I hope you’re all enjoying the weekend and getting some time away from the screens & wishing you all a successful remainder of ‘26.

Jumping straight into it, in looking back at this past week, yet again, it was a lower-volume week with it being the last week of the Summer, although post-Labor Day, we should slowly start to see volumes pick back up.

Nevertheless, earlier on in the week, we saw a bit of weakness in the indices, mostly driven by the continued tit-for-tat between the U.S. & Iran, which, in turn, caused a rise in both Crude & of course the 10Y, which had finally & briefly encroached on 4.8%. That said, 4.8% on the 10Y sure enough did act as a ceiling for the entirety of the week, along with the dovish comments out of Waller, which aided in keeping yields contained along with the relief in equities, thus ultimately leading the indices to practically close out the week flat.

That said, the Q’s were the best performing of the indices, having closed higher by just over 30bps, whereas the Dow was the worst, yet only closed lower by just under 20bps on the week.

- Economic Data for the Coming Week:

In regard to economic data heading into the upcoming week, it’s an important one, as for starters, we’re now post-Labor Day, so generally speaking, volumes should slowly start to pick back up. But on top of that, we have both PPI & CPI #’s being reported into the latter half of the week, which are essentially the last datapoints before the upcoming FOMC meeting & for now, it’s practically 50-50 in terms of whether or not the Fed hikes, so these upcoming datapoints will likely be the deciding factor in determining whether or not the Fed hikes at the September meeting.

Share

- STD Channels on Indices for Perspective: Weekly TF

- SPY

- QQQ

- IWM

- DJIA

Refer a friend

Since starting this Substack back in June of ‘23, between individual names / tactical trades / baskets, we have netted a 203.22% return whilst in the same period, the Q’s have returned 104.52% / Spooz has returned 85.30% / Dow has returned 66.64% & Small-caps have returned 69.66%, so nice outperformance against all the indices whilst having a 80.9% win rate, averaging a 27.13% return on realized gains / winners & a 15.01% loss on realized losses / losers.

Looking forward to the future & continued success through ‘26.

Subscribe now

And for anyone who wants to follow an actively managed portfolio in real time:

I’ve joined Plutus as the cleanest, day-to-day way to track an actively managed portfolio in real time. It’s a live dashboard that’s broader, more diversified, actively managed by me, & updated continuously.

The Eliant Flagship is published on RunPlutus.

Once your Plutus account is approved, you’ll have the option to allocate right away. If you do, it’s straightforward: create an account, link your brokerage (Available only for IBKR at this time), & select the Eliant Flagship (or any of the baskets I’ve built). Your money stays in your account, and trades, position changes, and rebalances are replicated automatically so there’s nothing manual to manage. The idea is to make it easier to access an actively managed portfolio run by me without the overhead of traditional fund structures or high minimums, whilst you keep full custody of your assets & I stay focused on research, positioning, and portfolio construction.

Earlier in 2024, we launched a series titled Educational Pieces, covering a wide range of topics, many of which were suggested directly by you all (4-Part Series).

For those who may have missed the first installment, it covered topics including:

• General background / knowledge on all option strategies

• In-depth talk on risk / reversals & how to go about expressing / utilizing them

• Options Structuring

• When to used naked calls / puts vs. spreads

• Choosing expiration dates

• Identifying key pivots / supports / resistance zones

• General briefing on stock gaps

• What to look for in regards to fundamentals

• Implementing fundamental / macro / technicals into a trade

• Hedging

• Creating risk/reward setups

• Taking profits / managing losses

• Overall Process

• Book recommendations

A link to the original Educational Piece can be found here .

Given the positive feedback and how useful many of you found the first installment, we followed up with Educational Piece: Part Deux earlier in 2025 & for those who may have missed, a link to the piece can be found here & we then went on to release Educational Piece: Part Trois which can be found here.

And finally, the most recent installment, Educational Piece: Part Quatre, can be found here.

‘Risk management is the silent prerequisite for compounding & true wealth is built not by chasing the highest returns but by ensuring the survival necessary to realize them.’

Before we jump into the week ahead, in looking back at this past week, despite the lower-volume, choppier volatility, the indices did close out the week on a stronger note, which was generally led by a big rebound within the momentum factor along with growth, both of which ended up being the best performing factors on the week, whereas the lower-volatility & or value-oriented groups ended up closing out as the worst performing factors on the week.

And in regard to the specific factors and or ‘baskets’ we’ve built on Plutus, here are the best performers year-to-date:

1. Agentic Economy

2. Industrial and Auto Analog Recovery

3. AI Full-Stack Infrastructure

4. Mission Critical Security Stack

5. AI Medicine Stack

Whereas on the flip side, the worst performing baskets year-to-date have been:

1. The Global Marketplace

2. Gaming & Media

3. Make Housing Great Again

Moving along, despite these recent weeks having been on the quieter side as well as the indices having held near all-time highs, this recent digestion period has helped to work off prior overbought conditions, as for now, just 45% of stocks remain above the 20D, which is neither an overbought nor oversold signal, but instead more neutral.

And similar can be said on a broader timeframe too as in the medium-term, the % of stocks above the 50D has fallen back toward 50%, which is essentially giving off a neutral reading here.

And on top of the above, despite Spooz sitting just 120bps off all-time highs, the Fear-Greed index has worked its way back into ‘fear’ territory, once again emphasizing that under-the-hood, we’ve seen quite the ‘reset’ given the recent deterioration in breadth followed by the recent rise in the 10Y.

Historical context of the Fear-Greed Index overlaid with the S&P:

Subscribe now

Read more

To jump straight into it, it’s been yet another quieter week as we round off into the tail-end of summer in which volumes should finally start to pick back up post-Labor Day, but with that being said, the big factor on the week has been circled around the Middle East as both the U.S. & Iran continue to play tit-for-tat, with for now, there being no ‘easy’ exit in sight for the U.S., which in turn has led to a continued rise in crude & therefore the 10Y, thus generally putting a damper on equities for the week.

That said, of the indices, Spooz is currently the ‘best’ performer on the week, yet still sits lower by just over 50bps, whereas the Qs are the worst performing of the indices, currently sitting lower by just over 100bps on the week.

For anyone who wants to follow an actively managed portfolio in real time:

I’ve joined Plutus as the cleanest, day-to-day way to track an actively managed portfolio in real time. It’s a live dashboard that’s broader, more diversified, actively managed by me, & updated continuously.

The Eliant Flagship is published on RunPlutus.

Once your Plutus account is approved, you’ll have the option to allocate right away. If you do, it’s straightforward: create an account, link your brokerage (Available only for IBKR at this time), & select the Eliant Flagship (or any of the baskets I’ve built). Your money stays in your account, and trades, position changes, and rebalances are replicated automatically so there’s nothing manual to manage. The idea is to make it easier to access an actively managed portfolio run by me without the overhead of traditional fund structures or high minimums, whilst you keep full custody of your assets & I stay focused on research, positioning, and portfolio construction.

Earlier in 2024, we launched a series titled Educational Pieces, covering a wide range of topics, many of which were suggested directly by you all (4-Part Series).

For those who may have missed the first installment, it covered topics including:

• General background / knowledge on all option strategies

• In-depth talk on risk / reversals & how to go about expressing / utilizing them

• Options Structuring

• When to used naked calls / puts vs. spreads

• Choosing expiration dates

• Identifying key pivots / supports / resistance zones

• General briefing on stock gaps

• What to look for in regards to fundamentals

• Implementing fundamental / macro / technicals into a trade

• Hedging

• Creating risk/reward setups

• Taking profits / managing losses

• Overall Process

• Book recommendations

A link to the original Educational Piece can be found here .

Given the positive feedback and how useful many of you found the first installment, we followed up with Educational Piece: Part Deux earlier in 2025 & for those who may have missed, a link to the piece can be found here & we then went on to release Educational Piece: Part Trois which can be found here.

And finally, the most recent installment, Educational Piece: Part Quatre, can be found here.

‘Risk management is the silent prerequisite for compounding & true wealth is built not by chasing the highest returns but by ensuring the survival necessary to realize them.’

Before we jump into the recap, in looking at the week thus far, there’s been a slight pick-up in vol, again, mostly attributed to the fear of a bigger escalation within the Middle East, but generally speaking, volumes on the week have been very quiet with it essentially being the last week of summer, but nevertheless, the lower-volatility & value-oriented groups are slightly outperforming on the week, whereas quality along with momentum are the worst performing factors on the week.

And in regard to the specific factors and or ‘baskets’ we’ve built on Plutus, here are the best performers year-to-date:

1. Industrial and Auto Analog Recovery

2. Agentic Economy

3. AI Full-Stack Infrastructure

4. Mission Critical Security Stack

5. AI Medicine Stack

Whereas on the flip side, the worst performing baskets year-to-date have been:

1. The Global Marketplace

2. Gaming & Media

3. Make Housing Great Again

Moving along, despite it being a quieter week, given the rise in the 10Y, we have seen a bit of deterioration in breadth, which in turn, has led to quite the drop-off in stocks above the 20D, which currently sits at 39% and is quickly encroaching oversold territory, even with Spooz for example only being just 200bps off all-time highs.

And similar can be said on a broader timeframe too as in the medium-term, the % of stocks above the 50D has fallen back toward 48%, which is still technically giving off a ‘neutral’ reading, although is slowly starting to creep into ‘oversold’ territory.

And on top of the above, despite Spooz sitting just 200bps off all-time highs, the Fear-Greed index has worked its way firmly back into ‘fear’ territory, once again emphasizing that under-the-hood, we’ve seen quite the ‘reset’ given the recent deterioration in breadth followed by the recent rise in the 10Y.

Historical context of the Fear-Greed Index overlaid with the S&P:

Subscribe now

Read more

I hope you’re all enjoying the weekend and getting some time away from the screens & wishing you all a successful remainder of ‘26.

Looking back at this past week, it was generally a quieter week, even excluding Nvidia’s earnings along with Jackson Hole to round out the week, which ended up producing a ‘Kangaroo’ reaction in which the markets initially reacted negatively, than positively, than negatively in which Spooz ended up closing out Friday lower by just over 20bps whereas to round off the week, Spooz still ended up closing higher by just over 40bps.

That said, on the week, of the indices, the Dow was the best performer, having closed higher by just over 50bps whereas Small caps were the worst performing of the indices on the week, having closed lower on the week by just over 140bps following Warsh’s ‘hawkishly’ interpreted Jackson Hole speech on Friday.

- Economic Data for the Coming Week:

In regard to economic data heading into the upcoming week, it’s a week filled with labor market data, with most importantly, NFP numbers on Friday & for those who recall the last report, the headline number printed negatively, which helped to ease the hawkish pricing within rate markets but otherwise, there’s just some scattered labor and economic data throughout the week, but generally speaking, barring a drastic surprise, volumes will still likely be quieter up until we’re past Labor Day.

Share

- STD Channels on Indices for Perspective: Weekly TF

- SPY

- QQQ

- IWM

- DJIA

Refer a friend

Since starting this Substack back in June of ‘23, between individual names / tactical trades / baskets, we have netted a 201.72% return whilst in the same period, the Q’s have returned 101.06% / Spooz has returned 84.34% / Dow has returned 66.94% & Small-caps have returned 69.68%, so nice outperformance against all the indices whilst having a 81.0% win rate, averaging a 30.50% return on realized gains / winners & a 15.14% loss on realized losses / losers.

Looking forward to the future & continued success through ‘26.

Subscribe now

And for anyone who wants to follow an actively managed portfolio in real time:

I’ve joined Plutus as the cleanest, day-to-day way to track an actively managed portfolio in real time. It’s a live dashboard that’s broader, more diversified, actively managed by me, & updated continuously.

The Eliant Flagship is published on RunPlutus.

Once your Plutus account is approved, you’ll have the option to allocate right away. If you do, it’s straightforward: create an account, link your brokerage (Available only for IBKR at this time), & select the Eliant Flagship (or any of the baskets I’ve built). Your money stays in your account, and trades, position changes, and rebalances are replicated automatically so there’s nothing manual to manage. The idea is to make it easier to access an actively managed portfolio run by me without the overhead of traditional fund structures or high minimums, whilst you keep full custody of your assets & I stay focused on research, positioning, and portfolio construction.

Earlier in 2024, we launched a series titled Educational Pieces, covering a wide range of topics, many of which were suggested directly by you all (4-Part Series).

For those who may have missed the first installment, it covered topics including:

• General background / knowledge on all option strategies

• In-depth talk on risk / reversals & how to go about expressing / utilizing them

• Options Structuring

• When to used naked calls / puts vs. spreads

• Choosing expiration dates

• Identifying key pivots / supports / resistance zones

• General briefing on stock gaps

• What to look for in regards to fundamentals

• Implementing fundamental / macro / technicals into a trade

• Hedging

• Creating risk/reward setups

• Taking profits / managing losses

• Overall Process

• Book recommendations

A link to the original Educational Piece can be found here .

Given the positive feedback and how useful many of you found the first installment, we followed up with Educational Piece: Part Deux earlier in 2025 & for those who may have missed, a link to the piece can be found here & we then went on to release Educational Piece: Part Trois which can be found here.

And finally, the most recent installment, Educational Piece: Part Quatre, can be found here.

‘Risk management is the silent prerequisite for compounding & true wealth is built not by chasing the highest returns but by ensuring the survival necessary to realize them.’

Before we jump into the week ahead, looking back at this past week, it was a bit of a mixed bag but one of the bigger standouts on the week was the weakness in the Momentum factor despite Nvidia’s big FY ‘28 guide. Although granted, when you have crowded funding shorts going ballistic to the upside on the opposite end (SaaS), I guess it’s not much of a surprise in the end. But otherwise, lower-volatility and value were the ‘best’ performing factors on the week, although their performance was generally muted anyways.

And in regard to the specific factors and or ‘baskets’ we’ve built on Plutus, here are the best performers year-to-date:

1. Agentic Economy

2. Industrial and Auto Analog Recovery

3. Mission Critical Security Stack

4. AI Full-Stack Infrastructure

5. AI Medicine Stack

Whereas on the flip side, the worst performing baskets year-to-date have been:

1. The Global Marketplace

2. India After the Reset

3. Make Housing Great Again

Moving along, an interesting piece in these markets is the continued churn / consolidation at record highs with generally good breadth. However, following last week’s softer end to the week given the perceived ‘hawkish’ reaction to Warsh’s Jackson Hole speech, the % of stocks above the 20D fell lower toward 42%, which is nearly starting to encroach on shorter-term oversold territory.

Although on a more broader timeframe in terms of the medium-term, the % of stocks above the 50D sits at 50%, which is a more ‘neutral’ reading rather than signaling an overbought & or oversold condition.

That said, another interesting dynamic worth highlighting is that despite the indices essentially sitting at record highs, the Fear-Greed index moved back toward ‘neutral’ territory after having briefly sat within ‘greed’ territory.

Historical context of the Fear-Greed Index overlaid with the S&P:

Subscribe now

Read more

To jump straight into it, it’s been a generally quieter Summer week thus far as we await Jackson Hole later in the week, although for now, the Q’s are the best performing of the indices, higher by just over 70bps, whereas the Dow is the worst performing of the indices, although essentially flat, sitting higher by 11bps.

For anyone who wants to follow an actively managed portfolio in real time:

I’ve joined Plutus as the cleanest, day-to-day way to track an actively managed portfolio in real time. It’s a live dashboard that’s broader, more diversified, actively managed by me, & updated continuously.

The Eliant Flagship is published on RunPlutus.

Once your Plutus account is approved, you’ll have the option to allocate right away. If you do, it’s straightforward: create an account, link your brokerage (Available only for IBKR at this time), & select the Eliant Flagship (or any of the baskets I’ve built). Your money stays in your account, and trades, position changes, and rebalances are replicated automatically so there’s nothing manual to manage. The idea is to make it easier to access an actively managed portfolio run by me without the overhead of traditional fund structures or high minimums, whilst you keep full custody of your assets & I stay focused on research, positioning, and portfolio construction.

Earlier in 2024, we launched a series titled Educational Pieces, covering a wide range of topics, many of which were suggested directly by you all (4-Part Series).

For those who may have missed the first installment, it covered topics including:

• General background / knowledge on all option strategies

• In-depth talk on risk / reversals & how to go about expressing / utilizing them

• Options Structuring

• When to used naked calls / puts vs. spreads

• Choosing expiration dates

• Identifying key pivots / supports / resistance zones

• General briefing on stock gaps

• What to look for in regards to fundamentals

• Implementing fundamental / macro / technicals into a trade

• Hedging

• Creating risk/reward setups

• Taking profits / managing losses

• Overall Process

• Book recommendations

A link to the original Educational Piece can be found here .

Given the positive feedback and how useful many of you found the first installment, we followed up with Educational Piece: Part Deux earlier in 2025 & for those who may have missed, a link to the piece can be found here & we then went on to release Educational Piece: Part Trois which can be found here.

And finally, the most recent installment, Educational Piece: Part Quatre, can be found here.

‘Risk management is the silent prerequisite for compounding & true wealth is built not by chasing the highest returns but by ensuring the survival necessary to realize them.’

Before we jump into the recap, in looking at the week thus far, although it’s been a quieter one, we have started to see an ever so slight shift back toward both Momentum & Growth, with those groups being the best performing factors on the week, whereas the Lower-volatility & Value-oriented groups are the worst performing factors, as the tape has shifted toward a slightly more risk-on vibe following the recent digestion period the indices have been undergoing.

And in regard to the specific factors and or ‘baskets’ we’ve built on Plutus, here are the best performers year-to-date:

1. Agentic Economy

2. Industrial and Auto Analog Recovery

3. AI Full-Stack Infrastructure

4. AI Medicine Stack

5. Mission Critical Security Stack

Whereas on the flip side, the worst performing baskets year-to-date have been:

1. The Global Marketplace

2. Gaming & Media

3. Make Housing Great Again

Moving along, with the indices undergoing this recent digestion period, we’ve seen some of the more recent shorter-term overbought conditions unwind, as the % of stocks above the 20D has fallen back toward 49%, which is a more neutral reading rather than either overbought or oversold.

And similar can be said on a broader timeframe too as in the medium-term, the % of stocks above the 50D has fallen back toward 55%, which is essentially just giving off a ‘neutral’ reading rather than signaling overbought & oversold conditions.

And on top of the above, after having initially almost worked its way into ‘extreme greed’ territory, the Fear-Greed Index has since nearly fallen back into ‘neutral,’ as it sits just barely within ‘greed’ territory, which again, is another reading suggesting this digestion period has generally helped to work off the recent shorter-term overbought conditions.

Historical context of the Fear-Greed Index overlaid with the S&P:

Subscribe now

Read more

I hope you’re all enjoying the weekend and getting some time away from the screens & wishing you all a successful remainder of ‘26.

Looking back at this past week, it was a quieter week on both the geopolitical & economic data fronts, until about midweek when the Treasury decided to surprise announce the doubling of buybacks, which in turn initially led to a bid in bonds, along with risk assets such as Crypto, Metals, Equities etc… whereas the floor fell through on the dollar as the administration is essentially indirectly stating they’re willing to sacrifice the dollar in order to support bonds.

That said, the ‘pump job’ on equities was faded into the latter half of the week, as bonds as well retraced the initial positive move following the Treasury announcement & it now looks like bonds are going to go on to test the administration’s ‘toolkit,’ but as for the indices, the Dow ended up being the ‘best’ performing of the indices, yet still closed out the week lower by just over 80bps, whereas the Nasdaq ended up being the worst performing of the indices, having closed lower by just over 240bps to round off the week.

- Economic Data for the Coming Week:

In regard to economic data heading into the upcoming week, the most important event of the week is PCE #’s on Wednesday, given it’s the Fed’s preferred gauge for inflation, but outside of that, it should be a quieter week ahead, at least on the economic data front, as there’s just some minor & sporadic datapoints in between.

Share

- STD Channels on Indices for Perspective: Weekly TF

- SPY

- QQQ

- IWM

- DJIA

Refer a friend

Since starting this Substack back in June of ‘23, between individual names / tactical trades / baskets, we have netted a 202.69% return whilst in the same period, the Q’s have returned 100.23% / Spooz has returned 83.47% / Dow has returned 66.05% & Small-caps have returned 72.10%, so nice outperformance against all the indices whilst having a 80.9% win rate, averaging a 30.53% return on realized gains / winners & a 15.14% loss on realized losses / losers.

Looking forward to the future & continued success through ‘26.

Subscribe now

And for anyone who wants to follow an actively managed portfolio in real time:

I’ve joined Plutus as the cleanest, day-to-day way to track an actively managed portfolio in real time. It’s a live dashboard that’s broader, more diversified, actively managed by me, & updated continuously.

The Eliant Flagship is published on RunPlutus.

Once your Plutus account is approved, you’ll have the option to allocate right away. If you do, it’s straightforward: create an account, link your brokerage (Available only for IBKR at this time), & select the Eliant Flagship (or any of the baskets I’ve built). Your money stays in your account, and trades, position changes, and rebalances are replicated automatically so there’s nothing manual to manage. The idea is to make it easier to access an actively managed portfolio run by me without the overhead of traditional fund structures or high minimums, whilst you keep full custody of your assets & I stay focused on research, positioning, and portfolio construction.

Earlier in 2024, we launched a series titled Educational Pieces, covering a wide range of topics, many of which were suggested directly by you all (4-Part Series).

For those who may have missed the first installment, it covered topics including:

• General background / knowledge on all option strategies

• In-depth talk on risk / reversals & how to go about expressing / utilizing them

• Options Structuring

• When to used naked calls / puts vs. spreads

• Choosing expiration dates

• Identifying key pivots / supports / resistance zones

• General briefing on stock gaps

• What to look for in regards to fundamentals

• Implementing fundamental / macro / technicals into a trade

• Hedging

• Creating risk/reward setups

• Taking profits / managing losses

• Overall Process

• Book recommendations

A link to the original Educational Piece can be found here .

Given the positive feedback and how useful many of you found the first installment, we followed up with Educational Piece: Part Deux earlier in 2025 & for those who may have missed, a link to the piece can be found here & we then went on to release Educational Piece: Part Trois which can be found here.

And finally, the most recent installment, Educational Piece: Part Quatre, can be found here.

‘Risk management is the silent prerequisite for compounding & true wealth is built not by chasing the highest returns but by ensuring the survival necessary to realize them.’

Before we jump into the week ahead, looking back at this past week, it was a bit of a mixed bag, with the week initially having kicked off in favor of both the Growth & Momentum factors, but as the week progressed & pretty much through the remainder of the week, we continued to see capital instead rotate back toward the Value-oriented & or lower-volatility factors, which ended up being the best performers on the week.

And in regard to the specific factors and or ‘baskets’ we’ve built on Plutus, here are the best performers year-to-date:

1. Rebuilding U.S. Industrial Sovereignty

2. Agentic Economy

3. AI Full-Stack Infrastructure

4. AI Medicine Stack

5. Mission Critical Security Stack

Whereas on the flip side, the worst performing baskets year-to-date have been:

1. The Global Marketplace

2. Gaming & Media

3. Make Housing Great Again

Moving along, with the indices having slightly come off their recent highs, we saw a bit of the shorter-term ‘overbought’ conditions get worked off, as just 52% of stocks now remain above the 20D, down from 65%, which is essentially a more ‘neutral’ reading here in the interim.

And similar can be said on a broader timeframe too, as in the medium-term, the % of stocks above the 50D sits at just 56%, which again, is a more ‘neutral’ reading rather than signaling an overbought & or oversold condition here in the medium-term.

That said, with the indices having slightly pulled back off the recent highs, the Fear-Greed Index has fallen back into ‘Neutral’ territory after having briefly worked its way into ‘Greed’ territory these last couple of weeks following the rally off the July deleveraging lows.

Historical context of the Fear-Greed Index overlaid with the S&P:

Subscribe now

Read more

To jump straight into it, thus far, it’s been a quieter week at the headline index level, with economic data mostly absent alongside the general summer lull in volatility. However, today the Treasury announced a doubling of buybacks, which provided quite the bid to risk assets, particularly metals, crypto, & commodities but as for the indices, the Russell was the best performer on the day, naturally being the biggest beneficiary of lower rates, yet on the week, the Dow is the best performing index, although is essentially flat overall, whilst the Nasdaq is the worst performer, down just under 200bps following the recent pause in the AI trade after its rebound off the late July deleveraging lows.

For anyone who wants to follow an actively managed portfolio in real time:

I’ve joined Plutus as the cleanest, day-to-day way to track an actively managed portfolio in real time. It’s a live dashboard that’s broader, more diversified, actively managed by me, & updated continuously.

The Eliant Flagship is published on RunPlutus.

Once your Plutus account is approved, you’ll have the option to allocate right away. If you do, it’s straightforward: create an account, link your brokerage (Available only for IBKR at this time), & select the Eliant Flagship (or any of the baskets I’ve built). Your money stays in your account, and trades, position changes, and rebalances are replicated automatically so there’s nothing manual to manage. The idea is to make it easier to access an actively managed portfolio run by me without the overhead of traditional fund structures or high minimums, whilst you keep full custody of your assets & I stay focused on research, positioning, and portfolio construction.

Earlier in 2024, we launched a series titled Educational Pieces, covering a wide range of topics, many of which were suggested directly by you all (4-Part Series).

For those who may have missed the first installment, it covered topics including:

• General background / knowledge on all option strategies

• In-depth talk on risk / reversals & how to go about expressing / utilizing them

• Options Structuring

• When to used naked calls / puts vs. spreads

• Choosing expiration dates

• Identifying key pivots / supports / resistance zones

• General briefing on stock gaps

• What to look for in regards to fundamentals

• Implementing fundamental / macro / technicals into a trade

• Hedging

• Creating risk/reward setups

• Taking profits / managing losses

• Overall Process

• Book recommendations

A link to the original Educational Piece can be found here .

Given the positive feedback and how useful many of you found the first installment, we followed up with Educational Piece: Part Deux earlier in 2025 & for those who may have missed, a link to the piece can be found here & we then went on to release Educational Piece: Part Trois which can be found here.

And finally, the most recent installment, Educational Piece: Part Quatre, can be found here.

‘Risk management is the silent prerequisite for compounding & true wealth is built not by chasing the highest returns but by ensuring the survival necessary to realize them.’

Before we jump into the recap, looking at the week thus far, after the recent but brief rebound in both the Growth and Momentum factors, selling has resumed following a few disappointing datapoints across the broader AI trade (Anthropic ARR and OpenAI growth) & instead, we've seen a rotation back toward Value-oriented factors and generally Lower-volatility areas of the market.

And in regard to the specific factors and or ‘baskets’ we’ve built on Plutus, here are the best performers year-to-date:

1. Industrial and Auto Analog Recovery

2. Agentic Economy

3. AI Full-Stack Infrastructure

4. Mission Critical Security Stack

5. AI Medicine Stack

Whereas on the flip side, the worst performing baskets year-to-date have been:

1. Gaming & Media

2. The Global Marketplace

3. Make Housing Great Again

Moving along, with the indices paring some of their recent gains, mostly in reference to the Nasdaq, we’ve seen the % of stocks above the 20D come off their highs as it briefly approached ‘overbought’ territory but has since worked its way back into ‘neutral’ territory.

And similar can be said on a broader timeframe too as in the medium-term, the % of stocks above the 50D has fallen back toward 56%, which is essentially just giving off a ‘neutral’ reading rather than signaling overbought & oversold conditions.

And following the slight ‘wobble’ and or paring back of gains, mostly in relation to the Nasdaq, the Fear-Greed Index has since nearly fallen back into ‘Neutral’ territory, although it still sits just barely within ‘Greed’ territory for now.

Historical context of the Fear-Greed Index overlaid with the S&P:

Subscribe now

Read more

I hope you’re all enjoying the weekend and getting some time away from the screens & wishing you all a successful remainder of ‘26.

Looking back at this past week, despite the slate of economic data, including inflation-related reports and retail sales, it was generally a quieter week as the low-vol Summer action remains in full swing, with the S&P having traded within one of its narrowest intraday ranges on record.

And in respect to the indices, Small Caps ended up being the best-performing group, closing higher by just over 110bps on the week, whereas the Dow was the ‘worst’ performer, yet still only finished the week lower by just over 50bps.

- Economic Data for the Coming Week:

In regard to economic data heading into the upcoming week, it’s a very quiet week ahead with no major events on the calendar. FOMC minutes on Wednesday will likely be a nothingburger, and aside from that, we just have a handful of minor and sporadic data points scattered throughout the week.

Share

- STD Channels on Indices for Perspective: Weekly TF

- SPY

- QQQ

- IWM

- DJIA

Refer a friend

Since starting this Substack back in June of ‘23, between individual names / tactical trades / baskets, we have netted a 202.80% return whilst in the same period, the Q’s have returned 105.16% / Spooz has returned 86.01% / Dow has returned 67.34% & Small-caps have returned 75.04%, so nice outperformance against all the indices whilst having a 80.9% win rate, averaging a 30.53% return on realized gains / winners & a 15.14% loss on realized losses / losers.

Looking forward to the future & continued success through ‘26.

Subscribe now

And for anyone who wants to follow an actively managed portfolio in real time:

I’ve joined Plutus as the cleanest, day-to-day way to track an actively managed portfolio in real time. It’s a live dashboard that’s broader, more diversified, actively managed by me, & updated continuously.

The Eliant Flagship is published on RunPlutus.

Once your Plutus account is approved, you’ll have the option to allocate right away. If you do, it’s straightforward: create an account, link your brokerage (Available only for IBKR at this time), & select the Eliant Flagship (or any of the baskets I’ve built). Your money stays in your account, and trades, position changes, and rebalances are replicated automatically so there’s nothing manual to manage. The idea is to make it easier to access an actively managed portfolio run by me without the overhead of traditional fund structures or high minimums, whilst you keep full custody of your assets & I stay focused on research, positioning, and portfolio construction.

Earlier in 2024, we launched a series titled Educational Pieces, covering a wide range of topics, many of which were suggested directly by you all (4-Part Series).

For those who may have missed the first installment, it covered topics including:

• General background / knowledge on all option strategies

• In-depth talk on risk / reversals & how to go about expressing / utilizing them

• Options Structuring

• When to used naked calls / puts vs. spreads

• Choosing expiration dates

• Identifying key pivots / supports / resistance zones

• General briefing on stock gaps

• What to look for in regards to fundamentals

• Implementing fundamental / macro / technicals into a trade

• Hedging

• Creating risk/reward setups

• Taking profits / managing losses

• Overall Process

• Book recommendations

A link to the original Educational Piece can be found here .

Given the positive feedback and how useful many of you found the first installment, we followed up with Educational Piece: Part Deux earlier in 2025 & for those who may have missed, a link to the piece can be found here & we then went on to release Educational Piece: Part Trois which can be found here.

And finally, the most recent installment, Educational Piece: Part Quatre, can be found here.

‘Risk management is the silent prerequisite for compounding & true wealth is built not by chasing the highest returns but by ensuring the survival necessary to realize them.’

Before we jump into the week ahead, looking back at this past week, the general characterization was a broad-based rally across a diverse set of sectors as dispersion within the underlying indices continued its gradual unwind. That, in turn, helped aid the recent regrossing following the violent deleveraging seen in July.

And in terms of factors, Momentum ended up being the best-performing factor on the week, whereas Value-oriented & Lower-volatility factors were the worst performers.

And in regard to the specific factors and or ‘baskets’ we’ve built on Plutus, here are the best performers year-to-date:

1. Rebuilding U.S. Industrial Sovereignty

2. Agentic Economy

3. AI Full-Stack Infrastructure

4. Mission Critical Security Stack

5. Robotics

Whereas on the flip side, the worst performing baskets year-to-date have been:

1. The Global Marketplace

2. Gaming & Media

3. Make Housing Great Again

Moving along, with the indices continuing to churn higher to new highs, excluding the Q’s for now, as we highlighted earlier, the crowding and underlying dispersion within the indices has finally begun to unwind as this recent rally has become much broader in what is essentially an ‘everything rally,’ thus aiding in a rebound, with the % of stocks above the 20D having climbed toward 65%, which is starting to encroach on ‘overbought’ territory but isn’t necessarily quite an ‘extreme’ reading yet either.

And similar can be said on a broader timeframe too as in the medium-term, the % of stocks above the 50D has climbed higher toward 62%, which again, isn’t necessarily an ‘extreme’ overbought reading, although it is generally starting to encroach into ‘overbought’ territory.

That said, with the indices continuing to melt up in an orderly fashion recently characterized by the broadening and or ‘everything rally,’ the Fear-Greed Index has moved upward back firmly into ‘Greed’ territory, but not quite an ‘extreme’ reading yet either.

Historical context of the Fear-Greed Index overlaid with the S&P:

Subscribe now

Read more

I hope you’re all enjoying the weekend and getting some time away from the screens & wishing you all a successful remainder of ‘26.

Looking back at this past week, the big driver of the week-to-date gains was driven by the easing of tensions within the Middle East, as the U.S. once again refrained from igniting a larger-scale escalation. On top of that, markets essentially endured an ‘everything’ rally, in which the Mag-7 were bid along with Semiconductors & lastly SaaS, thus leading to the Q’s being the best performing of the indices on the week, having closed higher by just over 500bps, whereas the Dow was the ‘worst’ performing of the indices, although it still managed to close higher by just under 300bps.

- Economic Data for the Coming Week:

In regard to economic data heading into the upcoming week, the biggest upcoming event will be Wednesday’s CPI report, along with Retail Sales on Friday, but otherwise, it should generally be a quieter week ahead as volumes continue to remain dry within the Summer months.

Share

- STD Channels on Indices for Perspective: Weekly TF

- SPY

- QQQ

- IWM

- DJIA

Refer a friend

Since starting this Substack back in June of ‘23, between individual names / tactical trades / baskets, we have netted a 197.93% return whilst in the same period, the Q’s have returned 105.67% / Spooz has returned 86.04% / Dow has returned 68.23% & Small-caps have returned 72.85%, so nice outperformance against all the indices whilst having a 80.8% win rate, averaging a 30.49% return on realized gains / winners & a 15.14% loss on realized losses / losers.

Looking forward to the future & continued success through ‘26.

Subscribe now

And for anyone who wants to follow an actively managed portfolio in real time:

I’ve joined Plutus as the cleanest, day-to-day way to track an actively managed portfolio in real time. It’s a live dashboard that’s broader, more diversified, actively managed by me, & updated continuously.

The Eliant Flagship is published on RunPlutus.

Once your Plutus account is approved, you’ll have the option to allocate right away. If you do, it’s straightforward: create an account, link your brokerage (Available only for IBKR at this time), & select the Eliant Flagship (or any of the baskets I’ve built). Your money stays in your account, and trades, position changes, and rebalances are replicated automatically so there’s nothing manual to manage. The idea is to make it easier to access an actively managed portfolio run by me without the overhead of traditional fund structures or high minimums, whilst you keep full custody of your assets & I stay focused on research, positioning, and portfolio construction.

Earlier in 2024, we launched a series titled Educational Pieces, covering a wide range of topics, many of which were suggested directly by you all (4-Part Series).

For those who may have missed the first installment, it covered topics including:

• General background / knowledge on all option strategies

• In-depth talk on risk / reversals & how to go about expressing / utilizing them

• Options Structuring

• When to used naked calls / puts vs. spreads

• Choosing expiration dates

• Identifying key pivots / supports / resistance zones

• General briefing on stock gaps

• What to look for in regards to fundamentals

• Implementing fundamental / macro / technicals into a trade

• Hedging

• Creating risk/reward setups

• Taking profits / managing losses

• Overall Process

• Book recommendations

A link to the original Educational Piece can be found here .

Given the positive feedback and how useful many of you found the first installment, we followed up with Educational Piece: Part Deux earlier in 2025 & for those who may have missed, a link to the piece can be found here & we then went on to release Educational Piece: Part Trois which can be found here.

And finally, the most recent installment, Educational Piece: Part Quatre, can be found here.

‘Risk management is the silent prerequisite for compounding & true wealth is built not by chasing the highest returns but by ensuring the survival necessary to realize them.’

Before we jump into the week ahead, looking back at this past week, the general characterization of the week was a broader rotation back to Growth-oriented factors, or in other words, a generally more risk-on tape, whereas in respect to the worst performing factors, Value-oriented groups / Lower-volatility were among the worst performers.

And in regard to the specific factors and or ‘baskets’ we’ve built on Plutus, here are the best performers year-to-date:

1. Industrial and Auto Analog Recovery

2. Agentic Economy

3. AI Full-Stack Infrastructure

4. Mission Critical Security Stack

5. Psychedelic Medicine

Whereas on the flip side, the worst performing baskets year-to-date have been:

1. The Global Marketplace

2. Gaming & Media

3. Make Housing Great Again

Moving along, as we highlighted earlier, the big news of this past week, thus ultimately leading to a breakout to new highs within the indices, was the fact that the U.S. refrained yet again from a larger-scale escalation against Iran after having issued threats of an escalation for 3 consecutive weeks in a row. So, this ultimately ended up leading to an ‘everything’ rally amongst the indices, which in turn led to the % of Stocks Above the 20D to jump higher, having finished off the week near 64%, which isn’t necessarily an ‘extreme’ overbought signal, but is starting to encroach that way in the shorter-term.

And similar can be said on a broader timeframe too, although somewhat to a lesser extent, but in the medium-term, the % of stocks above the 50D jumped higher toward 61%, which again, isn’t necessarily an ‘extreme’ overbought reading, although it is generally starting to encroach into ‘overbought’ territory.

That said, with the indices having finally broken out of this recent consolidation onward to new highs, along with this past week being characterized by an ‘everything’ rally, we did finally see the Fear-Greed Index move upward into ‘Greed’ territory.

Historical context of the Fear-Greed Index overlaid with the S&P:

Subscribe now

Read more

I hope you’re all enjoying the weekend and getting some time away from the screens & wishing you all a successful remainder of ‘26.

Looking back at this past week, it was quite a chaotic one, mostly driven by the continued deleveraging amongst the Momentum / AI Factor, which in turn translated to a bit of a spike in correlations, escalating the selloff across all of the indexes rather than being solely confined to the Nasdaq.

That said, on the week, Spooz ended up being the best performer, closing higher by just over 100bps, whereas Small-caps were the worst-performing index, essentially finishing the week flat.

- Economic Data for the Coming Week:

In regard to economic data heading into the upcoming week, the biggest upcoming event will be Friday’s jobs report but otherwise, we just have some minor and sporadic labor and economic data scattered throughout the week, so it should be a quieter one all around, excluding any surprise developments in reference to geopolitics.

Share

- STD Channels on Indices for Perspective: Weekly TF

- SPY

- QQQ

- IWM

- DJIA

Refer a friend

Since starting this Substack back in June of ‘23, between individual names / tactical trades / baskets, we have netted a 186.91% return whilst in the same period, the Q’s have returned 95.71% / Spooz has returned 79.73% / Dow has returned 63.46% & Small-caps have returned 66.91%, so nice outperformance against all the indices whilst having a 80.7% win rate, averaging a 30.49% return on realized gains / winners & a 15.14% loss on realized losses / losers.

Looking forward to the future & continued success through ‘26.

Subscribe now

And for anyone who wants to follow an actively managed portfolio in real time:

I’ve joined Plutus as the cleanest, day-to-day way to track an actively managed portfolio in real time. It’s a live dashboard that’s broader, more diversified, actively managed by me, & updated continuously.

The Eliant Flagship is published on RunPlutus.

Once your Plutus account is approved, you’ll have the option to allocate right away. If you do, it’s straightforward: create an account, link your brokerage (Available only for IBKR at this time), & select the Eliant Flagship (or any of the baskets I’ve built). Your money stays in your account, and trades, position changes, and rebalances are replicated automatically so there’s nothing manual to manage. The idea is to make it easier to access an actively managed portfolio run by me without the overhead of traditional fund structures or high minimums, whilst you keep full custody of your assets & I stay focused on research, positioning, and portfolio construction.

Earlier in 2024, we launched a series titled Educational Pieces, covering a wide range of topics, many of which were suggested directly by you all (4-Part Series).

For those who may have missed the first installment, it covered topics including:

• General background / knowledge on all option strategies

• In-depth talk on risk / reversals & how to go about expressing / utilizing them

• Options Structuring

• When to used naked calls / puts vs. spreads

• Choosing expiration dates

• Identifying key pivots / supports / resistance zones

• General briefing on stock gaps

• What to look for in regards to fundamentals

• Implementing fundamental / macro / technicals into a trade

• Hedging

• Creating risk/reward setups

• Taking profits / managing losses

• Overall Process

• Book recommendations

A link to the original Educational Piece can be found here .

Given the positive feedback and how useful many of you found the first installment, we followed up with Educational Piece: Part Deux earlier in 2025 & for those who may have missed, a link to the piece can be found here & we then went on to release Educational Piece: Part Trois which can be found here.

And finally, the most recent installment, Educational Piece: Part Quatre, can be found here.

‘Risk management is the silent prerequisite for compounding & true wealth is built not by chasing the highest returns but by ensuring the survival necessary to realize them.’

Before we jump into the week ahead, looking back at this past week, it was another week yet again characterized by the recent momentum unwind, which did end up staging quite the rebound off the lows, but ultimately ended up closing firmly within negative territory and as the worst-performing factor on the week whereas on the opposing side, Value-oriented groups were the best-performing factors on the week.

And in regard to the specific factors and or ‘baskets’ we’ve built on Plutus, here are the best performers year-to-date:

1. Industrial and Auto Analog Recovery

2. Agentic Economy

3. AI Full-Stack Infrastructure

4. Mission Critical Security Stack

5. Psychedelic Medicine

Whereas on the flip side, the worst performing baskets year-to-date have been:

1. The Global Marketplace

2. Gaming & Media

3. Make Housing Great Again

Moving along, although volatility at the headline index level, excluding the Q’s, was tame for the entirety of July given the underlying dispersion within the indices, featuring both record single-stock volatility & tame index volatility, the volatility among single stocks translated to quite a bit of damage under-the-hood but this occurred mostly in relation to tech, which in turn has led the % of stocks above the 20D to fall toward 45%, which isn’t necessarily an oversold or overbought signal, but instead a more neutral signal.

And similar can be said on a broader timeframe too, as the % of stocks above the 50D is starting to roll over, although it does still remain at 51% & firmly within neutral territory.

That said, despite the indices sitting just off their highs, with Spooz specifically being less than 200bps from all-time highs, the Fear & Greed Index still sits within ‘Fear’ territory, which again emphasizes that markets remain far from true euphoria or the type of positioning extremes typically associated with major and or interim tops.

Historical context of the Fear-Greed Index overlaid with the S&P:

Subscribe now

Read more

I hope you’re all enjoying the weekend and getting some time away from the screens & wishing you all a successful remainder of ‘26.

Looking back at this past week, the week started off with a strong rebound within the momentum factor, although as the week progressed, geopolitics took over following the continued back & forth attacks in the Middle East between the U.S. & Iran, which in turn, of course caused quite the pickup in oil along with, more importantly, sending the 10Y higher toward 4.7%, which, to round off the week, left the Dow as the 'best' performer, although it still closed lower by 40bps, whereas the Q’s ended up being the worst performer, closing lower by 160bps after initially kicking off the week with a 200bps gain.

- Economic Data for the Coming Week:

In regard to economic data heading into the upcoming week, the biggest upcoming event will be Wednesday’s FOMC decision, which, for now, the Fed is expected to remain on hold, but this recent spike higher in oil has led to some potential speculation that Warsh could surprise with a hike. Following FOMC, we have PCE on Thursday, which is the Fed’s preferred gauge for inflation, but otherwise, there are just some minor & sporadic data points in between.

Share

- STD Channels on Indices for Perspective: Weekly TF

- SPY

- QQQ

- IWM

- DJIA

Refer a friend

Since starting this Substack back in June of ‘23, between individual names / tactical trades / baskets, we have netted a 181.67% return whilst in the same period, the Q’s have returned 94.64% / Spooz has returned 77.78% / Dow has returned 61.73% & Small-caps have returned 66.89%, so nice outperformance against all the indices whilst having a 80.7% win rate, averaging a 30.52% return on realized gains / winners & a 15.14% loss on realized losses / losers.

Looking forward to the future & continued success through ‘26.

Subscribe now

And for anyone who wants to follow an actively managed portfolio in real time:

I’ve joined Plutus as the cleanest, day-to-day way to track an actively managed portfolio in real time. It’s a live dashboard that’s broader, more diversified, actively managed by me, & updated continuously.

The Eliant Flagship is published on RunPlutus.

Once your Plutus account is approved, you’ll have the option to allocate right away. If you do, it’s straightforward: create an account, link your brokerage (Available only for IBKR at this time), & select the Eliant Flagship (or any of the baskets I’ve built). Your money stays in your account, and trades, position changes, and rebalances are replicated automatically so there’s nothing manual to manage. The idea is to make it easier to access an actively managed portfolio run by me without the overhead of traditional fund structures or high minimums, whilst you keep full custody of your assets & I stay focused on research, positioning, and portfolio construction.

Earlier in 2024, we launched a series titled Educational Pieces, covering a wide range of topics, many of which were suggested directly by you all (4-Part Series).

For those who may have missed the first installment, it covered topics including:

• General background / knowledge on all option strategies

• In-depth talk on risk / reversals & how to go about expressing / utilizing them

• Options Structuring

• When to used naked calls / puts vs. spreads

• Choosing expiration dates

• Identifying key pivots / supports / resistance zones

• General briefing on stock gaps

• What to look for in regards to fundamentals

• Implementing fundamental / macro / technicals into a trade

• Hedging

• Creating risk/reward setups

• Taking profits / managing losses

• Overall Process

• Book recommendations

A link to the original Educational Piece can be found here .

Given the positive feedback and how useful many of you found the first installment, we followed up with Educational Piece: Part Deux earlier in 2025 & for those who may have missed, a link to the piece can be found here & we then went on to release Educational Piece: Part Trois which can be found here.

And finally, the most recent installment, Educational Piece: Part Quatre, can be found here.

‘Risk management is the silent prerequisite for compounding & true wealth is built not by chasing the highest returns but by ensuring the survival necessary to realize them.’

Before we jump into the week ahead, looking back at this past week, as we highlighted earlier, initially to kick off the week, we saw quite the rebound within both the Growth & Momentum factor, although as the week progressed, the flare-up in geopolitics, followed by the rally higher in oil, led to a rotation back toward the value-oriented names & out of growth. That said, momentum did turn out to be the best performing factor on the week, whereas Growth turned out to be the worst.

And in regard to the specific factors and or ‘baskets’ we’ve built on Plutus, here are the best performers year-to-date:

1. Industrial and Auto Analog Recovery

2. Agentic Economy

3. Mission Critical Security Stack

4. Truckload & LTL Re-Rating

5. Psychedelic Medicine

Whereas on the flip side, the worst performing baskets year-to-date have been:

1. The Global Marketplace

2. Gaming & Media

3. Make Housing Great Again

Moving along, although on the headline index level, excluding the Q's, volatility has been tame given the underlying dispersion within the indices, there's been plenty of damage under the hood, which has slowly started to translate to the % of stocks above the 20D, which currently sits at 42% & is encroaching into oversold territory.

And similar can be said on a broader timeframe too, as the % of stocks above the 50D is starting to roll over, although it does still remain at 52% & firmly within neutral territory.

That said, despite the indices sitting just off their highs, with Spooz specifically only 250bps from its highs, the Fear & Greed Index still sits within ‘Fear’ territory, which again emphasizes that markets remain far from true euphoria or the type of positioning extremes typically associated with major and or interim tops.

Historical context of the Fear-Greed Index overlaid with the S&P:

Subscribe now

Read more

To jump straight into it, following the recent unwind in the overall Momentum / AI trade, the group finally found a bottom late this past week after the Q's had endured nearly two months of underperformance relative to both the Dow & the Russell.

And with this recent rebound, the Q's are, of course, leading the way this week, up just over 140bps, whereas on the opposing side, Small Caps along with the Dow are among the ‘worst’ performing of the indices, although both are essentially flat on the week.

For anyone who wants to follow an actively managed portfolio in real time:

I’ve joined Plutus as the cleanest, day-to-day way to track an actively managed portfolio in real time. It’s a live dashboard that’s broader, more diversified, actively managed by me, & updated continuously.

The Eliant Flagship is published on RunPlutus.

Once your Plutus account is approved, you’ll have the option to allocate right away. If you do, it’s straightforward: create an account, link your brokerage (Available only for IBKR at this time), & select the Eliant Flagship (or any of the baskets I’ve built). Your money stays in your account, and trades, position changes, and rebalances are replicated automatically so there’s nothing manual to manage. The idea is to make it easier to access an actively managed portfolio run by me without the overhead of traditional fund structures or high minimums, whilst you keep full custody of your assets & I stay focused on research, positioning, and portfolio construction.

And just to be clear, NOTHING is changing with Substack. It’ll stay exactly what it’s always been since we originally launched in the Summer of ‘23: where I share the thinking, research, & select trades behind my personal PA, along with ongoing commentary across all markets.

Earlier in 2024, we launched a series titled Educational Pieces, covering a wide range of topics, many of which were suggested directly by you all (4-Part Series).

For those who may have missed the first installment, it covered topics including:

• General background / knowledge on all option strategies

• In-depth talk on risk / reversals & how to go about expressing / utilizing them

• Options Structuring

• When to used naked calls / puts vs. spreads

• Choosing expiration dates

• Identifying key pivots / supports / resistance zones

• General briefing on stock gaps

• What to look for in regards to fundamentals

• Implementing fundamental / macro / technicals into a trade

• Hedging

• Creating risk/reward setups

• Taking profits / managing losses

• Overall Process

• Book recommendations

A link to the original Educational Piece can be found here .

Given the positive feedback and how useful many of you found the first installment, we followed up with Educational Piece: Part Deux earlier in 2025 & for those who may have missed, a link to the piece can be found here & we then went on to release Educational Piece: Part Trois which can be found here.

And finally, the most recent installment, Educational Piece: Part Quatre, can be found here.

‘Risk management is the silent prerequisite for compounding & true wealth is built not by chasing the highest returns but by ensuring the survival necessary to realize them.’

Before we jump into the recap, looking at the week thus far, as we highlighted earlier, it's largely been characterized by a rebound in momentum / growth-oriented names, with both standing as the best-performing factors on the week.

On the other side of the rotation however, we've seen capital flow out of the lower-volatility / value-oriented groups as individuals look to re-risk following the recent washout in momentum & many of the market's favorite crowded trades.

And in regard to the specific factors and or ‘baskets’ we’ve built on Plutus, here are the best performers year-to-date:

1. Industrial and Auto Analog Recovery

2. AI Full-Stack Infrastructure

3. Agentic Economy

3. Mission Critical Security Stack

4. Truckload & LTL Re-Rating

5. Psychedelic Medicine

Whereas on the flip side, the worst performing baskets year-to-date have been:

1. The Global Marketplace

2. Gaming & Media

3. Make Housing Great Again

Moving along, despite the indices hanging out near the highs as the choppy summer grind has continued, recently we've started to see a bit of deterioration in overall upside participation / breadth, which in turn has led to a bit of a drop-off in the % of stocks above the 20D, which currently sits near 44% & remains within neutral territory. It isn't quite signaling a shorter-term oversold condition yet, but is slowly starting to encroach that way, whereas it certainly isn't signaling any shorter-term overbought conditions either.

Although on a broader timeframe, given the recent dispersion over the last few weeks, as really only the AI / Momentum factor took a meaningful hit, which in turn led to a big surge in upside participation across a number of sectors / stocks, the % of stocks above the 50D still remains healthily within neutral territory, sitting around 55%. Again, it's not giving either an overbought or oversold signal, but instead sits right in the middle from a medium-term perspective.

That said, despite the indices sitting just off their highs, with Spooz specifically only just under 200bps from its highs, the Fear & Greed Index still sits within ‘Fear’ territory, which again emphasizes that markets remain far from true euphoria or the type of positioning extremes typically associated with major and or interim tops.

Historical context of the Fear-Greed Index overlaid with the S&P:

Subscribe now

Read more

I hope you’re all enjoying the weekend and getting some time away from the screens & wishing you all a successful remainder of ‘26.

Looking back at this past week, the week was mostly characterized by the continued dispersion within the indices as, excluding tech, on the surface, it was a quieter week for the headline indices despite the continued & violent volatility within single stocks, but on the week, Small Caps ended up being the best-performing of the group, although still closing lower on the week by just over 60bps, whereas the Nasdaq, following the continued unwind within momentum, was the worst-performing of the indices, having closed lower by just over 400bps.

- Economic Data for the Coming Week:

In regard to economic data heading into the upcoming week, it’s a fairly quiet week ahead with just a few scattered minor datapoints throughout the week, but really, the bigger events will be upcoming earnings, with earnings season finally kicking off.

Share

- STD Channels on Indices for Perspective: Weekly TF

- SPY

- QQQ

- IWM

- DJIA

Refer a friend

Since starting this Substack back in June of ‘23, between individual names / tactical trades / baskets, we have netted a 185.85% return whilst in the same period, the Q’s have returned 97.79% / Spooz has returned 78.83% / Dow has returned 62.32% & Small-caps have returned 68.54%, so nice outperformance against all the indices whilst having a 81.3% win rate, averaging a 30.52% return on realized gains / winners & a 15.17% loss on realized losses / losers.

Looking forward to the future & continued success through ‘26.

Subscribe now

And for anyone who wants to follow an actively managed portfolio in real time:

I’ve joined Plutus as the cleanest, day-to-day way to track an actively managed portfolio in real time. It’s a live dashboard that’s broader, more diversified, actively managed by me, & updated continuously.

The Eliant Flagship is published on RunPlutus.

Once your Plutus account is approved, you’ll have the option to allocate right away. If you do, it’s straightforward: create an account, link your brokerage (Available only for IBKR at this time), & select the Eliant Flagship (or any of the baskets I’ve built). Your money stays in your account, and trades, position changes, and rebalances are replicated automatically so there’s nothing manual to manage. The idea is to make it easier to access an actively managed portfolio run by me without the overhead of traditional fund structures or high minimums, whilst you keep full custody of your assets & I stay focused on research, positioning, and portfolio construction.

Earlier in 2024, we launched a series titled Educational Pieces, covering a wide range of topics, many of which were suggested directly by you all (4-Part Series).

For those who may have missed the first installment, it covered topics including:

• General background / knowledge on all option strategies

• In-depth talk on risk / reversals & how to go about expressing / utilizing them

• Options Structuring

• When to used naked calls / puts vs. spreads

• Choosing expiration dates

• Identifying key pivots / supports / resistance zones

• General briefing on stock gaps

• What to look for in regards to fundamentals

• Implementing fundamental / macro / technicals into a trade

• Hedging

• Creating risk/reward setups

• Taking profits / managing losses

• Overall Process

• Book recommendations

A link to the original Educational Piece can be found here .

Given the positive feedback and how useful many of you found the first installment, we followed up with Educational Piece: Part Deux earlier in 2025 & for those who may have missed, a link to the piece can be found here & we then went on to release Educational Piece: Part Trois which can be found here.

And finally, the most recent installment, Educational Piece: Part Quatre, can be found here.

‘Risk management is the silent prerequisite for compounding & true wealth is built not by chasing the highest returns but by ensuring the survival necessary to realize them.’

Before we jump into the week ahead, looking back at this past week, as we highlighted earlier, this past week was once again characterized by the continued unwind within the Momentum / Overall AI trade, thus leading to both Momentum & Growth being the worst-performing factors on the week, whereas the Value-oriented & under-owned pockets of the market were the best-performing factors on the week.

And in regard to the specific factors and or ‘baskets’ we’ve built on Plutus, here are the best performers year-to-date:

1. Industrial and Auto Analog Recovery

2. Agentic Economy

3. Mission Critical Security Stack

4. Truckload & LTL Re-Rating

5. Psychedelic Medicine

Whereas on the flip side, the worst performing baskets year-to-date have been:

1. The Global Marketplace

2. Gaming & Media

3. Make Housing Great Again

Moving along, given the dispersion within the indices, and really excluding Tech / Momentum-oriented factors, it was a quieter week under the hood, and that’s currently being reflected in the % of stocks above the 20D, which currently sits at 52%, emphasizing a more neutral reading rather than one that is overbought or oversold.

And similar can be said on a broader timeframe too, as currently 56% of stocks remain above their 50D, which also paints a more neutral picture and isn’t necessarily signaling either overbought or oversold conditions in the medium-term.

With that being said, even with breadth readings overall remaining quite healthy, as the Advance-Decline Index still sits near the highs, the dispersion within the indices hasn’t painted the true picture underneath the hood, where quite a bit of destruction has taken place as despite Spooz sitting less than 200bps from all-time highs, the Fear-Greed Index is back to sitting firmly within 'fear' territory, which still emphasizes a market that remains far from true euphoria or the type of positioning extremes typically associated with major, or even interim, tops.

Historical context of the Fear-Greed Index overlaid with the S&P:

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I hope you’re all enjoying the weekend and getting some time away from the screens & wishing you all a successful remainder of ‘26.

Looking back at this past week, it was yet another one characterized by the continuation of the recent momentum unwind within the broader AI trade, which, by midweek, finally appeared to find a bottom, leading the Q’s to finish as the best-performing major index on the week, helped in part by the recent strength of the AI ‘spenders’ over the ‘receivers.’ Meanwhile, Small Caps were the ‘worst’ performing major index, although they only finished the week lower by just over 50bps.

- Economic Data for the Coming Week:

In regard to economic data heading into the upcoming week, it’s an important one as we have another round of inflation data, with CPI being reported on Tuesday, PPI on Wednesday, and, to round out the week, Retail Sales on Thursday.

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- STD Channels on Indices for Perspective: Weekly TF

- SPY

- QQQ

- IWM

- DJIA

Refer a friend

Since starting this Substack back in June of ‘23, between individual names / tactical trades / baskets, we have netted a 191.26% return whilst in the same period, the Q’s have returned 106.38% / Spooz has returned 81.63% / Dow has returned 63.87% & Small-caps have returned 69.65%, so nice outperformance against all the indices whilst having a 81.6% win rate, averaging a 30.52% return on realized gains / winners & a 15.40% loss on realized losses / losers.

Looking forward to the future & continued success through ‘26.

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And for anyone who wants to follow an actively managed portfolio in real time:

I’ve joined Plutus as the cleanest, day-to-day way to track an actively managed portfolio in real time. It’s a live dashboard that’s broader, more diversified, actively managed by me, & updated continuously.

The Eliant Flagship is published on RunPlutus.

Once your Plutus account is approved, you’ll have the option to allocate right away. If you do, it’s straightforward: create an account, link your brokerage (Available only for IBKR at this time), & select the Eliant Flagship (or any of the baskets I’ve built). Your money stays in your account, and trades, position changes, and rebalances are replicated automatically so there’s nothing manual to manage. The idea is to make it easier to access an actively managed portfolio run by me without the overhead of traditional fund structures or high minimums, whilst you keep full custody of your assets & I stay focused on research, positioning, and portfolio construction.

Earlier in 2024, we launched a series titled Educational Pieces, covering a wide range of topics, many of which were suggested directly by you all (4-Part Series).

For those who may have missed the first installment, it covered topics including:

• General background / knowledge on all option strategies

• In-depth talk on risk / reversals & how to go about expressing / utilizing them

• Options Structuring

• When to used naked calls / puts vs. spreads

• Choosing expiration dates

• Identifying key pivots / supports / resistance zones

• General briefing on stock gaps

• What to look for in regards to fundamentals

• Implementing fundamental / macro / technicals into a trade

• Hedging

• Creating risk/reward setups

• Taking profits / managing losses

• Overall Process

• Book recommendations

A link to the original Educational Piece can be found here .

Given the positive feedback and how useful many of you found the first installment, we followed up with Educational Piece: Part Deux earlier in 2025 & for those who may have missed, a link to the piece can be found here & we then went on to release Educational Piece: Part Trois which can be found here.

And finally, the most recent installment, Educational Piece: Part Quatre, can be found here.

‘Risk management is the silent prerequisite for compounding & true wealth is built not by chasing the highest returns but by ensuring the survival necessary to realize them.’

Before we jump into the week ahead, looking back at this past week, again, the week was mostly characterized earlier on by the continued unwind within the momentum / overall AI trade, which bottomed midweek before rallying into the latter half of the week. Because of that, both Growth & Momentum were the best-performing factors on the week, whereas Value, Low Volatility, & Small Cap Value were among the worst-performing factors on the week.

And in regard to the specific factors and or ‘baskets’ we’ve built on Plutus, here are the best performers year-to-date:

1. Industrial and Auto Analog Recovery

2. Rebuilding U.S. Industrial Sovereignty

3. Agentic Economy

4. Mission Critical Security Stack

5. Robotics

Whereas on the flip side, the worst performing baskets year-to-date have been:

1. The Global Marketplace

2. Gaming & Media

3. Make Housing Great Again

Moving along, the action this past week was a bit all over the place, with single-stock volatility running rampant despite the tame headline index-level action, but the recent momentum unwind has in part led to rotations into other pockets of the market, which has helped improve overall upside participation but despite all that, along with the indices practically sitting at all-time highs, only 55% of stocks remain above the 20D, which is a more neutral reading rather than signaling any overbought or oversold conditions.

And similar can be said on a broader timeframe too, as currently just 58% of stocks remain above their 50D, which also paints a more neutral picture and isn’t necessarily signaling either overbought or oversold conditions in the medium-term.

With that being said, following the recent expansion in breadth & lessened crowding in terms of overall upside participation, it’s helped to keep the indices overall quite bifurcated, leading to the group practically sitting just below all-time highs & along with that, it has also led to a rebound within the Fear-Greed Index, which is currently giving a ‘Neutral’ reading but still remains far from true euphoria or the type of positioning extremes typically associated with major, or even interim tops.

Historical context of the Fear-Greed Index overlaid with the S&P:

Subscribe now

Read more

To jump straight into it, it’s yet again been another week characterized by a continuation of the recent momentum unwind within the overall AI trade, which in turn has dispersed capital elsewhere, although today’s weakness more specifically was broad due to a flare-up in geopolitical tensions in the Middle East between the U.S. & Iran.

On the week, of the major indices, Spooz is the best performer, although it’s practically flat, whereas Small Caps are the worst-performing index, currently lower by just over 130bps.

For anyone who wants to follow an actively managed portfolio in real time:

I’ve joined Plutus as the cleanest, day-to-day way to track an actively managed portfolio in real time. It’s a live dashboard that’s broader, more diversified, actively managed by me, & updated continuously.

The Eliant Flagship is published on RunPlutus.

Once your Plutus account is approved, you’ll have the option to allocate right away. If you do, it’s straightforward: create an account, link your brokerage (Available only for IBKR at this time), & select the Eliant Flagship (or any of the baskets I’ve built). Your money stays in your account, and trades, position changes, and rebalances are replicated automatically so there’s nothing manual to manage. The idea is to make it easier to access an actively managed portfolio run by me without the overhead of traditional fund structures or high minimums, whilst you keep full custody of your assets & I stay focused on research, positioning, and portfolio construction.

And just to be clear, NOTHING is changing with Substack. It’ll stay exactly what it’s always been since we originally launched in the Summer of ‘23: where I share the thinking, research, & select trades behind my personal PA, along with ongoing commentary across all markets.

Earlier in 2024, we launched a series titled Educational Pieces, covering a wide range of topics, many of which were suggested directly by you all (4-Part Series).

For those who may have missed the first installment, it covered topics including:

• General background / knowledge on all option strategies

• In-depth talk on risk / reversals & how to go about expressing / utilizing them

• Options Structuring

• When to used naked calls / puts vs. spreads

• Choosing expiration dates

• Identifying key pivots / supports / resistance zones

• General briefing on stock gaps

• What to look for in regards to fundamentals

• Implementing fundamental / macro / technicals into a trade

• Hedging

• Creating risk/reward setups

• Taking profits / managing losses

• Overall Process

• Book recommendations

A link to the original Educational Piece can be found here .

Given the positive feedback and how useful many of you found the first installment, we followed up with Educational Piece: Part Deux earlier in 2025 & for those who may have missed, a link to the piece can be found here & we then went on to release Educational Piece: Part Trois which can be found here.

And finally, the most recent installment, Educational Piece: Part Quatre, can be found here.

‘Risk management is the silent prerequisite for compounding & true wealth is built not by chasing the highest returns but by ensuring the survival necessary to realize them.’

Before we jump into the recap, in looking at the week thus far, despite the mixed index-level action, especially given the continued unwind within momentum / the overall AI trade, Growth is still the best-performing factor on the week, whereas the worst-performing factors are Small Cap Value along with Private Equity.

And in regard to the specific factors and or ‘baskets’ we’ve built on Plutus, here are the best performers year-to-date:

1. Industrial and Auto Analog Recovery

2. Rebuilding U.S. Industrial Sovereignty

3. Agentic Economy

4. Mission Critical Security Stack

5. Robotics

Whereas on the flip side, the worst performing baskets year-to-date have been:

1. The Global Marketplace

2. Gaming & Media

3. Make Housing Great Again

Moving along, again, the action on the week, along with these past couple of weeks, has mostly been characterized by the escalation of the recent momentum unwind, which in turn has helped capital disperse elsewhere, leading to an overall pickup in upside participation. But despite indices remaining just marginally off their highs, along with the recent expansion in breadth, just 50% of stocks remain above their 20D, which in the shorter term isn’t necessarily an overbought or oversold signal, but instead leans more neutral.

And similar can be said on a broader timeframe too, as currently just 55% of stocks remain above their 50D, which also paints a more neutral picture and isn’t necessarily signaling either overbought or oversold conditions in the medium term.