Hello All,
Jumping straight into it, despite the continued pessimism, it’s been quite a positive week, partly due to Middle East developments looking like they’re generally headed in the right direction, which in turn has kept a bid in bonds, whereas earlier in the week, following Semis having their ninth red day in a row, the group was met with a morning washout, which now looks like they may have finally found a bottom.
And as of now, the best performing of the indices on the week are both Small Caps and the Nasdaq, which are practically performing in line, both higher by around 220bps, whereas Spooz is the ‘worst’ performing of the indices, yet still sits higher by just under 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.
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 the week thus far, we’ve seen a bit of a rebound in both the Growth & Momentum factors after having been quite oversold, which in turn has led to a slight rotation away from value-oriented & or lower-volatility groups.
And in regard to the specific factors and or ‘baskets’ we’ve built on Plutus, here are the best performers within the last week:
Whereas on the flip side, the worst performing baskets within the last week have been:
That said, the one notable factor is that we’ve finally started to see signs of upside participation spreading, whereas again, the ‘generals’, or otherwise known as Tech, have been the recent laggards.
However, the % of stocks above the 20D has actually continued to rebound higher & now sits at 48%, which is essentially within ‘neutral’ territory in the shorter term.
That said, on a broader timeframe, the % of stocks above the 50D sits at 34%, which is instead firmly in oversold territory, although it is slowly starting to work its way toward ‘neutral’ territory, of course, assuming the recent pickup in breadth / upside participation actually sticks.
Nevertheless, without a doubt, the most interesting factor of them all is the Fear-Greed index managing to sit firmly within ‘fear’ territory, which, if just looking at the headline indices, one would think couldn’t possibly be right, but as the majority know, there’s been a significant under-the-hood ‘reset’ amid the recent deterioration in breadth, & as we had pointed out earlier, now even the ‘generals’ are starting to get dragged lower as well.
Historical context of the Fear-Greed Index overlaid with the S&P:
