yesterday_retrospective — Squawk-alert 401. /movers 400. Asia Thu levels from Reuters/web vs aggregator hist. Sector SPDR last prints mostly Sep 15.
market_pulse — SPX analytics lastSession 2026-09-16 close 7551.81 vs FMP Thu 7637.76 — used FMP for tiles; breadth/ATH from stale analytics. DGS10 FRED latest 5.01 Sep 16 vs ^TNX 4.947. DTWEXBGS weekly Sep 4. DFF 3.63 is pre-hike. Macro observations[] often 2011-dated — used latest where present.
us_equity_ideas — Screener-first (279 US) then widened off LITE. /fundamentals and /news empty for HAE/JBHT — used MarketScreener/CNBC. Stooq /price JS garbage; prices from hist + web.
eu_equity_ideas — eu_fundamentals_gap — DRX.L/NXT.L /fundamentals and /news empty; used Reuters/RNS. DRX hist last 819.5p Sep 16 vs AskTraders 852.5p open — published 852.5p / +4.03%. NXT hist last 14560 Sep 16 vs web 14920 +2.47%. EUR prices for dispatch: pence/100 ÷ EURGBP 0.85712.
forex_rebalancing — squawk-alert unavailable. EURJPY/EURGBP hist stale; used cached EURGBP 0.85712 and live EURCHF=X 0.9467. DTWEXBGS weekly Sep 4. No contrarian_note — BoJ hike sold the yen.
commodities_outlook — Did not re-BUY WEAT (yesterday’s catalyst printed). USO/CPER /price stooq JS — CPER last ETF print 38.59 Sep 16; oil tape uses CL=F 100.15. COT empty. Widened off WEAT/USO/UNG.
crypto_landscape — ETF prints from Farside via Bloomingbit/CoinNess/Lookonchain, 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. Skip duplicate SMH/XLB/XBI PENDING SELLs.
risk_cover_playbook — Put/call omitted this run (no fresh Cboe print). GLD/TLT/IEF/SPLV/SH last ETF prints Sep 15. Stock-bond 20d corr +0.24 uses aligned SPY/TLT hist through Sep 15/16. ICSA cited as Reuters ~196k Thu, not a 4-week average.
concept_spotlight — Friday weekday — presentation=skip. MOVE is the unused-in-window catalog term on the pulse tape.
portfolio_reality_check — INTC cost-basis outlier ignored for stop-loss. HAL −9.57% vs Sep 3 pick 37.63 already PENDING — skip restack. SNOW recovered to −5.07% vs 356.47 — lagging, not SELL. AMZN/CSCO/SLB/ORCL/ESTC/GAP/HD/RDDT/HOOD/OI already PENDING — skip. File PORTFOLIO_ID_TECH_US wins over stale env.
portfolio_reality_check — Euro-only/Penny Plays/Commodities/Crypto/Anti-Fragile/Trend books all_prices_estimated on the pre-dispatch pull; Tech US marks were live.
September FOMC hike re-prices and sticks (funds ≥3.75–4.00%)
Probability: High • Impact: High
Portfolio Snapshot
All Portfolios, Combined: $102032.44
Blended P&L: +2.03% • 30d Hit Rate: +71.40%
1 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 105 of 147 reviewed picks still on track. Average gain 11.7%, average loss -5.0%.
GeneralMarket Pulse 3 minSpot VIX 15.44 and ^TNX 4.947; FRED 10y latest 5.01 (Sep 16); weekly USD 118.07 (Sep 4); HY OAS 2.70. Equities bought the hike digest while SPX analytics still show Wed’s 7,551 close.
MARKET PULSE
Post-hike risk-on is concentrated: SPX 7,637.76 +1.14%, Nasdaq +1.69%, VIX 15.44 −12.8%, 10y 4.947 — analytics still date to Wed’s 7,551 close.
Risk-on, concentrated Book Risk-On 4/4 clear
AISpot VIX 15.44 and ^TNX 4.947; FRED 10y latest 5.01 (Sep 16); weekly USD 118.07 (Sep 4); HY OAS 2.70. Equities bought the hike digest while SPX analytics still show Wed’s 7,551 close.
Indexes
S&P 500 Data
7,637.76
yday 7,551.81
▲ +1.14%
NASDAQ Data
26,418.30
yday 25,978.42
▲ +1.69%
Dow Jones Data
51,778.04
yday 51,461.90
▲ +0.61%
Russell 2K Data
2,874.63
yday 2,858.81
▲ +0.55%
Commodities
Metals
Gold Data
4,433.20
yday 4,351.80
▲ +1.87%
Energy
Oil (WTI) Data
100.15
yday 101.10
▼ -0.94%
Crypto
Bitcoin Data
77,533.00
yday 76,412.00
▲ +1.47%
Ethereum Data
2,485.36
yday 2,439.32
▲ +1.89%
Rates
10Y Yield Data
4.95
yday 5.01
▼ -1.18%
2s10s Data
0.27
yday 0.27 / -0.20
—
UST 10y Data
5.01
yday 5.00
—
10y (^TNX) Data
4.95
-0.06
Eff. fed funds Data
3.63
yday 3.63
—
Credit
HY OAS Data
2.70
yday 2.71
—
IG OAS Data
0.78 pct
yday 0.80 pct
calm
HY−IG OAS differential Data
1.92 pp
yday 1.91 pp
calm
Volatility
VIX Data
15.44
yday 17.71
▼ -12.82%
VIX spot Data
15.44
yday 17.10
—
VIX9D/VIX Data
0.87 ratio
yday 0.98 ratio
calm
VIX/VIX3M Data
0.83 ratio
yday 0.90 ratio
calm
MOVE Data
76.22 index
yday 80.73 index
calm
Dollar & FX
EUR/USD Data
1.15
yday 1.15
▼ -0.01%
USD broad (weekly) Data
118.07
yday 118.07
—
wk
Breadth
SPY−RSP 5d Data
+0.00pp
yday +0.16pp
—
SPY−RSP 21d Data
+1.44pp
yday +1.51pp
—
% from 52w Data
-3.31%
yday -2.87%
—
Stock-bond 20d correlation (SPY vs TLT) Data
0.24 ratio
yday 0.24 ratio
watch
Liquidity
Initial claims (ICSA) Data
196,000.00 claims
yday 206,000.00 claims
calm
Cross-asset
Gold/Copper (GC=F / HG=F) Data
667.40 ratio
yday 671.30 ratio
calm
Other
FF upper Data
4.00
—
Cover checks
VIX Data
15.44 / 25.00
yday 17.71
Not Triggered
10Y-2Y spread Data
0.27 / -0.20
yday 0.27 / -0.20
Not Triggered
HY OAS Data
2.70 / 5.00
yday 2.71
Not Triggered
SPX drawdown from ATH Data
-2.21 / -10.00
yday -3.31 / -10.00
Not Triggered
Anti-Fragile book (Dalio / Gave) Inflationary boom
AIThe Fed hiked because inflation is still the reaction function and WTI is $100 even after the unwind; claims ~196k 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; VIX 15.44 and HY OAS 2.70 are calm. Inflationary-boom weights stay gold 25 / IEF 10 / DBC 20 / SPLV 10 / cash 35. The live risk is a follow-up hike or a USD/JPY air-pocket, not a crash hedge.
GeneralYesterday's Market Retrospective 2 minThu bounced the Wed hike: SPX 7,637.76 +1.14% as WTI and the 10-year eased, with Nasdaq +1.69% leading a tech-heavy rebound.
YESTERDAY'S MARKET RETROSPECTIVE
Thu bounced the Wed hike: SPX 7,637.76 +1.14% as WTI and the 10-year eased, with Nasdaq +1.69% leading a tech-heavy rebound.
How Yesterday Unfolded
Asia Asia opened the digest: Nikkei +0.33% toward 64,136 while Hang Seng 24,604 −0.44% and Shanghai −0.41% faded as the dollar jumped with front-end yields.
Claims print near 196k kept the growth tape intact — Reuters: weekly jobless claims dipped toward 196k, supporting Warsh’s ‘strong economy’ line the day after the hike.
Bridge to Today
Watch whether the 10-year stays under 5% and the BoJ’s 7–2 hike to 1.25% keeps USD/JPY offered, or another inflation print reloads the hike premium.
Desk research framework — not a recommendation to buy or sell.
StocksEU Equity Ideas 2 minDRX.L BUY · NXT.L BUY
EU EQUITY IDEAS
Ticker
Name
Conviction
1d
DRX.LNEW
Drax Group
7
+4.03%
NXT.LNEW
NEXT plc
7.2
+2.47%
DRX.LVALUEBUYNEW
Drax Group • Utilities
7/10Conviction
$852.50
▲ +4.03%
Over the next month treat DRX as the FY26 EBITDA-top / Bluefield add — size in EUR, not pence.
EBITDA top £711mBluefield 0.9GW+4% open
Fundamentals
7/10
Sentiment / flow
—
Catalyst
8/10
Narrative
6/10
Technicals
7/10
52-week range
2026-09-17: FY26 adj. EBITDA around top of £680–711m consensus (was £665m ex-Bluefield)Bluefield Solar closed 31 Jul: +0.9 GW, EV £1,082mOpened 852.5p vs 819.5p Wed (AskTraders)
Target
$9.20
Invalidation: Guide cut or a close back through 780p.
TradingView's price for DRX.L. It is not the last print in this letter.
Over the next UK budget window treat NXT as the H1 beat / FY raise — size in EUR; fade only if UK H2 2.0% breaks.
FY PBT £1.255bnUK H2 2.0%Intl +20.5%
Fundamentals
8/10
Sentiment / flow
—
Catalyst
8/10
Narrative
6/10
Technicals
7/10
HY to 1 Aug: PBT £569m +10.5%; full-price sales +7.7%FY PBT guide +£12m to £1.255bn; interim div 98pUK H2 sales cut to +2.0%; intl online +20.5%; close 14,920p +2.47%
Target
$160.00
Invalidation: FY PBT guide cut or a close back through 14,000p.
TradingView's price for NXT.L. It is not the last print in this letter.
Desk research framework — not a recommendation to buy or sell.
StocksPenny Plays 1 minBFRI WATCH
PENNY PLAYS
Ticker
Name
Conviction
1d
BFRI=
Biofrontera
5
+2.48%
BFRIPENNYWATCH🔥 2-issue streak=
Biofrontera • Health Care
5/10Conviction
$1.24
▲ +2.48%
Keep BFRI on the watchlist into the Sep 28 PDUFA — Multi-Bagger 5/10 is not a paper BUY.
PDUFA Sep 28Watchlist onlyMB 5/10
Fundamentals
4/10
Sentiment / flow
—
Catalyst
8/10
Narrative
5/10
Technicals
4/10
Ameluz PDUFA dated 2026-09-28 still the binaryClose 1.24 +2.5% vs 1.21 (hist 2026-09-17)
Target
$2.40
Invalidation: PDUFA delay or a close through $0.90.
BFRI between stop and target1.24
0.72.4
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.
BFRI · 20d illustrative range
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 3 minZero BUY: sma200 is still null across the universe. XLE/XLV stay HOLD; SMH/XBI/XLB remain EXIT — PENDING SELLs already queued.
TREND FOLLOW
Zero BUY: sma200 is still null across the universe. XLE/XLV stay HOLD; SMH/XBI/XLB remain EXIT — PENDING SELLs already queued.
Only XLE is cleanly above its 50-day with positive 20d RS vs SPY. sma200 still fails for every name — zero new BUY.
Ticker
Name
Conviction
1d
XLE
Energy Select Sector SPDR
6
—
XLV
Health Care Select Sector SPDR
5
—
SMH
VanEck Semiconductor ETF
3.3
—
XBI
SPDR S&P Biotech ETF
3.3
—
XLB
Materials Select Sector SPDR
3.3
—
XLEMOMENTUM ETFHOLD🔥 34-issue streak
Energy Select Sector SPDR
6/10Conviction
$65.93
▲ N/A
Hold the energy sleeve while close stays above the 50-day; do not add until sma200 exists.
No energy-earnings print on XLE this run.No fund-flow print on XLE.Oil eased but XLE still +11.4% vs sma50.Inflationary-boom energy sleeve, not a new65.93 > sma50 59.19; vs SPY 20d +15.1%.
Fundamentals
—
Sentiment / flow
—
Catalyst
5/10
Narrative
6/10
Technicals
7/10
Last print 65.93 Sep 15; vs sma50 +11.4%vs SPY 20d +15.1%
Invalidation: Daily close ≤ 59.19 sma50.
TradingView's price for XLE. It is not the last print in this letter.
Hold XLV as the defensive stub — n=49 so the 50-day is still omitted.
No XLV constituent print scored.No fund-flow print on XLV.HAE upgrade is single-name, not the sleeveDefensive hold while sma200 is still null.167.66; n=49 so sma50 omitted; vs SPY +5.1
Fundamentals
—
Sentiment / flow
—
Catalyst
4/10
Narrative
5/10
Technicals
6/10
Last print 167.66 Sep 15; vs SPY 20d +5.1%
Invalidation: A 50-day print that the close then loses.
TradingView's price for XLV. It is not the last print in this letter.
XLV · 20d illustrative range
SMHMOMENTUM ETFEXIT🔥 34-issue streak
VanEck Semiconductor ETF
3.3/10Conviction
$545.56
▲ N/A
Stay EXIT — 545.56 is still under the 572.55 50-day; skip a duplicate PENDING SELL.
No SMH-level earnings tape.No chip-ETF flow print.Close still ≤ sma50 after Thu’s bounce.Hike-digest bounce is not a 50-day reclaim545.56 vs sma50 572.55 (−4.7%).
Invalidation: Close reclaims sma50 on a full session.
TradingView's price for SMH. It is not the last print in this letter.
SMH · 20d illustrative range
XBIMOMENTUM ETFEXIT🔥 33-issue streak
SPDR S&P Biotech ETF
3.3/10Conviction
$154.18
▲ N/A
Stay EXIT — 154.18 ≤ 157.51 sma50; do not restack the PENDING SELL.
No XBI-level earnings tape.No biotech-ETF flow print.Close ≤ sma50; EXIT already PENDING.Risk-on Thu did not reclaim the 50-day.154.18 vs sma50 157.51 (−2.1%).
Fundamentals
—
Sentiment / flow
—
Catalyst
3/10
Narrative
4/10
Technicals
3/10
154.18 ≤ sma50 157.51PENDING SELL already queued
Invalidation: Close reclaims sma50 on a full session.
TradingView's price for XBI. It is not the last print in this letter.
XLBMOMENTUM ETFEXIT🔥 33-issue streak
Materials Select Sector SPDR
3.3/10Conviction
$50.73
▲ N/A
Stay EXIT — copper’s China bid is a CPER story, not an XLB 50-day reclaim.
No XLB-level earnings tape.No materials-ETF flow print.Close ≤ sma50; copper strength is CPER, noDo not restack a PENDING EXIT.50.73 vs sma50 51.66 (−1.8%).
Fundamentals
—
Sentiment / flow
—
Catalyst
3/10
Narrative
4/10
Technicals
3/10
50.73 ≤ sma50 51.66PENDING SELL already queued
Invalidation: Close reclaims sma50 on a full session.
TradingView's price for XLB. It is not the last print in this letter.
Desk research framework — not a recommendation to buy or sell.
CryptoCryptocurrency Landscape 2 minBTC ETFs flipped to +$159.5m on Sep 17 after two outflow days; ETH ETFs leaked −$39.3m for a third session. Spot BTC 77,533 / ETH 2,485 — HOLD, do not add.
CRYPTOCURRENCY LANDSCAPE
BTC ETFs flipped to +$159.5m on Sep 17 after two outflow days; ETH ETFs leaked −$39.3m for a third session. Spot BTC 77,533 / ETH 2,485 — HOLD, do not add.
Ticker
Name
Conviction
1d
BTC-USD
Bitcoin
6.2
+1.47%
ETH-USD
Ethereum
5
+1.89%
BTC-USDHOLD🔥 17-issue streak
Bitcoin
6.2/10Conviction
$77533.00
▲ +1.47%
Over the next two ETF sessions, expect BTC to hold the $76–78k band only if IBIT stays green — do not add on one repair day.
No supply shock; spot 77,533.BTC ETFs +$159.5m Sep 17, IBIT +$183.7m.Dated Farside print after two outflow daysInflow rebound, not a new cycle breakout.77,533 vs 76,412 prior (+1.47%).
Keep ETH on HOLD — a third ETH-ETF outflow day and a known PM 400 on ETH-USD buys.
No L2 TVL print — score the ETF tape.ETH ETFs −$39.3m, third day (ETHA −$42.9m)Dated Sep 17 Farside/SoSoValue outflow.BTC inflows, ETH still leaking.2,485 vs 2,439 (+1.9%).
Fundamentals
5/10
Sentiment / flow
4/10
Catalyst
5/10
Narrative
5/10
Technicals
6/10
Ether ETFs −$39.3m Sep 17; ETHA −$42.9m; third daySpot 2,485 +1.9% bounce off 2,439
Invalidation: Weekly close below $2,100 or another $200m+ ETH ETF outflow day.
TradingView's price for ETH-USD. It is not the last print in this letter.
Desk research framework — not a recommendation to buy or sell.
General
GeneralCommodities Outlook 2 minCopper is the fresh sleeve: HG=F 6.6425 +2.49% as Chinese buyers return — do not re-BUY WEAT after yesterday’s 313.5 kt print.
COMMODITIES OUTLOOK
Copper is the fresh sleeve: HG=F 6.6425 +2.49% as Chinese buyers return — do not re-BUY WEAT after yesterday’s 313.5 kt print.
If Yangshan premiums hold ~$118–121/t while WTI stays offered under $102 and the 10-year stays <5%, expect industrial metals to keep diverging from the fading…
Ticker
Name
Conviction
1d
CPER
United States Copper Index Fund
6.8
+0.86%
USO
United States Oil Fund
5.2
-0.94%
United States Copper Index FundINDUSTRIAL METALBUY
CPER
6.8/10Conviction
$38.59
▲ +0.86%
Over the next week treat CPER as the China-demand proxy — add only if Yangshan stays bid and HG holds ≥$6.40.
Yangshan prem. ~$118–121/t, ~4y high.COT empty this run.Bloomberg: China buyers, 11th weekly gain.Industrial tightness vs fading oil geo.HG=F 6.6425 +2.49%; CPER last 38.59.
Fundamentals
7/10
Sentiment / flow
—
Catalyst
7/10
Narrative
7/10
Technicals
6/10
Bloomberg 2026-09-18: copper set for 11th weekly gain in 12 as Chinese buyers returnYangshan import premium near a four-year high (~$118–121/t)HG=F 6.6425 +2.49% (yahoo 2026-09-18)
Invalidation: HG daily close back through $6.20.
TradingView's price for CPER. It is not the last print in this letter.
Over the next sessions fade new oil adds — the disruption premium is unwinding even with WTI still ~$100.
Supply-fear unwind; WTI still ~$100.COT empty this run.Saudi Oman cargoes; Libya talk (Reuters).Geo premium fading, not a demand bust.CL=F 100.15 −0.94% vs 101.10.
Fundamentals
5/10
Sentiment / flow
—
Catalyst
6/10
Narrative
5/10
Technicals
5/10
WTI 100.15 −0.94% (yahoo 2026-09-18) after Thu’s one-week lowReuters: Saudi extra Oman cargoes and Libya talk cut supply fears
Invalidation: WTI closes back above $105 on a fresh disruption headline.
TradingView's price for USO. It is not the last print in this letter.
StocksPortfolio Reality Check 10 min30d hit rate 71%
PORTFOLIO REALITY CHECK
P&L Across Portfolios
Tech US
+2.03%
Named holdings. 129 smaller positions (30.44%) are off this picture.
Tech US
Performance
Equity vs SPY
Drawdown
Total Value
$102032.44
Cash
$10611.56
P&L
$2032.44 (+2.03%)
Realized P&L
$-3181.65
TWR
+1.79%
Sharpe
0.32
Max DD
-2.39%
Sortino
0.82
Calmar
4.67
Ann. return
+11.18%
Beta vs SPY
N/A
Allocation
Positions90%
Cash10%
Today's Moves
Action
Ticker
Qty
Status
Buy
HAE
2.05
dispatched
Buy
JBHT
0.9336
dispatched
Current Holdings
Position
Value
Unrealized P&L
TSM ×20.93
$9006.25
+5.7%
XOM ×129
$21032.75
+6.8%
UNH ×8.49
$3186.51
-11.9%
INTC ×14.08
$1531.98
-75.2%
MSFT ×11.91
$5929.45
+22.3%
SBUX ×11.63
$1123.90
-9.3%
CBRE ×8.29
$1155.16
-6.8%
AMZN ×5.95
$1495.26
-7.0%
+47 more holdings
Track Record
28 On Track · 17 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
-9.6%
Stopped Out
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
-2.8%
Lagging
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
-5.1%
Lagging
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
HAE (2026-09-18)
6.8/10
+0.0%
On Track
JBHT (2026-09-18)
6.5/10
+0.0%
On Track
Euro Only
Performance
Equity vs SPY
Drawdown
Total Value
$121086.29
Cash
$17998.85
P&L
$21086.29 (+21.09%)
Realized P&L
$-42835.98
Path statistics are hidden. The quotes are estimated, or the time-weighted return disagrees with dollar P&L.
Today's Moves
Action
Ticker
Qty
Status
Buy
DRX.L
37.7
dispatched
Buy
NXT.L
2.15
dispatched
Current Holdings
⚠ Live quotes degraded — every position below is priced at cost, not a fresh mark.
Position
Value
Unrealized P&L
ASML.AS ×0.4702
$23967.39
—
TTE.PA ×364
$26944.15
—
UNA.AS ×48.5
$2832.95
—
RR.L ×101
$1460.08
—
VIE.PA ×48.5
$1430.88
—
GLE.PA ×17.29
$1402.26
—
MNDI.L ×158
$1402.26
—
NWG.L ×191
$1346.17
—
+40 more holdings
Track Record
46 On Track · 2 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
+4.0%
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
-0.5%
Lagging
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
DRX.L (2026-09-18)
7/10
+0.0%
On Track
NXT.L (2026-09-18)
7.3/10
+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
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 degraded — every position below is priced at cost, not a fresh mark.
Position
Value
Unrealized P&L
GOSS ×18578
$3755.55
—
PYPD ×1564
$6940.50
—
STXS ×2738
$3557.21
—
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
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 degraded — every position below is priced at cost, not a fresh mark.
Position
Value
Unrealized P&L
GLD ×61.65
$25000.00
—
IEF ×108
$10000.00
—
DBC ×654
$20000.00
—
SPLV ×132
$10000.00
—
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
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 degraded — every position below is priced at cost, not a fresh mark.
Position
Value
Unrealized P&L
XLE ×87.86
$5539.52
—
SMH ×5.03
$2990.61
—
XLV ×30.27
$5207.77
—
XBI ×32
$5207.77
—
XLB ×93.53
$4954.78
—
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
$27262.91
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
Action
Ticker
Qty
Status
Buy
CPER
14.42
dispatched
Current Holdings
⚠ Live quotes degraded — every position below is priced at cost, not a fresh mark.
Position
Value
Unrealized P&L
USO ×206
$26795.83
—
GLD ×30.1
$11738.20
—
CPER ×150
$5929.12
—
SLV ×84.48
$4999.97
—
PPLT ×66.63
$1111.38
—
BNO ×35.14
$1850.57
—
URA ×23.16
$1066.93
—
UGA ×26.78
$3377.87
—
+11 more holdings
Track Record
19 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
CPER (2026-09-18)
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
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 degraded — every position below is priced at cost, not a fresh mark.
Position
Value
Unrealized P&L
BTC-USD ×0.5510
$35015.45
—
ETH-USD ×14.91
$28949.67
—
SOL-USD ×26.81
$2795.91
—
XRP-USD ×628
$868.24
—
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 : +71.40%
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.
MOVE index
MOVE is the bond-market cousin of the VIX: a 1-month implied-volatility gauge on Treasury options across the 2s/5s/10s/30s.
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.
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.