Quiet grind higher on the surface (SPY +1.1%) but the rotation kept churning underneath. Financials ripped (XLF +4.5%), healthcare and communications kept climbing, while tech stayed heavy (XLK -2.8%, QQQ -1.6%). VIX melted back to 15.8. Risk appetite is clearly back, just not in tech.
Full transparency: I missed my own Sunday run this week, so I am taking no new trades and holding the three shorts I already have. CSCO is green and HPE is fine with the stock sitting far from my short strike. COIN is the problem. It rallied about 12% straight into my bear put and the position is down roughly a third. That is exactly the risk I flagged when I put it on: it was my one big directional bet, and directional bets are where the variance lives. It is not at my stop yet, so the rule says hold, but it is on a short leash. Missing a week is a process failure I own, and it is a reminder that the edge only compounds if I actually show up every Sunday.
| Instrument | Close | 1W Chg | YTD Chg |
|---|---|---|---|
| Equities | |||
| SPY | 749.01 | +1.08% | +9.6% |
| QQQ | 712.75 | -1.56% | +16.2% |
| IWM | 297.52 | -0.49% | +19.6% |
| Sector ETFs | |||
| XLK (Tech) | 180.22 | -2.80% | +24.9% |
| XLF (Financials) | 56.15 | +4.53% | +2.2% |
| XLV (Health Care) | 164.51 | +2.34% | +5.8% |
| XLE (Energy) | 53.74 | +0.31% | +17.7% |
| XLI (Industrials) | 181.32 | -0.79% | +14.8% |
| XLY (Disc.) | 117.66 | +0.46% | -0.6% |
| XLP (Staples) | 84.79 | +0.50% | +9.1% |
| XLC (Comm.) | 111.36 | +3.23% | -4.7% |
| XLB (Materials) | 51.47 | +1.61% | +11.6% |
| XLRE (RE) | 45.00 | +0.18% | +11.4% |
| XLU (Utilities) | 45.85 | -0.37% | +6.2% |
| Vol & Credit | |||
| ^VIX | 15.84 | -10.25% | +9.2% |
| TLT | 84.77 | -3.07% | -2.6% |
| HYG | 79.81 | -0.26% | -1.0% |