Indexes · 7d

SPY-0.1%QQQ+1.3%IWM+1.4%RSP+0.3%

Volatility

VIX 15.19CALM · 1d +6.6%No fire-sale trigger — needs a ≥30% one-day spike

Rotation · 30d strength

35 in / 15 outInGovernment Compute+20.4Optical Supply Chain+18.5Web Cloud+15.3Space+14.0Copper+13.8OutCultural Thesis-11.9Food Security-7.2Peptide Economy-7.2Consumer-5.2Livestock Disease-4.9Each side counts the desk's tracked theme watchlists (70 ranked) by 30-day median relative strength vs SPY — shown in RS points.

Credit · 7d

HYG+0.2%LQD-0.2%IEF+0.1%Orderly credit = the selling is positioning, not a credit event

Hard assets · 7d

GLD+0.7%USO+3.5%COPX-2.4%Gold · oil · copper miners

Frozen snapshot — numbers are as of 2026-08-17 by design; the dated strip of these cards is the climate history.

Indexes · 7d

SPY+0.4%QQQ+1.1%IWM+1.2%RSP+1.2%

Volatility

VIX 14.25CALM · 1d -2.6%No fire-sale trigger — needs a ≥30% one-day spike

Rotation · 30d strength

24 in / 23 outInGovernment Compute+26.8Web Cloud+17.8Cloud SAAS+15.3Cloud ETFS+14.8Alt Managers+10.9OutFaang-9.4Watchlist-9.4AI Power-8.4Peptide Economy-7.1EV Clean Energy-6.7Each side counts the desk's tracked theme watchlists (70 ranked) by 30-day median relative strength vs SPY — shown in RS points.

Credit · 7d

HYG+0.1%LQD-0.4%IEF-0.1%Orderly credit = the selling is positioning, not a credit event

Hard assets · 7d

GLD+0.8%USO+7.3%COPX-2.6%Gold · oil · copper miners

Frozen snapshot — numbers are as of 2026-08-14 by design; the dated strip of these cards is the climate history.

Indexes · 7d

SPY+0.4%QQQ+1.1%IWM+1.2%RSP+1.2%

Volatility

VIX 14.25CALM · 1d -2.6%No fire-sale trigger — needs a ≥30% one-day spike

Rotation · 30d strength

24 in / 23 outInGovernment Compute+26.8Web Cloud+17.8Cloud SAAS+15.3Cloud ETFS+14.8Alt Managers+10.9OutFaang-9.4Watchlist-9.4AI Power-8.4Peptide Economy-7.1EV Clean Energy-6.7Each side counts the desk's tracked theme watchlists (70 ranked) by 30-day median relative strength vs SPY — shown in RS points.

Credit · 7d

HYG+0.1%LQD-0.4%IEF-0.1%Orderly credit = the selling is positioning, not a credit event

Hard assets · 7d

GLD+0.8%USO+7.3%COPX-2.6%Gold · oil · copper miners

Frozen snapshot — numbers are as of 2026-08-14 by design; the dated strip of these cards is the climate history.

Indexes · 7d

SPY+1.2%QQQ+2.4%IWM+1.8%RSP+1.9%

Volatility

VIX 14.63CALM · 1d +0.6%No fire-sale trigger — needs a ≥30% one-day spike

Rotation · 30d strength

21 in / 24 outInGovernment Compute+29.8Cloud SAAS+17.9Web Cloud+17.8Cloud ETFS+16.4Alt Managers+15.2OutAI Power-10.3Memory-10.1Supply Chain Traces-8.4Humanoid Robotics-7.6Semis-6.5Each side counts the desk's tracked theme watchlists (70 ranked) by 30-day median relative strength vs SPY — shown in RS points.

Credit · 7d

HYG+0.4%LQD+0.2%IEF+0.4%Orderly credit = the selling is positioning, not a credit event

Hard assets · 7d

GLD+2.4%USO+5.2%COPX-0.7%Gold · oil · copper miners

Frozen snapshot — numbers are as of 2026-08-13 by design; the dated strip of these cards is the climate history.

Indexes · 7d

SPY+0.3%QQQ+0.9%IWM+1.0%RSP+0.6%

Volatility

VIX 14.55CALM · 1d -4.8%No fire-sale trigger — needs a ≥30% one-day spike

Rotation · 30d strength

23 in / 20 outInGovernment Compute+27.7Copper+15.7Alt Managers+13.4Web Cloud+13.0Cloud SAAS+12.7OutCPU Shortage Supply Chain-8.8AI Power-7.3Cultural Thesis-6.8Memory-6.7Supply Chain Traces-6.2Each side counts the desk's tracked theme watchlists (69 ranked) by 30-day median relative strength vs SPY — shown in RS points.

Credit · 7d

HYG+0.1%LQD-0.6%IEF-0.4%Orderly credit = the selling is positioning, not a credit event

Hard assets · 7d

GLD+3.9%USO+10.8%COPX+1.8%Gold · oil · copper miners

Frozen snapshot — numbers are as of 2026-08-12 by design; the dated strip of these cards is the climate history.

Indexes · 7d

SPY-0.1%QQQ-0.8%IWM-0.2%RSP+0.2%

Volatility

VIX 15.28CALM · 1d -1.2%No fire-sale trigger — needs a ≥30% one-day spike

Rotation · 30d strength

22 in / 24 outInGovernment Compute+28.1Copper+16.2Alt Managers+14.3Cloud SAAS+13.0Cloud ETFS+12.5OutMemory-12.1AI Power-10.1CPU Shortage Supply Chain-7.6Nearline Storage-7.5Semis-7.3Each side counts the desk's tracked theme watchlists (69 ranked) by 30-day median relative strength vs SPY — shown in RS points.

Credit · 7d

HYG-0.1%LQD-0.7%IEF-0.4%Orderly credit = the selling is positioning, not a credit event

Hard assets · 7d

GLD+7.2%USO+10.2%COPX+5.5%Gold · oil · copper miners

Frozen snapshot — numbers are as of 2026-08-11 by design; the dated strip of these cards is the climate history.

Indexes · 7d

SPY+2.0%QQQ+3.0%IWM+1.3%RSP+1.4%

Volatility

VIX 15.46CALM · 1d +3.8%No fire-sale trigger — needs a ≥30% one-day spike

Rotation · 30d strength

18 in / 22 outInGovernment Compute+26.4Copper+15.9Cloud SAAS+13.0Cloud ETFS+12.1Web Cloud+12.1OutMemory-15.5AI Power-11.1CPU Shortage Supply Chain-10.5Nearline Storage-10.1Humanoid Robotics-9.1Each side counts the desk's tracked theme watchlists (69 ranked) by 30-day median relative strength vs SPY — shown in RS points.

Credit · 7d

HYG+0.2%LQD-0.1%IEF-0.1%Orderly credit = the selling is positioning, not a credit event

Hard assets · 7d

GLD+8.3%USO+3.1%COPX+12.8%Gold · oil · copper miners

Frozen snapshot — numbers are as of 2026-08-10 by design; the dated strip of these cards is the climate history.

Indexes · 7d

SPY+3.5%QQQ+5.1%IWM+3.6%RSP+2.4%

Volatility

VIX 14.9CALM · 1d -1.6%No fire-sale trigger — needs a ≥30% one-day spike

Rotation · 30d strength

14 in / 31 outInGovernment Compute+25.3Copper+16.8Cloud SAAS+11.9Lazarus+10.9Cloud ETFS+9.9OutMemory-21.8Grid Buildout-11.3Humanoid Robotics-11.1AI Power-11.0CPU Shortage Supply Chain-10.1Each side counts the desk's tracked theme watchlists (69 ranked) by 30-day median relative strength vs SPY — shown in RS points.

Credit · 7d

HYG+0.6%LQD+0.7%IEF+0.6%Orderly credit = the selling is positioning, not a credit event

Hard assets · 7d

GLD+7.3%USO-8.7%COPX+11.6%Gold · oil · copper miners

Frozen snapshot — numbers are as of 2026-08-07 by design; the dated strip of these cards is the climate history.

Indexes · 7d

SPY+3.5%QQQ+5.1%IWM+3.6%RSP+2.4%

Volatility

VIX 14.9CALM · 1d -1.6%No fire-sale trigger — needs a ≥30% one-day spike

Rotation · 30d strength

14 in / 31 outInGovernment Compute+25.3Copper+16.8Cloud SAAS+11.9Lazarus+10.9Cloud ETFS+9.9OutMemory-21.8Grid Buildout-11.3Humanoid Robotics-11.1AI Power-11.0CPU Shortage Supply Chain-10.1Each side counts the desk's tracked theme watchlists (69 ranked) by 30-day median relative strength vs SPY — shown in RS points.

Credit · 7d

HYG+0.6%LQD+0.7%IEF+0.6%Orderly credit = the selling is positioning, not a credit event

Hard assets · 7d

GLD+7.3%USO-8.7%COPX+11.6%Gold · oil · copper miners

Frozen snapshot — numbers are as of 2026-08-07 by design; the dated strip of these cards is the climate history.

Indexes · 7d

SPY+5.5%QQQ+8.4%IWM+3.9%RSP+1.9%

Volatility

VIX 15.81CALM · 1d -4.2%No fire-sale trigger — needs a ≥30% one-day spike

Rotation · 30d strength

13 in / 36 outInGovernment Compute+13.6Cloud SAAS+10.8Cloud ETFS+9.3Alt Managers+9.2Web Cloud+9.1OutMemory-18.0CPU Shortage Supply Chain-17.8Space-17.7Humanoid Robotics-14.4Grid Buildout-14.1Each side counts the desk's tracked theme watchlists (68 ranked) by 30-day median relative strength vs SPY — shown in RS points.

Credit · 7d

HYG+0.8%LQD+0.9%IEF+0.5%Orderly credit = the selling is positioning, not a credit event

Hard assets · 7d

GLD+5.0%USO-11.2%COPX+13.9%Gold · oil · copper miners

Frozen snapshot — numbers are as of 2026-08-05 by design; the dated strip of these cards is the climate history.

Indexes · 7d

SPY+4.1%QQQ+7.2%IWM+2.8%RSP+1.2%

Volatility

VIX 16.5NORMAL · 1d +4.0%No fire-sale trigger — needs a ≥30% one-day spike

Rotation · 30d strength

13 in / 39 outInGovernment Compute+16.4Cloud SAAS+10.8Web Cloud+10.2Alt Managers+9.0Cloud ETFS+8.7OutMemory-15.8Space-15.5Grid Buildout-14.3Humanoid Robotics-13.5CPU Shortage Supply Chain-13.3Each side counts the desk's tracked theme watchlists (68 ranked) by 30-day median relative strength vs SPY — shown in RS points.

Credit · 7d

HYG+0.7%LQD+0.4%IEF+0.0%Orderly credit = the selling is positioning, not a credit event

Hard assets · 7d

GLD+1.3%USO-3.9%COPX+9.8%Gold · oil · copper miners

Frozen snapshot — numbers are as of 2026-08-04 by design; the dated strip of these cards is the climate history.

Indexes · 7d

SPY+2.5%QQQ+2.6%IWM+1.1%RSP+0.9%

Volatility

VIX 15.86CALM · 1d -0.8%No fire-sale trigger — needs a ≥30% one-day spike

Rotation · 30d strength

15 in / 33 outInCanadian OG+9.8China Tech+9.1Alt Managers+8.1Cloud SAAS+8.0Web Cloud+6.7OutSpace-22.1Memory-20.5CPU Shortage Supply Chain-18.6Supply Chain Traces-14.6WFE Test Metrology-14.0Each side counts the desk's tracked theme watchlists (68 ranked) by 30-day median relative strength vs SPY — shown in RS points.

Credit · 7d

HYG+0.1%LQD-0.4%IEF-0.5%Orderly credit = the selling is positioning, not a credit event

Hard assets · 7d

GLD-0.8%USO-5.5%COPX+1.9%Gold · oil · copper miners

Frozen snapshot — numbers are as of 2026-08-03 by design; the dated strip of these cards is the climate history.

Indexes · 7d

SPY+1.1%QQQ+0.6%IWM+0.0%RSP+0.7%

Volatility

VIX 15.99CALM · 1d -6.4%No fire-sale trigger — needs a ≥30% one-day spike

Rotation · 30d strength

20 in / 30 outInCanadian OG+12.1Trace Iran War Second And Third Order Effects+11.8Government Compute+11.6China Tech+10.2Cloud SAAS+7.2OutSpace-28.5WFE Test Metrology-27.4Quantum Computing-24.0Optical Supply Chain-21.3Humanoid Robotics-21.1Each side counts the desk's tracked theme watchlists (68 ranked) by 30-day median relative strength vs SPY — shown in RS points.

Credit · 7d

HYG+0.3%LQD+0.0%IEF-0.1%Orderly credit = the selling is positioning, not a credit event

Hard assets · 7d

GLD-0.1%USO-5.5%COPX+1.5%Gold · oil · copper miners

Frozen snapshot — numbers are as of 2026-07-31 by design; the dated strip of these cards is the climate history.

Indexes · 7d

SPY+0.5%QQQ-1.2%IWM+0.2%RSP+1.6%

Volatility

VIX 17.09NORMAL · 1d -17.3%No fire-sale trigger — needs a ≥30% one-day spike

Rotation · 30d strength

24 in / 29 outInChina Tech+15.3Cloud SAAS+10.8Trace Iran War Second And Third Order Effects+9.7Financials+8.3Alt Managers+8.3OutWFE Test Metrology-31.9Space-30.3Optical Supply Chain-29.2CPU Shortage Supply Chain-25.4Quantum Computing-24.4Each side counts the desk's tracked theme watchlists (68 ranked) by 30-day median relative strength vs SPY — shown in RS points.

Credit · 7d

HYG+0.3%LQD+0.1%IEF+0.4%Orderly credit = the selling is positioning, not a credit event

Hard assets · 7d

GLD+1.5%USO-8.6%COPX-2.2%Gold · oil · copper miners

Frozen snapshot — numbers are as of 2026-07-30 by design; the dated strip of these cards is the climate history.

Indexes · 7d

SPY-2.4%QQQ-6.2%IWM-1.8%RSP+1.4%

Volatility

VIX 20.66ELEVATED · 1d +13.5%No fire-sale trigger — needs a ≥30% one-day spike

Rotation · 30d strength

29 in / 28 outInChina Tech+16.3Trace Iran War Second And Third Order Effects+14.5Cloud SAAS+13.2Government Compute+11.0Volume Setups+10.2OutWFE Test Metrology-37.9Space-34.1Memory-33.7Optical Supply Chain-33.4CPU Shortage Supply Chain-32.4Each side counts the desk's tracked theme watchlists (68 ranked) by 30-day median relative strength vs SPY — shown in RS points.

Credit · 7d

HYG-0.3%LQD-0.4%IEF+0.1%Orderly credit = the selling is positioning, not a credit event

Hard assets · 7d

GLD-2.1%USO-1.8%COPX-2.2%Gold · oil · copper miners

Frozen snapshot — numbers are as of 2026-07-29 by design; the dated strip of these cards is the climate history.

Indexes · 7d

SPY-1.7%QQQ-2.0%IWM-1.2%RSP-1.5%

Volatility

VIX 18.7NORMAL · 1d +12.4%No fire-sale trigger — needs a ≥30% one-day spike

Rotation · 30d strength

24 in / 29 outInFood Security+10.9Cybersec+8.3Cloud SAAS+7.3OutQuantum Computing-26.3Optical Supply Chain-17.3Memory-16.6Each side counts the desk's tracked theme watchlists by 30-day median relative strength vs SPY — shown in RS points.

Credit · 7d

HYG-0.7%LQD-1.1%IEF-0.9%Orderly credit = the selling is positioning, not a credit event

Hard assets · 7d

GLD+1.8%USO+16.9%COPX+4.9%Gold · oil · copper miners

Frozen snapshot — numbers are as of 2026-07-23 by design; the dated strip of these cards is the climate history.