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:

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 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.

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 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.

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, 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.

That said, despite indices sitting just off their highs, with the Q’s more specifically only in a mild pullback (-5%), the Fear & Greed Index is currently sitting in 'Fear' territory, which again emphasizes that markets remain far from true euphoria or the type of positioning extremes typically associated with major & or interim tops (more on this later).

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

Subscribe now

Read more

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

Jumping straight into it, this past week was a shortened one due to the holiday, but there was still plenty of volatility in between, most notably with specific factors such as the AI complex / Momentum trade, for example, which continued its unwind this past week, thus allowing capital to flow toward other under-owned pockets of the market. But of the indices, Spooz ended up being the best-performing of the group, having closed higher by just over 210bps, whereas Small Caps were the worst-performing of the indices, having closed lower by 75bps on the week.

- Economic Data for the Coming Week:

In regard to economic data heading into the upcoming week, it’s a fairly quiet one, with just a few manufacturing datapoints, but otherwise, we just have FOMC minutes (nothingburger), along with a few other sporadic data points in between but otherwise, it should be a quieter 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 189.58% return whilst in the same period, the Q’s have returned 102.71% / Spooz has returned 79.18% / Dow has returned 64.52% & Small-caps have returned 70.56%, so nice outperformance against all the indices whilst having a 81.6% win rate, averaging a 30.56% return on realized gains / winners & a 15.40% 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, similar to the week prior, it was mostly characterized by a continued unwind within Momentum, which was the worst-performing factor on the week, whereas, on the other hand, Private Equity was the best-performing factor 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. Robotics

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, the action this past week, given the unwind within the Momentum / AI trade, ended up being quite bifurcated as upside participation has continued to improve, thus allowing for breadth expansion, which, as a result, has led to quite the rebound in the % of stocks above the 20D to 63%, which isn’t necessarily in overbought territory but is starting to encroach on it.

And similar can be said on a broader timeframe too, although to a slightly lesser extent, as currently 60% of stocks remain above the 50D, which still more so paints a neutral picture and isn’t necessarily signaling either overbought or oversold conditions in the medium term.

With that being said, the more incredible phenomenon is that despite the indices practically sitting at their respective highs, the Fear-Greed Index is still well into 'Fear' territory and has only recently worked its way out of 'Extreme Fear' territory, which once again emphasizes that this market 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

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, the AI-trade / momentum unwind from the week prior continued into this week as we instead saw under-owned pockets of the market post strength compared to the over-owned pockets of the market, which got sold, thus leading to the Nasdaq being the worst-performing of the indices on the week, having closed lower by 460bps, whereas Small Caps were among the best-performing of the indices, having closed higher by just over 140bps.

- Economic Data for the Coming Week:

In regard to economic data heading into the upcoming week, it's a shortened one given the holiday on Friday, but the most important event of the week is Thursday's jobs report but besides that, there's just some scattered and minor labor & manufacturing data throughout the week, so it should be a quieter one.

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 186.21% return whilst in the same period, the Q’s have returned 100.98% / Spooz has returned 75.39% / Dow has returned 61.37% & Small-caps have returned 71.85%, so nice outperformance against all the indices whilst having a 81.5% win rate, averaging a 30.55% return on realized gains / winners & a 15.40% 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, similar to the week prior, it was mostly characterized by a continued unwind within Momentum / the relative outperformance of Value & lower-volatility over Growth, but the worst-performing factor on the week was once again Private Equity.

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

1.Truckload & LTL Re-Rating

2. Psychedelic Medicine

2. Rebuilding U.S. Industrial Sovereignty

3. Healthcare Repricing

4. AI Medicine Stack

5. AI Productivity

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 weakness amongst Tech & even Spooz having closed lower on the week by 230bps, given the strength in the Russell along with the Dow, participation ended up being somewhat healthier on the upside & because of that, despite the drawdown, the % of stocks above the 20D still remains quite healthy, sitting around 60%, which still isn't necessarily signaling any shorter-term ‘euphoria’ or overbought conditions & if anything, leans toward a more neutral signal.

And similar can be said on a broader timeframe too, as just 58% of stocks remain above the 50D, which still more so paints a neutral picture & isn't necessarily signaling overbought or even oversold conditions in the medium term.

With that being said, despite the indices being hardly off the highs, the Fear-Greed Index worked into 'Extreme Fear' territory this past week, which once again emphasizes that this market 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

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

Jumping straight into it, it was somewhat of a more volatile week as, initially coming into the week, the indices had gapped higher following the official MOU having been reached between the U.S. & Iran, but as the week progressed, especially following FOMC, the indices had pared off all of the weekly gains before then staging a rally following the digestion of FOMC, having closed out the week on a strong note.

And on the week, the Q’s ended up being the best performing of the indices, having closed higher by just over 260bps, whereas the Dow was among the ‘worst’ performing of the indices, yet still closed higher on the week by just shy of 50bps.

- Economic Data for the Coming Week:

In regard to economic data heading into the upcoming week, it’s a fairly quiet one ahead, with just PCE #’s being the most significant datapoint of the week on Thursday (the Fed’s preferred gauge for inflation), as otherwise, there are 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 193.66% return whilst in the same period, the Q’s have returned 110.45% / Spooz has returned 79.66% / Dow has returned 60.67% & Small-caps have returned 69.42%, so nice outperformance against all the indices whilst having a 82.0% win rate, averaging a 30.58% return on realized gains / winners & a 15.70% 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, after the prior week was mostly characterized by a standard momentum unwind & dash to Value / Lower-beta, this week was the complete opposite, with Momentum being the best performing factor on the week, with Growth ranking second, whereas Low-Volatility & Private Equity were the two 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. Google Ecosystem

4. AI Full-Stack Infrastructure

5. Agentic Economy

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 continued bifurcated action along with the indices being just off the highs, the % of stocks above the 50D still isn’t necessarily signaling any shorter-term ‘euphoria’ or overbought conditions, as it sits near 52%, which, if anything, is a more neutral signal.

And similar can be said on a broader timeframe too, as just 53% of stocks remain above the 50D, which still more so paints a neutral picture & isn’t necessarily signaling overbought or even oversold conditions in the medium-term.

And with that being said, even with the indices practically sitting at all-time highs following the recent MOU having been reached between the U.S. & Iran, the Fear-Greed Index still remains within ‘Fear’ territory, which only further emphasizes that markets remain 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

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, on the economic data front, this past week ended up being a quieter one & initially earlier on into the week, it was mostly characterized by a followthrough of the prior week’s momentum unwind before the indices then ended up bottoming into the latter half of the week following the MOU reached between the U.S. & Iran instead of a resumption of war / significant escalation.

And on the week, by a long shot, Small Caps were the best performing of the indices, having closed higher by just over 400bps whereas Spooz was the ‘worst’ performing of the indices on the week, yet still closed higher by just under 60bps.

- Economic Data for the Coming Week:

In regard to economic data heading into the upcoming week, it’s somewhat of a quieter one with really the biggest event being FOMC on Wednesday along with Retail Sales in the morning, but otherwise, there isn’t necessarily too much else going on & it’s also a shortened week, with markets being closed on Friday for the holiday.

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 191.96% return whilst in the same period, the Q’s have returned 105.04% / Spooz has returned 78.02% / Dow has returned 59.41% & Small-caps have returned 67.56%, so nice outperformance against all the indices whilst having a 81.9% win rate, averaging a 30.53% return on realized gains / winners & a 15.76% 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, it was a bit of a wonky one that was initially characterized by an earlier-on in the week momentum unwind, which then ended up bottoming out & oddly enough, of all the factors, Momentum ended up being the best performing one, followed by Small Cap Value whereas on the opposing side, Growth by far ended up being the worst performing factor, as these past two weeks have seen a bit of rotation from Growth back to Value as volatility has picked back up within the indices.

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. Google Ecosystem

4. AI Full-Stack Infrastructure

5. Agentic Economy

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 being off ATHs, Spooz & the Q’s more specifically, upside participation & overall breadth has picked up by quite the margin, which has more so led to an overall bifurcation of the indices & this recent decline has really just been solely driven by an unwind in tech, but as a result of the recent bifurcation under-the-hood, 60% of stocks remain above the 20D, which is now slowly starting to work its way out of neutral territory & back toward shorter-term ‘overbought’ territory.

And similar can be said on a more broader timeframe too as despite the unwind within the indices, still 56% of stocks remain above the 50D, which paints a somewhat different picture than the above as the reading isn’t necessarily an overbought & or oversold signal & instead still paints a more neutral picture.

That said, despite indices being just off the highs & having posted a rebound into the latter half of this past week following the MOU reached between the U.S. & Iran, the Fear-Greed index still remains well into ‘Fear’ territory, which again just emphasizes that markets still remain 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 been a quieter week on the economic data front, but at the index level, this week has mostly been characterized by a follow-through of last week’s momentum unwind & after an initial attempt to rally earlier in the week, that move quickly faded, and on the week, Small Caps have been the best performing of the major indices, while the rest are all trading roughly in line with each other, down around 160bps 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, in looking at the week thus far, despite the weak index-level action, under the hood, upside participation has actually been quite strong, with the majority of factors positive on the week and Growth being the only factor currently in negative territory. Meanwhile, Small Cap Value and Private Equity have been among 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. Rebuilding U.S. Industrial Sovereignty

3. Google Ecosystem

4. AI Full-Stack Infrastructure

5. Agentic Economy

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 there’s been a violent momentum unwind within Tech, given other pockets of the market have been lifted up as liquidity has dispersed elsewhere outside of the AI trade, upside participation in general has picked up by quite the margin & as a result, 49% of stocks still remain above the 20D despite the Q’s being in roughly an 8% drawdown and even Spooz sitting in nearly a 5% drawdown.

And similar can be said on a more broader timeframe, although this week, we have seen a slight deterioration but as of now, 50% of stocks still remain above the 50D, which isn’t necessarily an overbought & or oversold reading & instead still paints a more neutral picture.

That said, despite indices being just off the highs & the Q’s being within a mild correction, the Fear-Greed Index has already made its way back into ‘fear’ territory & is quickly encroaching on ‘extreme fear’ territory; again, emphasizing that markets still remain far from ‘true euphoria’ or the type of positioning extremes typically associated with major 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.

Jumping straight into it, up until Friday, it was generally a quieter week before a VaR shock ended up taking place following the hotter-than-expected jobs report / shift in rate markets further pricing in hikes on Friday, which in turn caused a large unwind within Tech / Momentum & the ‘Growth’ factor in general, thus leading the Q’s to be the worst performer on the week, closing lower by 450bps, whereas the Dow was the ‘best’ performing of the indices, although it essentially closed flat on the week, lower by 21bps.

- Economic Data for the Coming Week:

In regard to economic data heading into the upcoming week, excluding geopolitics, the biggest event of the week is Wednesday’s CPI report along with PPI #'s on Thursday, but otherwise, it’s a quieter week on the economic data front.

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 188.67% return whilst in the same period, the Q’s have returned 100.34% / Spooz has returned 76.99% / Dow has returned 58.34% & Small-caps have returned 61.05%, so nice outperformance against all the indices whilst having a 82.0% win rate, averaging a 29.50% return on realized gains / winners & a 15.73% 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.

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 week ahead, looking back at this past week, as we highlighted earlier, but up until Friday, on the headline index level, it was generally a quieter week before we then ended up seeing a large decline in the ‘Momentum’ factor on Friday, which originally was higher by over 5% on the week before then closing lower by just under 50bps. Otherwise, throughout the week, both Growth & Momentum factor strength faded, and the week was more so characterized by a rotation into Value / Low-Volatility, which 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. Rebuilding U.S. Industrial Sovereignty

3. Google Ecosystem

4. Agentic Economy

5. Truckload & LTL Re-Rating

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 being just off the highs following Friday’s VaR shock, the % of Stocks Above the 20D, interestingly enough, is starting to encroach back into oversold territory, with it currently sitting at 46%.

And similar can be said on a broader timeframe, although for now, the % of Stocks Above the 50D, currently sitting at 49%, is still signaling more neutral conditions.

That being said, we’re back to the phenomenon where the indices are just off the highs, yet the Fear-Greed Index has worked its way back into ‘Fear’ territory despite the S&P, for example, being down less than 300bps from ATHs, which again more so emphasizes that markets still remain far away from true ‘euphoria’ or the type of positioning extremes typically associated with major 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.

Jumping straight into it, looking back at this past week, it was mostly characterized by the positive progression in talks between the U.S. & Iran as we inched closer and closer to a deal between the two, ultimately leading to an “everything rally” as bond volatility continued to ease given the general unwind in Crude to the downside.

That said, of the indices, the Q’s were the best performing of the group, closing higher by just under 300bps, whereas the Dow was the “worst” performing of the group, yet still closed higher by just under 100bps on the week as the historic rally across the board to fresh new highs continued.

- Economic Data for the Coming Week:

In regard to economic data heading into the upcoming week, excluding geopolitics, the calendar is largely scattered with a variety of labor market datapoints, with Friday’s NFP report being the most important release of the week but outside of that, there’s just a broad mix of jobs-related and economic data sprinkled 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 199.86% return whilst in the same period, the Q’s have returned 109.79% / Spooz has returned 81.53% / Dow has returned 58.67% & Small-caps have returned 66.07%, so nice outperformance against all the indices whilst having a 82% win rate, averaging a 29.44% return on realized gains / winners & a 15.73% 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.

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 week ahead, looking back at this past week, after the brief dip in Tech & general Momentum names the week prior, the group was snapped right back higher as in regard to overall factor performance on the week, Momentum along with Growth were among the best performing groups, whereas Low Volatility & High Yield were among the worst performing groups.

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. Google Ecosystem

4. Next-Gen Space Economy

5. Agentic Economy

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 having made fresh all-time highs across the board this past week, in the shorter term, overall conditions are still generally neutral as just 54% of stocks remain above the 20D, which again, more so emphasizes the lack of overall upside participation, but this past week, that did start to improve given the ‘everything rally’ that took place.

And on a broader timeframe, the same can be said too as just 58% of stocks remain above the 50D, which still isn’t necessarily signaling overbought conditions either and instead remains a much more neutral reading, which ultimately just further emphasizes that the most recent leg of this rally has been considerably narrower in respect to overall upside participation, although it has finally started to broaden out.

All things being said, despite the major indices having closed out this past week at fresh all-time highs as the record run off the late March lows continues, it’s been impressive to see the Fear-Greed Index remain relatively muted and even slowly inch back toward ‘Neutral,’ which more so emphasizes that markets still remain far away from true ‘euphoria’ or the type of positioning extremes typically associated with major tops.

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

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

Jumping straight into it, looking back at this past week, after an initial wobble earlier in the week following speculation that the U.S. may look to escalate against Iran, alongside the sharp rise in bond volatility, Trump ultimately decided not to follow through with the supposed planned attack, which practically marked the bottom for markets on the week & from there, indices continued rallying into the latter half of the week.

On the week, Small Caps ended up being the best performing index, closing higher by just over 270bps, largely attributed to the simmering down in bond volatility, which sparked a bit of rotation beneath the surface & meanwhile, Spooz ended up being the ‘worst’ performer of the major indices, yet still managed to close higher by 88bps on the week.

- Economic Data for the Coming Week:

In regard to economic data into the upcoming week, excluding geopolitics, again, it’s a shortened week given the holiday, but the biggest datapoint of the week is Thursday’s PCE print, which, as a reminder, is the Fed’s preferred gauge for inflation but outside of that, the week is relatively light, with only a handful of more minor & sporadic datapoints scattered throughout the week.

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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 192.39% return whilst in the same period, the Q’s have returned 103.89% / Spooz has returned 78.93% / Dow has returned 57.23% & Small-caps have returned 63.03%, so nice outperformance against all the indices whilst having a 81.9% win rate, averaging a 29.34% return on realized gains / winners & a 15.73% 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.

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 week ahead, in taking a look at this past week, there was a bit of rotational activity underway in respect to a shift away from Growth and toward Value.

Excluding IPOs, Small-Cap Value alongside Low-Volatility and Quality ended up being among the best performing factors on the week, whereas Growth was the worst-performing factor and, at that, the only factor that actually closed the week negative as well.

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. Google Ecosystem

4. Next-Gen Space Economy

5. Agentic Economy

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 having practically closed out this past week at ATHs, upside participation has still been a bit lackluster, although we did see an overall improvement this past week, which has more so been reflected in the jump within the % of Stocks Above the 20D, which has now made its way back to 51% (Neutral territory) after having previously fallen down to 35% in shorter-term ‘oversold’ territory.

And on a more broader timeframe, the overall picture looks a tad healthier too, with 57% of stocks remaining above the 50D, but still isn’t necessarily signaling overbought conditions either and instead remains a much more neutral reading.

Ultimately, it just further emphasizes that the most recent leg of this rally has been considerably narrower in respect to overall upside participation.

All the above being said, despite the major indices having essentially closed out this past week at ATHs as the record run off the late March lows continues, it’s been impressive to see the Fear-Greed Index remain relatively muted and even slowly inch back toward ‘Neutral’ out of ‘Greed’ territory, which more so emphasizes that markets still remain far away from true ‘euphoria’ or the type of positioning extremes typically associated with major tops.

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

Subscribe now

Read more

To jump straight into it, it’s generally been a quieter week on both the economic and geopolitical fronts following Trump’s decision not to follow through with an escalation against Iran, which helped tame bonds and ultimately aided in bottoming the indices earlier in the week. For now, the week has largely been characterized by a bit of a post-OPEX “hangover” following some unwinding in crowded longs and shorts, alongside the recent rise in the 10Y & uptick in bond volatility.

That said, in terms of index performance, the Dow has been the strongest performer of the group, currently higher by just shy of 100bps on the week, whereas Spooz has been the ‘worst’ performer, although still sits higher by 28bps 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, in looking at the week thus far, with the Dow being the best performing of the major indices on the week, in respect to factor performance, it’s not much of a surprise to see Low Volatility along with Value being among the strongest performing factors on the week, whereas on the opposing side, although essentially flat overall, Growth has been the weakest performing factor thus far.

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. Google Ecosystem

4. Next-Gen Space Economy

5. Agentic Economy

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 sitting just shy of ATHs, upside participation in general has remained fairly lackluster, which can be seen in the fact that just 43% of stocks remain above the 20D. In the shorter-term, this isn’t signaling a market that’s particularly overbought at all, but rather one that has started to drift toward shorter-term oversold territory.

Although on a broader timeframe, the picture does look a tad healthier, with 55% of stocks still sitting above the 50D, which again, isn’t signaling particularly overbought conditions either and instead remains a much more neutral reading. Ultimately, it just further emphasizes that the most recent leg of this rally has been considerably narrower in respect to overall upside participation.

And although the major indices remain just shy of ATHs and have been on a record run since the lows made in late March, markets still only sit marginally within ‘Greed’ territory and have yet to reach ‘Extreme Greed.’ In fact, following this recent wobble, sentiment has already started to work its way back toward neutral territory once again, as markets still remain far away from true ‘euphoria’ or the type of positioning extremes typically associated with major interim tops.

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