13.71%) are off this picture.
Portfolio allocation: Cash 81.89%, TTE.PA 3.53%, ASML.AS 3.51%, USO 3.36%, XOM 2.98%, BTC-USD 2.81%, ETH-USD 1.92%Cash81.89%TTE.PA3.53%ASML.AS3.51%USO3.36%XOM2.98%BTC-USD2.81%ETH-USD
Tech US
Performance
Total Value
$102302.39
Cash
$35745.61
P&L
$2302.39 (+2.30%)
Realized P&L
$-2664.87
Path statistics are hidden. The quotes are estimated, or the time-weighted return disagrees with dollar P&L.
Today's Moves
ActionTickerQtyStatus
BuyRDDT4.18dispatched
BuyHD2.2dispatched
Current Holdings
⚠ Live quotes unavailable for this book today — every position below is marked at cost or last available estimate, not a fresh mark.
PositionValueUnrealized P&L
TSM ×20.93$8522.18—
XOM ×120$18330.57—
UNH ×8.49$3618.61—
INTC ×14.08$6182.42—
MSFT ×11.91$4848.05—
SBUX ×11.63$1239.82—
CBRE ×8.29$1239.81—
AMZN ×4.38$1190.23—
+16 more holdings
Track Record 5 On Track · 4 Lagging
PositionConviction Then Return SinceVerdict
RDDT (2026-08-15)8/10+0.0%On Track
MU (2026-08-13)7.5/10+3.4%On Track
AMAT (2026-08-11)7.5/10-4.6%Lagging
CSCO (2026-08-10)7.5/10-7.8%Lagging
PLTR (2026-08-09)8/10-6.7%Lagging
UNH (2026-07-19)7/10-5.7%Lagging
MSFT (2026-08-02)7.5/10+21.7%On Track
MRVL (2026-08-05)7/10+182.8%On Track
INTC (2026-07-30)7/10+18.8%On Track
Euro Only
Performance
Total Value
$116239.42
Cash
$50662.13
P&L
$16239.42 (+16.24%)
Realized P&L
$-1870.28
Path statistics are hidden. The quotes are estimated, or the time-weighted return disagrees with dollar P&L.
Today's Moves
ActionTickerQtyStatus
BuyTTE.PA13.71dispatched
Current Holdings
⚠ Live quotes unavailable for this book today — every position below is marked at cost or last available estimate, not a fresh mark.
PositionValueUnrealized P&L
ASML.AS ×2.28$21594.47—
TTE.PA ×297$21773.39—
UNA.AS ×48.5$2832.95—
KER.PA ×5.3$1553.28—
RR.L ×101$1460.08—
VIE.PA ×48.5$1430.88—
GLE.PA ×17.29$1402.26—
MNDI.L ×158$1402.26—
+8 more holdings
Track Record 5 On Track
PositionConviction Then Return SinceVerdict
SAP.DE (2026-08-15)7.5/10+0.0%On Track
SIE.DE (2026-08-15)7/10+0.0%On Track
ASML.AS (2026-08-12)7/10+0.0%On Track
TTE.PA (2026-07-19)7/10+2.9%On Track
ENR.DE (2026-08-06)7.5/10+6.5%On Track
Penny Plays
Performance
Total Value
$95229.13
Cash
$84510.79
P&L
$-4770.87 (-4.77%)
Realized P&L
$-4582.57
TWR
-4.58%
Sharpe
-3.58
Max DD
-4.58%
Sortino
N/A
Calmar
N/A
Ann. return
N/A
Beta vs SPY
N/A
Allocation
Positions11%
Cash89%
Today's Moves
ActionTickerQtyStatus
SellGOSS18578pending
Current Holdings
PositionValueUnrealized P&L
GOSS ×18578$2864.70-23.7%
PYPD ×860$4075.11+13.4%
STXS ×2738$3778.52+6.2%
Track Record 1 On Track · 1 Stopped Out
PositionConviction Then Return SinceVerdict
PYPD (2026-08-04)7/10+13.4%On Track
GOSS (2026-07-20)6/10-23.7%Stopped Out
Anti-Fragile
Performance
Total Value
$100000.00
Cash
$100000.00
P&L
$0.0000 (+0.00%)
Realized P&L
$0.0000
TWR
+0.00%
Sharpe
N/A
Max DD
+0.00%
Sortino
N/A
Calmar
N/A
Ann. return
N/A
Beta vs SPY
N/A
Allocation
Cash100%
Today's Moves
No new activity today — no open thesis needed adjusting.
Trend Follow
Performance
Total Value
$100000.00
Cash
$100000.00
P&L
$0.0000 (+0.00%)
Realized P&L
$0.0000
TWR
+0.00%
Sharpe
N/A
Max DD
+0.00%
Sortino
N/A
Calmar
N/A
Ann. return
N/A
Beta vs SPY
N/A
Allocation
Cash100%
Today's Moves
No new activity today — no open thesis needed adjusting.
Commodities
Performance
Total Value
$100000.00
Cash
$64063.71
P&L
$0.0000 (+0.00%)
Realized P&L
$0.0000
Path statistics are hidden. The quotes are estimated, or the time-weighted return disagrees with dollar P&L.
Today's Moves
ActionTickerQtyStatus
BuyUSO10.54dispatched
BuyGLD3.32dispatched
Current Holdings
⚠ Live quotes unavailable for this book today — every position below is marked at cost or last available estimate, not a fresh mark.
PositionValueUnrealized P&L
USO ×161$20711.43—
GLD ×27.01$10482.56—
CPER ×83.09$3235.64—
SLV ×26.87$1506.66—
Track Record 1 On Track · 1 Lagging
PositionConviction Then Return SinceVerdict
USO (2026-08-11)7/10-1.9%Lagging
GLD (2026-08-06)7/10+3.9%On Track
Crypto
Performance
Total Value
$100000.00
Cash
$69426.36
P&L
$0.0000 (+0.00%)
Realized P&L
$0.0000
Path statistics are hidden. The quotes are estimated, or the time-weighted return disagrees with dollar P&L.
Today's Moves
No new activity today — no open thesis needed adjusting.
Current Holdings
⚠ Live quotes unavailable for this book today — every position below is marked at cost or last available estimate, not a fresh mark.
PositionValueUnrealized P&L
BTC-USD ×0.2664$17284.77—
ETH-USD ×6.23$11840.32—
BTC ×0.0223$1448.55—
Track Record 2 Lagging
PositionConviction Then Return SinceVerdict
BTC-USD (2026-08-11)6/10-2.1%Lagging
ETH-USD (2026-08-06)6.5/10-0.1%Lagging
30-day hit rate across all portfolios : +60.00%
Glossary
backwardation
A term structure where nearer maturities cost more than later ones, often a stress signal for VIX.
basis point
One hundredth of a percentage point (0.01%).
yield curve
Yields of government bonds across maturities; an inverted curve (short above long) has often preceded slowdowns.
conviction
The desk’s 0-10 score for how strongly the evidence supports an idea; not a probability.
contango
A term structure where later maturities cost more than nearer ones.
drawdown
Peak-to-trough decline of a price or portfolio.
breadth
How many stocks participate in a market move (for example % above their 200-day average).
Sharpe
Excess return per unit of volatility; higher is better.
2s10s
The 10-year yield minus the 2-year yield, a common curve-shape gauge.
beta
Sensitivity of a stock to market moves; 1.0 moves with the market.
VIX
CBOE Volatility Index: the options market’s price for 30-day S&P 500 volatility; higher means more expected turbulence.
RSI
Relative Strength Index: a 0-100 momentum gauge; above 70 is often read as overbought, below 30 as oversold.
P/E
Price-to-earnings ratio: share price divided by earnings per share.
OAS
Option-adjusted spread: the extra yield of a bond over a risk-free benchmark, adjusted for embedded options.
RRG
Relative Rotation Graph: plots relative strength and its momentum to show leaders and laggards.
ATH
All-time high.
TWR
Time-weighted return: performance that removes the effect of cash flows in and out.
Morning Alpha • Generated Mon, 17 Aug 2026 06:54:07 GMT • info@gmc-works.com