yesterday_retrospective — Squawk-alert 401 (missing X-Account-Key). Sector SPDR /price hist last print is Sep 15 — Sep 16 rotation uses Newsquawk + Dow/Nasdaq, not stale XLK/XLE 1d. MRNA mover −100% omitted as a bad print. Shanghai hist last 2026-09-10.
market_pulse — SPX analytics close 7585.73 vs FMP ^GSPC 7551.81 on 2026-09-16 — used FMP for the index tile; breadth/ATH from analytics. VIXCLS FRED 17.1 is Sep 14; spot VIX 17.71 Sep 16. DGS10 FRED latest 5.00 Sep 15 vs ^TNX 5.006. DTWEXBGS weekly Sep 4. DFF 3.63 is pre-hike Sep 14; DFEDTARU 3.75 Sep 15 vs new 3.75–4.00 target. Macro observations[] mostly a single print — delta_bp omitted except where latest/prev exist.
us_equity_ideas — Screener-first (280 US rows) then widened to Ciena-optical tape. /news missed Ciena 30% CAGR through 2029 — used MarketWatch/Longbridge. LITE eodhd hist −0.82% (927.03→919.40) vs web +9.59% from 838.96 — published web +9.59 / 919.40 per decision-day cross-check. 13F/congress empty; sentiment empty.
eu_equity_ideas — eu_fundamentals_gap — EXENS.PA and SOI.PA /fundamentals empty and /news empty; used RTT/MarketScreener + Reuters. EXENS.PA aggregator close 54.35 Sep 16 vs MarketScreener pre-market 58.52 (+7.68%) after the Sep 17 guide raise — published 58.52. Did not re-BUY BAB.L.
penny_plays — screener unavailable or empty for category=penny — fell back to web search; penny universe may not be seeded yet. BFRI is watchlist only (Multi-Bagger 5/10).
forex_rebalancing — squawk-alert feed unavailable — fell back to central-bank web search for same-day FX events. Direct EURJPY/EURGBP/EURCHF hist was stale to Sep 12; used EURJPY=X / EURGBP=X / EURCHF=X. DTWEXBGS weekly Sep 4.
commodities_outlook — Widened off USO/UNG/URA (yesterday’s set). USO/UNG /price stooq JS — WEAT from yahoo hist. COT empty. Gold/oil used futures (GC=F / CL=F) for the tape; WEAT is the traded proxy.
crypto_landscape — ETF prints from Farside via FinanceFeeds/Gate (web), not aggregator. ETH-USD still a known PM 400 — HOLD, no BUY. Sentiment empty.
trend_follow — Universe still <200 closes — sma200 null, 200-day test fails, zero BUY. XLV hist n=49 so sma50 omitted (HOLD vs prior 164.27). Skip duplicate SMH/XLB/XBI PENDING SELLs.
risk_cover_playbook — Put/call from Cboe/Saxo web (~0.39–0.40), no options-flow endpoint. GLD/TLT/IEF/DBC/SPLV/SH last ETF prints Sep 15. Stock-bond 20d corr +0.24 uses aligned SPY/TLT hist. ICSA single obs 206k Sep 5, not a 4-week average. DGS10/T10Y2Y latest used (observations[] for DGS10 still 2011-dated).
concept_spotlight — Thursday weekday — presentation=skip. HY OAS is the live unused catalog term on the pulse tape.
portfolio_reality_check — INTC cost-basis outlier ignored for stop-loss. HAL −8.29% vs Sep 3 pick 37.63 is a published 30d pick — SELL. File PORTFOLIO_ID_TECH_US wins over stale env. AMZN/CSCO/SLB/ORCL/ESTC/GAP/HD/RDDT/HOOD/OI already have PENDING SELLs — skip restack.
September FOMC hike re-prices and sticks (funds ≥3.75–4.00%)
Probability: High • Impact: High
Portfolio Snapshot
All Portfolios, Combined: $716927.88
Blended P&L: +2.42% • 30d Hit Rate: +71.80%
Weighted by capital invested. Hit rate is 102 of 142 reviewed picks still on track. Average gain 12.0%, average loss -5.1%.
GeneralMarket Pulse 3 min10y latest 5.00 (FRED Sep 15) and spot ^TNX 5.006; VIX 17.71 vs VIXCLS 17.1 (Sep 14); weekly USD 118.07 (Sep 4); HY OAS 2.71. Equities sold the hike while breadth was a coin-flip 50% advanc…
MARKET PULSE
Post-hike tape is tightening: 10y 5.006, VIX 17.71, SPX −3.3% from the ATH with only 50% advancing and SPY−RSP d1 +0.03.
Tightening Book Risk-On 4/4 clear
AI10y latest 5.00 (FRED Sep 15) and spot ^TNX 5.006; VIX 17.71 vs VIXCLS 17.1 (Sep 14); weekly USD 118.07 (Sep 4); HY OAS 2.71. Equities sold the hike while breadth was a coin-flip 50% advancing.
Indexes
S&P 500 Data
7,551.81
yday 7,585.73
▼ -0.45%
NASDAQ Data
25,978.42
yday 25,981.57
▼ -0.01%
Dow Jones Data
51,461.90
yday 52,093.11
▼ -1.21%
Russell 2K Data
2,858.81
yday 2,870.29
▼ -0.40%
Commodities
Metals
Gold Data
4,351.80
yday 4,372.00
▼ -0.46%
Energy
Oil (WTI) Data
101.10
yday 104.02
▼ -2.81%
Crypto
Bitcoin Data
76,412.00
yday 75,964.00
▲ +0.59%
Ethereum Data
2,439.32
yday 2,403.84
▲ +1.48%
Rates
10Y Yield Data
5.01
yday 5.00
▲ +0.20%
UST 10y Data
5.00
yday 4.97
—
UST 30y Data
5.34
yday 5.34
—
Eff. fed funds Data
3.63
yday 3.63
—
Credit
HY OAS Data
2.71
yday 2.71
—
IG OAS Data
0.80 pct
yday 0.80 pct
calm
HY−IG OAS differential Data
1.91 pp
calm
Volatility
VIX Data
17.71
yday 16.91
▲ +2.97%
VIX (FRED) Data
17.10
yday 17.10
—
VIX9D/VIX Data
0.98 ratio
calm
VIX/VIX3M Data
0.90 ratio
calm
MOVE Data
80.73 index
watch
Equity put/call (Cboe VIX options volume) Data
0.39 ratio
watch
Dollar & FX
EUR/USD Data
1.15
yday 1.16
▼ -0.60%
USD broad (weekly) Data
118.07
yday 118.07
—
wk
Breadth
SPY−RSP 5d Data
+0.16pp
yday +0.61pp
—
SPY−RSP 21d Data
+1.51pp
yday +1.28pp
—
% from 52w Data
-2.87%
yday -2.87%
—
Stock-bond 20d correlation (SPY vs TLT) Data
0.24 ratio
yday 0.24 ratio
watch
% of SPX above SMA200 Data
62.98 pct
calm
Liquidity
SOFR−DFF Data
-0.01 pp
calm
Initial claims (ICSA) Data
206,000.00 claims
calm
Cross-asset
Average pairwise sector correlation (20d) Data
0.14 ratio
calm
Gold/Copper (GC=F / HG=F) Data
671.30 ratio
calm
Other
UST 3y Data
4.73
yday 4.73
—
Cover checks
VIX Data
17.71 / 25.00
yday 16.91
Not Triggered
10Y-2Y spread Data
0.27 / -0.20
yday 0.33 / -0.20
Not Triggered
HY OAS Data
2.71 / 5.00
yday 2.71
Not Triggered
SPX drawdown from ATH Data
-3.31 / -10.00
yday -2.87 / -10.00
Not Triggered
Anti-Fragile book (Dalio / Gave) Inflationary boom
AIThe Fed just hiked because inflation is still the reaction function and WTI is $101 even after a −2.8% unwind; claims 206k and 63% of SPX above SMA200 say growth is intact. Own gold + broad commodities + a small SPLV stub — TLT stays at 0.
• Trim high-beta optical/AI (LITE/SMH) rather than the whole book
• Add TLT/IEF only if the 10y breaks back through 4.80%
• Size SH only if VIX >25 and 2+ internals are stress
AI0/4 hard triggers fired; 2 of 12 internals are watch (stock-bond corr +0.24, put/call ~0.40). Inflationary-boom weights stay: gold 25 / IEF 10 / DBC 20 / SPLV 10 / cash 35. The live risk is a follow-up hike, not a crash hedge.
GeneralYesterday's Market Retrospective 3 minWed’s first Fed hike since 2023 (25 bp to 3.75–4.00%, unanimous) turned hawkish in Warsh’s presser: Dow −1.21% to 51,461.90 while Nasdaq was −0.01%.
YESTERDAY'S MARKET RETROSPECTIVE
Ticker
1d
CRWD
CrowdStrike Holdings, Inc.
+13.9%
DELL
Dell Technologies Inc.
+12.0%
PSX
Phillips 66
+9.2%
PANW
Palo Alto Networks Inc
-14.0%
NTAP
NetApp, Inc.
-10.4%
WMT
Walmart Inc.
-9.2%
Wed’s first Fed hike since 2023 (25 bp to 3.75–4.00%, unanimous) turned hawkish in Warsh’s presser: Dow −1.21% to 51,461.90 while Nasdaq was −0.01%.
How Yesterday Unfolded
Asia Asia closed before the hike: Nikkei 63,923 +0.69%, Hang Seng 24,713.78 +0.19%, KOSPI 6,717.97 +1.37% on chip bargain-hunting as oil and yields eased intraday.
Europe Stoxx 600 636.95 +0.44% to a rebound from the three-month low, DAX 25,506 +0.41%, CAC 8,115 +0.30%, FTSE 10,700 +0.40% as oil paused ahead of the 14:00 EDT decision.
US US opened green, then sold the presser: SPX 7,551.81 −0.45%, Dow 51,461.90 −1.21% (−631 pts), Nasdaq 25,978.42 −0.01%, RUT 2,858.81 −0.40%; VIX 17.71 +3.0%, ^TNX 5.006.
Dow / rate-sensitive cyclicals (Dow −1.21%) → Nasdaq / optical-AI (Nasdaq −0.01%; LITE/COHR led SPX gainers) · Dow −1.21% vs Nasdaq −0.01%; Newsquawk: Energy, Financials, Materials lagged while Tech, Health Care, Utilities eked out gains.
The hawkish SEP/presser taxed duration and energy after oil’s $3 drop; optical AI (Ciena targets) still bid.
Treasuries / duration (2y +7 bp to 4.736%; 10y back ≥5%) → Cash / short-duration defensives · CNBC: 2y +7 bp to 4.736%, 10y again above 5%; Newsquawk: curve bear-flattened as front-end led the sell-off.
A unanimous hike plus another 2026 dot forced a real-rate reprice before equities fully digested it.
Key Drivers
FOMC +25 bp to 3.75–4.00%, unanimous, first hike since 2023 — Chair Warsh said inflation is still too high and the economy is strengthening; median SEP sees another hike this year then a 2027 hold.
Oil supply-fear unwind into the decision — WTI/Brent fell ~$3 Wed as Saudi extra Oman cargoes and pipeline/Libya restoration talk cut the disruption premium.
Ciena long-term targets bid opticals — Ciena’s 30% revenue CAGR through 2029 lifted Lumentum and Coherent as the day’s S&P leaders against the hike tape.
Bridge to Today
Watch whether the 10-year holds ≥5% and oil’s Saudi/Libya supply unwind sticks, or the hike premium fades into the next CPI/claims prints.
Desk research framework — not a recommendation to buy or sell.
StocksPenny Plays 1 minBFRI WATCH
PENNY PLAYS
Ticker
Name
Conviction
1d
BFRINEW
Biofrontera Inc.
5
+1.68%
BFRIPENNYWATCHNEW
Biofrontera Inc. • Healthcare
5/10Conviction
$1.21
▲ +1.68%
Scores 5/10 — Ameluz sBCC PDUFA Sep 28 is real (N 2, C 2) but BS is 1/2 on ~8 months’ cash and suppression is only 0/2 vs a $1.61 61d high. Watch the decision; do not size it.
PDUFA Sep 28Cash ~8 months
Fundamentals
5/10
Sentiment / flow
0/10
Catalyst
10/10
Narrative
10/10
Technicals
0/10
FDA PDUFA 2026-09-28 for Ameluz PDT in superficial basal cell carcinomasNDA accepted Feb 11 2026; first/only PDT photosensitizer for sBCC if approved
Target
$2.20
Invalidation: CRL/delay past Sep 28 or a dilutive raise before the decision.
BFRI between stop and target1.21
0.62.2
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 BFRI. It is not the last print in this letter.
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.
StocksTrend Follow 4 minZero BUY: sma200 is still null across the 18-name universe. XLE/XLV stay HOLD above the 50-day; SMH/XBI/XLB remain EXIT — PENDING SELLs already queued, do not restack.
TREND FOLLOW
Zero BUY: sma200 is still null across the 18-name universe. XLE/XLV stay HOLD above the 50-day; SMH/XBI/XLB remain EXIT — PENDING SELLs already queued, do not restack.
5 of 18 names are above their 50-day (XLE, XLF, XLK, XLC, UNG-not-in-book) — still a trendless tape after the hike.
Ticker
Name
Conviction
1d
XLE
Energy Select Sector SPDR
6
+2.17%
XLV
Health Care Select Sector SPDR
5
-0.05%
SMH
VanEck Semiconductor ETF
3.5
+0.64%
XBI
SPDR S&P Biotech ETF
3.5
+0.10%
XLB
Materials Select Sector SPDR
3.5
+0.48%
XLEENERGYHOLD🔥 33-issue streak
Energy Select Sector SPDR
6/10Conviction
$65.93
▲ +2.17%
Over the next 2–4 weeks keep XLE only as a HOLD — above the 50-day with RS vs SPY, but sma200 is missing so it is not a fresh BUY.
Rules-based momentum sleeve — factor not sRules-based momentum sleeve — factor not sOil eased; HOLD is the rule, not a new addRules-based momentum sleeve — factor not sClose 65.93 vs sma50 59.19; RS vs SPY +15%
Fundamentals
—
Sentiment / flow
—
Catalyst
5/10
Narrative
—
Technicals
7/10
WTI still $101 after a −2.8% supply-unwind sessionXLE last print 65.93 vs sma50 59.19 (Sep 15 hist)
Invalidation: Daily close back through the 50-day (~$59.19).
TradingView's price for XLE. It is not the last print in this letter.
CryptoCryptocurrency Landscape 2 minSpot BTC/ETH ETFs lost a combined $520m on Sep 16 (BTC −$295.9m, ETH −$224.1m) as the hike and the failed CLARITY vote hit flows. BTC 76,412 +0.6% and ETH 2,439 +1.5% are dip-stabilising, n…
CRYPTOCURRENCY LANDSCAPE
Spot BTC/ETH ETFs lost a combined $520m on Sep 16 (BTC −$295.9m, ETH −$224.1m) as the hike and the failed CLARITY vote hit flows. BTC 76,412 +0.6% and ETH 2,439 +1.5% are dip-stabilising, not a re-risk.
Ticker
Name
Conviction
1d
BTC-USD
Bitcoin
5.2
+0.59%
ETH-USD
Ethereum
4.6
+1.48%
BTC-USDHOLD🔥 16-issue streak
Bitcoin
5.2/10Conviction
$76412.00
▲ +0.59%
Over the next two ETF sessions, expect BTC to chop around $76k until IBIT/ARKB print a day of inflows — do not add into a $746m two-day redeem.
No on-chain supply shock; ETF AUM still ~$Two-day BTC ETF −$746m is the scored flow.Dated Sep 16 Farside print, not a rumour.Hike + CLARITY fail — hold, don’t buy the 76,412 +0.6%; vs sma50 +8.3%.
Fundamentals
5/10
Sentiment / flow
4/10
Catalyst
6/10
Narrative
5/10
Technicals
6/10
Farside: BTC ETFs −$295.9m on Sep 16 after −$450.4m Sep 15Spot 76,412 +0.59% vs 75,964 prior (coingecko)
Invalidation: Weekly close below $70k or a third $300m+ outflow day.
TradingView's price for BTC-USD. It is not the last print in this letter.
Over the next ETF session, keep ETH on HOLD — every issuer was flat-to-out on Sep 16 and PM still 400s ETH-USD buys.
No L2 TVL print this run — score the flow,Every ETH ETF flat-to-out Sep 16.Dated outflow; no network upgrade today.Same hike/CLARITY tape as BTC, thinner bid2,439 +1.5%; vs sma50 +12.8%.
Desk research framework — not a recommendation to buy or sell.
General
GeneralCommodities Outlook 1 minWheat is the fresh sleeve: WEAT 26.55 +1.3% as Canada/France/Black Sea tighten into today’s US export-sales print — oil’s disruption bid is unwinding.
COMMODITIES OUTLOOK
Wheat is the fresh sleeve: WEAT 26.55 +1.3% as Canada/France/Black Sea tighten into today’s US export-sales print — oil’s disruption bid is unwinding.
Oil −2.8% to $101.10 as Saudi extra Oman cargoes and Libya normalisation cut the geo premium, while gold futures 4,351.80 digest the hike. If wheat bookings…
Ticker
Name
Conviction
1d
WEAT
Teucrium Wheat Fund
6.8
+1.30%
Teucrium Wheat FundAGRICULTUREBUY
WEAT
6.8/10Conviction
$26.55
▲ +1.30%
Over today’s US export-sales print, expect WEAT to hold the bid if bookings clear ~150–500 kt against a tighter Canada/France/Black Sea balance.
Canada −10.9%; France export cut; Black SeCOT/positioning empty this run.US export sales print is dated 2026-09-17.Grains tightness vs fading oil geo premiumWEAT 26.55 +1.3%; vs sma50 +7.3%.
Fundamentals
7/10
Sentiment / flow
—
Catalyst
7/10
Narrative
6/10
Technicals
7/10
US wheat export sales due 2026-09-17 (Reuters survey 150–500 kt)Statistics Canada 2026/27 wheat 36.12 mmt, −10.9% y/yFranceAgriMer cut extra-EU wheat exports to 6.3 mmt (−0.7 mmt)
Invalidation: Chicago wheat fades if today’s US sales print below 150 kt.
TradingView's price for WEAT. It is not the last print in this letter.
StocksPortfolio Reality Check 9 min30d hit rate 72%
PORTFOLIO REALITY CHECK
P&L Across Portfolios
Tech US
+0.81%
Euro Only
+21.09%
Penny Plays
-4.58%
Anti-Fragile
+0.00%
Trend Follow
-0.38%
Commodities
+0.00%
Crypto
+0.00%
Named holdings. 49 smaller positions (14.5%) are off this picture.
Tech US
Performance
Equity vs SPY
Drawdown
Total Value
$100805.78
Cash
$11279.33
P&L
$805.78 (+0.81%)
Realized P&L
$-3181.65
TWR
+1.79%
Sharpe
0.32
Max DD
-2.39%
Sortino
0.84
Calmar
4.76
Ann. return
+11.38%
Beta vs SPY
N/A
Allocation
Positions89%
Cash11%
Today's Moves
Action
Ticker
Qty
Status
Buy
LITE
0.2454
dispatched
Sell
HAL
53.7
pending
Sell
AMZN
0.0000
pending
Current Holdings
Position
Value
Unrealized P&L
TSM ×20.93
$8743.76
+2.6%
XOM ×129
$21039.19
+6.9%
UNH ×8.49
$3186.93
-11.9%
INTC ×14.08
$1422.85
-77.0%
MSFT ×11.91
$5840.70
+20.5%
SBUX ×11.63
$1131.69
-8.7%
CBRE ×8.29
$1148.86
-7.3%
AMZN ×5.95
$1464.13
-9.0%
+44 more holdings
Track Record
27 On Track · 16 Lagging · 11 Stopped Out
Position
Conviction Then
Return Since
Verdict
ABNB (2026-09-01)
6.5/10
+2.6%
On Track
ADBE (2026-09-07)
6.5/10
-3.3%
Lagging
ADI (2026-08-21)
8/10
-2.4%
Lagging
ALGT (2026-09-14)
6.5/10
+0.0%
On Track
AMAT (2026-08-13)
7.5/10
+0.0%
On Track
AMD (2026-08-31)
6.5/10
+7.3%
On Track
AMZN (2026-08-29)
7/10
-8.1%
Stopped Out
APH (2026-09-05)
7.5/10
-6.2%
Lagging
AVGO (2026-08-22)
7/10
-7.9%
Lagging
COP (2026-09-14)
7.5/10
+0.0%
On Track
CRM (2026-09-08)
7/10
+1.4%
On Track
CRWD (2026-08-27)
8/10
+16.0%
On Track
CSCO (2026-08-12)
7.5/10
-9.1%
Stopped Out
CVX (2026-09-08)
7/10
+9.5%
On Track
DELL (2026-09-03)
7.5/10
+8.8%
On Track
DUOL (2026-09-06)
7.5/10
-0.3%
Lagging
ESI (2026-09-13)
6.8/10
+0.0%
On Track
ESTC (2026-08-29)
8/10
-14.8%
Stopped Out
FIVE (2026-09-06)
7.5/10
-6.4%
Lagging
FRO (2026-09-08)
7/10
+27.6%
On Track
GAP (2026-08-30)
7/10
-13.0%
Stopped Out
GLW (2026-09-09)
6.8/10
+0.0%
On Track
HAL (2026-09-03)
6.5/10
-5.2%
Lagging
HD (2026-08-19)
8/10
-9.6%
Stopped Out
HOOD (2026-09-04)
7/10
-11.4%
Stopped Out
INTU (2026-08-26)
7/10
+0.0%
On Track
IREN (2026-09-16)
6/10
+0.0%
On Track
JEF (2026-09-10)
6.3/10
+0.0%
On Track
JPM (2026-09-08)
6.5/10
-1.7%
Lagging
LHX (2026-09-15)
6/10
+1.7%
On Track
LITE (2026-09-17)
7/10
+0.0%
On Track
LLY (2026-09-15)
7.1/10
-3.4%
Lagging
LMT (2026-09-15)
6.6/10
+0.0%
On Track
MRK (2026-08-20)
7/10
-5.5%
Lagging
MRVL (2026-08-22)
8/10
+118.6%
On Track
MU (2026-08-15)
7.5/10
-1.3%
Lagging
NAT (2026-08-31)
7/10
+15.9%
On Track
NVDA (2026-08-28)
7.5/10
-1.8%
Lagging
OI (2026-08-24)
7/10
-11.7%
Stopped Out
ORCL (2026-09-11)
7.2/10
-13.6%
Stopped Out
PSX (2026-09-07)
7/10
+3.9%
On Track
QCOM (2026-09-09)
7/10
+0.0%
On Track
RDDT (2026-08-18)
7.5/10
-8.0%
Stopped Out
ROST (2026-08-23)
8/10
-3.2%
Lagging
RTX (2026-09-05)
7.5/10
-2.6%
Lagging
SHEL (2026-08-30)
6.5/10
+8.8%
On Track
SLB (2026-09-01)
7/10
-9.8%
Stopped Out
SNOW (2026-09-04)
7.5/10
-9.4%
Stopped Out
TGT (2026-08-22)
7/10
-4.0%
Lagging
V (2026-08-25)
7/10
-1.8%
Lagging
VLO (2026-09-02)
7/10
+13.0%
On Track
VRTX (2026-09-13)
6.9/10
+0.0%
On Track
WMT (2026-08-20)
6.5/10
+0.0%
On Track
XOM (2026-08-18)
7.5/10
+10.8%
On Track
Euro Only
Performance
Equity vs SPY
Drawdown
Total Value
$121086.29
Cash
$18748.81
P&L
$21086.29 (+21.09%)
Realized P&L
$-42835.98
TWR
+21.09%
Sharpe
1.41
Max DD
-15.84%
Sortino
2.98
Calmar
13.92
Ann. return
+220.51%
Beta vs SPY
N/A
Allocation
Positions85%
Cash15%
Today's Moves
Action
Ticker
Qty
Status
Buy
EXENS.PA
6.67
dispatched
Buy
SOI.PA
2.8
dispatched
Track Record
45 On Track · 1 Lagging
Position
Conviction Then
Return Since
Verdict
ABN.AS (2026-08-24)
6.5/10
+0.0%
On Track
ADYEN.AS (2026-09-03)
7/10
+0.0%
On Track
AIR.PA (2026-09-08)
7/10
+0.0%
On Track
ALV.DE (2026-08-29)
6.5/10
+0.0%
On Track
ASML.AS (2026-08-30)
6.5/10
+0.0%
On Track
BAB.L (2026-09-16)
7.3/10
+0.0%
On Track
BAVA.CO (2026-08-23)
7/10
+0.0%
On Track
BP.L (2026-09-12)
6.5/10
+0.0%
On Track
DEME.BR (2026-08-27)
7/10
+0.0%
On Track
DTE.DE (2026-09-04)
6.5/10
+0.0%
On Track
ENI.MI (2026-09-02)
7/10
+0.0%
On Track
ENR.DE (2026-09-01)
7/10
+0.0%
On Track
EOAN.DE (2026-08-27)
7/10
+0.0%
On Track
EUROB.AT (2026-09-07)
7/10
+0.0%
On Track
EVD.DE (2026-08-22)
7/10
+0.0%
On Track
EXENS.PA (2026-09-17)
7.5/10
+0.0%
On Track
FGR.PA (2026-08-28)
6/10
+0.0%
On Track
FLS.CO (2026-08-21)
6/10
+0.0%
On Track
GSK.L (2026-09-15)
7/10
+0.0%
On Track
INW.MI (2026-08-26)
7/10
+0.0%
On Track
ISP.MI (2026-09-11)
6.7/10
+0.0%
On Track
IVG.MI (2026-09-05)
7.5/10
+0.0%
On Track
KGX.DE (2026-09-09)
7/10
+0.0%
On Track
KIE.L (2026-09-15)
7/10
+0.0%
On Track
LR.PA (2026-08-31)
6.5/10
+0.0%
On Track
MSLH.L (2026-08-11)
6/10
+0.0%
On Track
MT.AS (2026-09-06)
7/10
+0.0%
On Track
NDX1.DE (2026-09-08)
6.8/10
+0.0%
On Track
NOVN.SW (2026-09-13)
6.2/10
+0.0%
On Track
NSIS-B.CO (2026-08-21)
7/10
+0.0%
On Track
PUB.PA (2026-09-04)
7/10
+0.0%
On Track
REP.MC (2026-09-02)
7/10
+0.0%
On Track
RIO.L (2026-09-10)
7/10
+0.0%
On Track
RWE.DE (2026-09-03)
7/10
+0.0%
On Track
SAN.MC (2026-09-08)
6.5/10
+0.0%
On Track
SAP.DE (2026-08-30)
7/10
+0.0%
On Track
SHEL.L (2026-08-22)
6/10
+1.2%
On Track
SHL.DE (2026-08-24)
7/10
+0.0%
On Track
SIE.DE (2026-08-29)
7/10
+0.0%
On Track
SOI.PA (2026-09-17)
6.8/10
+0.0%
On Track
SU.PA (2026-08-31)
7/10
+0.0%
On Track
TEF.MC (2026-09-07)
7/10
+0.0%
On Track
TKA.DE (2026-09-06)
7.5/10
+0.0%
On Track
TTE.PA (2026-09-01)
7/10
-1.9%
Lagging
TTE.PA (2026-09-14)
7.3/10
+0.0%
On Track
VOD.L (2026-09-05)
7/10
+0.0%
On Track
Penny Plays
Performance
Equity vs SPY
Drawdown
Total Value
$95417.43
Cash
$81164.16
P&L
$-4582.57 (-4.58%)
Realized P&L
$-4582.57
TWR
-4.58%
Sharpe
-2.75
Max DD
-4.58%
Sortino
-2.73
Calmar
-5.42
Ann. return
-24.84%
Beta vs SPY
N/A
Allocation
Positions15%
Cash85%
Today's Moves
No new activity today — no open thesis needed adjusting.
Track Record
4 On Track
Position
Conviction Then
Return Since
Verdict
BFRI (2026-09-09)
5/10
+0.0%
On Track
INO (2026-08-24)
4.5/10
+0.0%
On Track
OTLK (2026-09-09)
4/10
+0.0%
On Track
PYPD (2026-08-19)
6.5/10
+6.1%
On Track
Anti-Fragile
Performance
Equity vs SPY
Drawdown
Total Value
$100000.00
Cash
$35000.00
P&L
$0.0000 (+0.00%)
Realized P&L
$0.0000
TWR
+0.00%
Sharpe
N/A
Max DD
+0.00%
Sortino
-15.87
Calmar
N/A
Ann. return
+0.00%
Beta vs SPY
N/A
Allocation
Positions65%
Cash35%
Today's Moves
No new activity today — no open thesis needed adjusting.
Trend Follow
Performance
Equity vs SPY
Drawdown
Total Value
$99618.38
Cash
$75717.93
P&L
$-381.62 (-0.38%)
Realized P&L
$-381.62
TWR
-0.38%
Sharpe
-11.09
Max DD
-0.38%
Sortino
-9.14
Calmar
-6.03
Ann. return
-2.30%
Beta vs SPY
N/A
Allocation
Positions24%
Cash76%
Today's Moves
No new activity today — no open thesis needed adjusting.
Track Record
5 On Track · 5 Lagging
Position
Conviction Then
Return Since
Verdict
ITA (2026-08-21)
4/10
-5.8%
Lagging
QQQ (2026-09-07)
3/10
+0.0%
On Track
SMH (2026-09-09)
4.5/10
+0.0%
On Track
XBI (2026-08-23)
8/10
-1.4%
Lagging
XLB (2026-08-23)
8/10
-3.1%
Lagging
XLE (2026-08-23)
8/10
+2.6%
On Track
XLF (2026-09-08)
6/10
+0.0%
On Track
XLK (2026-09-08)
6/10
+0.0%
On Track
XLRE (2026-08-20)
6.5/10
-2.6%
Lagging
XLV (2026-08-23)
8/10
-4.3%
Lagging
Commodities
Performance
Equity vs SPY
Drawdown
Total Value
$100000.00
Cash
$27819.30
P&L
$0.0000 (+0.00%)
Realized P&L
$0.0000
TWR
+0.00%
Sharpe
N/A
Max DD
+0.00%
Sortino
-15.87
Calmar
N/A
Ann. return
+0.00%
Beta vs SPY
N/A
Allocation
Positions72%
Cash28%
Today's Moves
Action
Ticker
Qty
Status
Buy
WEAT
21.38
dispatched
Track Record
18 On Track · 4 Lagging
Position
Conviction Then
Return Since
Verdict
BNO (2026-09-07)
7/10
+0.0%
On Track
CANE (2026-09-06)
6.5/10
+0.0%
On Track
COPX (2026-09-08)
7/10
+0.0%
On Track
CORN (2026-08-31)
7/10
+1.1%
On Track
CPER (2026-09-09)
7/10
+0.0%
On Track
GDX (2026-09-04)
7/10
+0.0%
On Track
GLD (2026-08-30)
5/10
-0.4%
Lagging
LIT (2026-08-24)
6.5/10
-3.7%
Lagging
PALL (2026-08-30)
4/10
+2.1%
On Track
PPLT (2026-09-05)
7/10
+0.0%
On Track
SIL (2026-09-04)
6.5/10
+0.0%
On Track
SLV (2026-09-01)
6.5/10
+2.5%
On Track
SLX (2026-09-07)
6.5/10
+0.0%
On Track
SOYB (2026-08-30)
6.5/10
+2.1%
On Track
UGA (2026-09-06)
7/10
+0.0%
On Track
UNG (2026-09-03)
6.5/10
-0.9%
Lagging
UNG (2026-09-15)
6.9/10
+0.0%
On Track
URA (2026-09-05)
7/10
+0.0%
On Track
USO (2026-09-09)
6.3/10
+0.0%
On Track
USO (2026-09-15)
7.2/10
+0.0%
On Track
WEAT (2026-08-30)
7.5/10
-3.1%
Lagging
WEAT (2026-09-17)
6.8/10
+0.0%
On Track
Crypto
Performance
Equity vs SPY
Drawdown
Total Value
$100000.00
Cash
$32370.73
P&L
$0.0000 (+0.00%)
Realized P&L
$0.0000
TWR
+0.00%
Sharpe
N/A
Max DD
+0.00%
Sortino
-15.87
Calmar
N/A
Ann. return
+0.00%
Beta vs SPY
N/A
Allocation
Positions68%
Cash32%
Today's Moves
No new activity today — no open thesis needed adjusting.
Track Record
3 On Track · 3 Lagging
Position
Conviction Then
Return Since
Verdict
BTC (2026-08-11)
6/10
+0.0%
On Track
BTC-USD (2026-09-09)
7/10
-1.2%
Lagging
ETH (2026-08-11)
5/10
+0.0%
On Track
ETH-USD (2026-09-09)
5.8/10
-0.3%
Lagging
SOL-USD (2026-08-30)
6.5/10
-1.4%
Lagging
XRP-USD (2026-08-29)
6/10
+0.7%
On Track
30-day hit rate across all portfolios : +71.80%
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.
HY OAS
High-yield OAS is the extra yield junk-bond buyers demand over Treasuries after stripping optionality out of callable paper.
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.
Legal & risk disclosures
General research disclaimer: this newsletter is a desk research framework compiled from third-party market data, filings and news. It may contain errors, omissions or delays, and past performance does not predict future results. Figures labelled illustrative (for example fan charts) are model outputs, not forecasts.
Penny-stock risk: very low-priced, thinly traded securities can be illiquid, volatile and easy to manipulate. Spreads can be wide, exits may be impossible at the quoted price, and you can lose your entire investment. Ideas in this category are diligence starting points, not a buy list.
Not investment advice: nothing here is a personalised recommendation, an offer or a solicitation to buy or sell any security, currency, commodity or crypto-asset. It does not take into account your objectives, financial situation or risk tolerance. Consider seeking independent professional advice.
Jurisdiction: this content is not directed at any person or entity in a place where its distribution would be unlawful or require registration. Availability of the instruments mentioned varies by country; you are responsible for complying with the rules that apply to you.