Market Conditions

Market Conditions

58 snapshots

One frozen snapshot per run — indexes, the volatility gate, rotation, credit, hard assets. Each card keeps the numbers it was born with, so the strip in date order is the climate history.

  1. Market Conditions — 2026-10-09
    Indexes · 7d
    SPY+1.2%QQQ+0.2%IWM-0.9%RSP+1.6%
    Volatility
    VIX 14.84CALM · 1d -3.7%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    49 in / 39 outEach side counts the desk's tracked theme watchlists (125 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG+0.4%LQD+0.6%IEF+0.4%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD+1.2%USO+0.6%COPX-0.2%Gold · oil · copper miners
    Rotation board Show all 88 themes
    Rotating in RS vs SPY
    1. Cybersec +21.8
      Tracked ETFs HACKBUGCIBR
    2. Thebuildout Semiconductor Ip Licensors +20.5
    3. Thebuildout Eda Software +13.5
    4. Thebuildout Semiconductor Test Burn In Equipment +13.5
    5. CPU Shortage Supply Chain +11.2
      Tracked ETFs SMH
    6. Biotech Capital Cycle +11.1
      Tracked ETFs XBI
    7. Thebuildout Data Center Networking Silicon +10.6
    8. Trace Iran War Second And Third Order Effects +9.4
    9. Web Cloud +9.2
      Tracked ETFs SKYY
    10. Cloud ETFS +8.5
      Tracked ETFs IGVCLOUSKYY
    11. Cloud SAAS +8.2
      Tracked ETFs CLOUSKYY
    12. Nvidia Open Agent Ecosystem +6.7
    13. Thebuildout Data Center Switch Nic Vendors +6.4
    14. Thebuildout Co Packaged Optics CPO +6.0
    15. Tech Insider Buys +5.4
    16. Thebuildout Data Center Fiber High Speed Cabling +5.1
    17. Trace Glp1 Manufacturing +5.0
    18. Thebuildout Data Center Power Semiconductors +4.9
    19. Thebuildout Deposition Equipment +4.8
    20. Thebuildout AI Storage Data Pipeline +4.8
    21. Tech +4.6
      Tracked ETFs XLK
    22. Thebuildout Optical Transceivers Modules +4.5
    23. Mag7 +4.3
      Tracked ETFs MAGS
    24. Thebuildout Lithography Equipment +4.2
    25. Watchlist +4.2
    26. Thebuildout Ems Contract Electronics Manufacturing +4.2
    27. Faang +4.2
    28. Supply Chain Traces +4.2
    29. Thebuildout Data Center Thermal Management +3.9
    30. WFE Test Metrology +3.7
    31. Thebuildout Metrology Inspection +3.7
    32. Thebuildout HBM Memory +3.7
    33. Thebuildout Power Distribution Pdus Busways +3.5
    34. Grid Buildout +3.5
      Tracked ETFs GRID
    35. Thebuildout Connector High Speed Interconnect +3.5
    36. Ark +3.5
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    37. Thebuildout High Speed Pcbs Server Networking +3.4
    38. Thebuildout Semiconductor Fab Construction Engineering +3.3
    39. Thebuildout Advanced Packaging Equipment +3.0
    40. Thebuildout Glass Core Panel Level Packaging +2.8
    41. Thebuildout Power Supplies Psu Power Shelves +2.8
    42. Thebuildout Transformers Grid Interconnect +2.8
    43. Biotech +2.8
      Tracked ETFs XBIIBB
    44. Thebuildout Racks Chassis Mechanical Infrastructure +2.7
    45. Travel Leisure +2.7
      Tracked ETFs JETS
    46. Thebuildout Space Data Centers Orbital Compute +2.6
    47. Semis +2.5
      Tracked ETFs SMHSOXX
    48. Government Compute +2.4
    49. Thebuildout Cmp Slurries Consumables +2.4
    Rotating out RS vs SPY
    1. Nuclear Fuel Cycle -19.1
      Tracked ETFs NUKXURAURNM
    2. Food Security -18.5
      Tracked ETFs MOO
    3. Neoclouds -17.7
    4. Thebuildout Lithium Battery Metals -13.8
    5. Nearline Storage -13.7
      Tracked ETFs DISK
    6. Alt Managers -12.6
      Tracked ETFs PSP
    7. Memory -10.8
      Tracked ETFs DRAMEWYDISK
    8. Quantum Computing -10.1
      Tracked ETFs CQTMQTUM
    9. Drone Defense -9.8
      Tracked ETFs ITADRNZJEDISHLD
    10. Trace Lng Liquefaction Shipping And Regasification -9.7
    11. EV Clean Energy -9.4
      Tracked ETFs LITDRIVKARSTANICLN
    12. AI Power -8.8
      Tracked ETFs WGMI
    13. Livestock Disease -8.3
    14. Financials -8.2
      Tracked ETFs XLFKRE
    15. Escalation -8.1
      Tracked ETFs FCGEWTEWYEWS
    16. Defense Contractors -8.0
      Tracked ETFs ITAPPA
    17. Peptide Economy -7.6
      Tracked ETFs HRTS
    18. Watching -7.5
    19. Defensive -7.4
      Tracked ETFs XLPXLU
    20. Cultural Thesis -6.6
    21. Lazarus -6.5
    22. Thebuildout AI Data Center Operators Neoclouds -5.7
    23. Adtech -5.6
    24. Thebuildout Renewable Energy Hyperscaler Ppas -5.5
    25. Geopolitical -5.5
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    26. Copper -5.4
      Tracked ETFs COPXCPER
    27. Macro Commodities -5.4
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    28. Thebuildout Grid Infrastructure Transmission -5.2
    29. Chemicals -5.1
      Tracked ETFs XLB
    30. Consumer Staples -4.7
      Tracked ETFs XLP
    31. Thebuildout Fuel Cells Alternative Dc Power -4.5
    32. Volume Setups -3.6
    33. Thebuildout Natural Gas Turbines Dc Power -3.5
    34. Thebuildout Semiconductor Bonding Interconnect Materials -3.4
    35. Hard Assets -3.3
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    36. Data Center Backup Power -3.0
    37. Airlines -2.6
      Tracked ETFs JETS
    38. Retail -2.4
      Tracked ETFs XRT
    39. Thebuildout Dram Memory -2.2

    Each side counts the desk's tracked theme watchlists (125 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-10-09 by design; the dated strip of these cards is the climate history.

  2. Market Conditions — 2026-10-08
    Indexes · 7d
    SPY+1.3%QQQ+0.8%IWM-0.5%RSP+1.4%
    Volatility
    VIX 15.41CALM · 1d +2.2%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    38 in / 45 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG+0.3%LQD+0.4%IEF+0.2%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-1.1%USO-1.6%COPX-1.4%Gold · oil · copper miners
    Rotation board Show all 83 themes
    Rotating in RS vs SPY
    1. Thebuildout Semiconductor Ip Licensors +21.7
    2. Cybersec +19.1
      Tracked ETFs HACKBUGCIBR
    3. CPU Shortage Supply Chain +15.9
      Tracked ETFs SMH
    4. Thebuildout Eda Software +11.3
    5. Thebuildout Semiconductor Test Burn In Equipment +11.3
    6. Thebuildout Data Center Networking Silicon +10.2
    7. Thebuildout Data Center Power Semiconductors +6.7
    8. Thebuildout Data Center Switch Nic Vendors +6.6
    9. Thebuildout Co Packaged Optics CPO +6.4
    10. Trace Iran War Second And Third Order Effects +6.3
    11. Biotech Capital Cycle +6.1
      Tracked ETFs XBI
    12. Cloud ETFS +5.6
      Tracked ETFs IGVCLOUSKYY
    13. Web Cloud +5.5
      Tracked ETFs SKYY
    14. Semis +5.1
      Tracked ETFs SMHSOXX
    15. Trace Glp1 Manufacturing +4.9
    16. Tech +4.8
      Tracked ETFs XLK
    17. Nvidia Open Agent Ecosystem +4.8
    18. Supply Chain Traces +4.6
    19. Cloud SAAS +4.3
      Tracked ETFs CLOUSKYY
    20. Thebuildout Cmp Slurries Consumables +4.2
    21. Tech Insider Buys +3.8
    22. Thebuildout Optical Transceivers Modules +3.5
    23. Thebuildout Data Center Fiber High Speed Cabling +3.5
    24. AI Infra +3.3
      Tracked ETFs AIQSMH
    25. Mag7 +3.3
      Tracked ETFs MAGS
    26. Thebuildout HBM Memory +3.3
    27. Thebuildout Trailing Edge Logic Specialty Foundries +3.2
    28. WFE Test Metrology +3.1
    29. Thebuildout Glass Core Panel Level Packaging +3.1
    30. Thebuildout Lithography Equipment +3.1
    31. Thebuildout Metrology Inspection +3.1
    32. Thebuildout Package Substrate Interposer Ecosystem +3.1
    33. Thebuildout Deposition Equipment +3.1
    34. Thebuildout Custom AI Silicon Hyperscaler Asics +2.9
    35. Thebuildout China AI Semiconductor Stack +2.8
    36. Thebuildout Advanced Packaging Equipment +2.6
    37. Thebuildout Advanced Packaging 2d3d Leaders +2.5
    38. Thebuildout AI Storage Data Pipeline +2.5
    Rotating out RS vs SPY
    1. Nuclear Fuel Cycle -20.7
      Tracked ETFs NUKXURAURNM
    2. Neoclouds -20.2
    3. Nearline Storage -15.4
      Tracked ETFs DISK
    4. Alt Managers -14.9
      Tracked ETFs PSP
    5. Thebuildout Lithium Battery Metals -14.4
    6. Peptide Economy -14.1
      Tracked ETFs HRTS
    7. Food Security -14.0
      Tracked ETFs MOO
    8. EV Clean Energy -12.4
      Tracked ETFs LITDRIVKARSTANICLN
    9. Trace Lng Liquefaction Shipping And Regasification -10.9
    10. Drone Defense -10.7
      Tracked ETFs ITADRNZJEDISHLD
    11. AI Power -10.1
      Tracked ETFs WGMI
    12. Quantum Computing -9.9
      Tracked ETFs CQTMQTUM
    13. Cultural Thesis -9.3
    14. Defense Contractors -8.9
      Tracked ETFs ITAPPA
    15. Livestock Disease -8.3
    16. Memory -8.3
      Tracked ETFs DRAMEWYDISK
    17. Copper -8.2
      Tracked ETFs COPXCPER
    18. Watching -8.2
    19. Financials -7.8
      Tracked ETFs XLFKRE
    20. Thebuildout AI Data Center Operators Neoclouds -7.7
    21. Lazarus -7.6
    22. Thebuildout Renewable Energy Hyperscaler Ppas -6.6
    23. Escalation -6.4
      Tracked ETFs FCGEWTEWYEWS
    24. Geopolitical -6.3
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    25. Defensive -6.0
      Tracked ETFs XLPXLU
    26. China Tech -5.9
      Tracked ETFs KWEBFXIASHR
    27. Retail -5.7
      Tracked ETFs XRT
    28. Adtech -5.6
    29. Macro Commodities -5.5
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    30. Biotech -5.3
      Tracked ETFs XBIIBBIBBQ
    31. Thebuildout Grid Infrastructure Transmission -5.0
    32. Hard Assets -4.5
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    33. Chemicals -4.3
      Tracked ETFs XLB
    34. Consumer -4.2
      Tracked ETFs XLY
    35. Thebuildout Fuel Cells Alternative Dc Power -4.1
    36. Consumer Staples -4.0
      Tracked ETFs XLP
    37. Thebuildout Nuclear Energy Data Centers -3.9
    38. Thebuildout Natural Gas Turbines Dc Power -3.4
    39. Robotics -3.2
      Tracked ETFs BOTZROBO
    40. Thebuildout Semiconductor Bonding Interconnect Materials -3.0
    41. Electricity -2.6
      Tracked ETFs GRID
    42. Space -2.4
      Tracked ETFs ARKX
    43. War Sensitivity -2.4
      Tracked ETFs COPXJETSUAEITBINDABWETBDRYSEABOAT
    44. IBB -2.1
    45. Biotech -2.1
      Tracked ETFs XBIIBB

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

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

  3. Market Conditions — 2026-10-07
    Indexes · 7d
    SPY+1.9%QQQ+2.4%IWM-0.1%RSP+1.2%
    Volatility
    VIX 15.08CALM · 1d +0.5%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    64 in / 41 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.0%LQD-0.1%IEF-0.2%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-1.3%USO-1.2%COPX-1.3%Gold · oil · copper miners
    Rotation board Show all 105 themes
    Rotating in RS vs SPY
    1. Thebuildout Data Center Networking Silicon +23.1
    2. CPU Shortage Supply Chain +21.7
      Tracked ETFs SMH
    3. Cybersec +20.8
      Tracked ETFs HACKBUGCIBR
    4. Thebuildout Semiconductor Ip Licensors +20.8
    5. Thebuildout Data Center Fiber High Speed Cabling +17.8
    6. Thebuildout Co Packaged Optics CPO +16.4
    7. Thebuildout Eda Software +15.7
    8. Thebuildout Semiconductor Test Burn In Equipment +15.7
    9. Optical Supply Chain +13.9
      Tracked ETFs LAZR
    10. Thebuildout Lithography Equipment +13.1
    11. WFE Test Metrology +12.7
    12. Thebuildout HBM Memory +12.7
    13. Thebuildout Data Center Switch Nic Vendors +12.6
    14. Semis +11.1
      Tracked ETFs SMHSOXX
    15. Thebuildout Glass Core Panel Level Packaging +10.9
    16. Thebuildout Data Center Power Semiconductors +10.8
    17. Thebuildout Optical Transceivers Modules +10.7
    18. Thebuildout Cmp Slurries Consumables +10.2
    19. Thebuildout Trailing Edge Logic Specialty Foundries +9.6
    20. AI Infra +9.2
      Tracked ETFs AIQSMH
    21. Thebuildout Package Substrate Interposer Ecosystem +9.2
    22. Supply Chain Traces +9.1
    23. Thebuildout Custom AI Silicon Hyperscaler Asics +8.8
    24. Thebuildout Ems Contract Electronics Manufacturing +8.1
    25. Biotech Capital Cycle +7.5
      Tracked ETFs XBI
    26. Trace Iran War Second And Third Order Effects +6.8
    27. Thebuildout Advanced Packaging 2d3d Leaders +6.8
    28. Nvidia Open Agent Ecosystem +6.6
    29. Thebuildout Deposition Equipment +6.2
    30. Thebuildout China AI Semiconductor Stack +6.2
    31. Thebuildout Power Supplies Psu Power Shelves +6.1
    32. Thebuildout Advanced Packaging Equipment +5.7
    33. Thebuildout Etch Equipment +5.7
    34. Thebuildout Metrology Inspection +5.1
    35. Tech +5.1
      Tracked ETFs XLK
    36. Thebuildout Power Distribution Pdus Busways +4.9
    37. Grid Buildout +4.9
      Tracked ETFs GRID
    38. Thebuildout Semiconductor Fab Construction Engineering +4.9
    39. Thebuildout Connector High Speed Interconnect +4.9
    40. Thebuildout High Speed Pcbs Server Networking +4.8
    41. Web Cloud +4.8
      Tracked ETFs SKYY
    42. Mag7 +4.7
      Tracked ETFs MAGS
    43. Tech Insider Buys +4.7
    44. Thebuildout Transformers Grid Interconnect +4.5
    45. Thebuildout Racks Chassis Mechanical Infrastructure +4.5
    46. Watchlist +4.3
    47. Trace Glp1 Manufacturing +4.3
    48. Thebuildout Dram Memory +4.3
    49. Thebuildout AI Storage Data Pipeline +4.3
    50. Thebuildout Nand Flash Memory +4.3
    51. Thebuildout Ups Energy Storage Data Centers +4.1
    52. Thebuildout AI Sensors Perception Hardware +4.1
    53. Thebuildout Semiconductor Bonding Interconnect Materials +4.0
    54. Thebuildout Data Center Thermal Management +3.7
    55. AI Infrastructure +3.6
      Tracked ETFs AIQSMH
    56. Humanoid Robotics +3.6
      Tracked ETFs BOTZ
    57. Thebuildout Space Data Centers Orbital Compute +3.5
    58. AI Bottlenecks +3.4
    59. Cloud ETFS +3.4
      Tracked ETFs IGVCLOUSKYY
    60. Crypto +3.1
      Tracked ETFs IBITGBTCETHEBITOBITQZCSHBHYPHYPGETHBGLNK
    61. Faang +2.6
    62. AI +2.4
      Tracked ETFs SMHBOTZROBOAIQ
    63. Thebuildout Humanoid Robots Embodied AI +2.4
    64. Thebuildout Autonomous Vehicles Self Driving +2.3
    Rotating out RS vs SPY
    1. Alt Managers -17.0
      Tracked ETFs PSP
    2. Thebuildout Lithium Battery Metals -13.2
    3. Neoclouds -12.8
    4. Peptide Economy -12.6
      Tracked ETFs HRTS
    5. Nuclear Fuel Cycle -12.5
      Tracked ETFs NUKXURAURNM
    6. Food Security -12.0
      Tracked ETFs MOO
    7. Financials -11.7
      Tracked ETFs XLFKRE
    8. Lazarus -11.5
    9. Cultural Thesis -10.5
    10. Defense Contractors -10.3
      Tracked ETFs ITAPPA
    11. Livestock Disease -9.9
    12. Trace Lng Liquefaction Shipping And Regasification -9.8
    13. Watching -9.0
    14. EV Clean Energy -8.8
      Tracked ETFs LITDRIVKARSTANICLN
    15. Defensive -8.7
      Tracked ETFs XLPXLU
    16. Retail -8.4
      Tracked ETFs XRT
    17. Consumer -8.1
      Tracked ETFs XLY
    18. Adtech -8.0
    19. Drone Defense -7.6
      Tracked ETFs ITADRNZJEDISHLD
    20. AI Power -6.9
      Tracked ETFs WGMI
    21. Biotech -6.8
      Tracked ETFs XBIIBBIBBQ
    22. Chemicals -6.6
      Tracked ETFs XLB
    23. Geopolitical -6.5
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    24. Thebuildout Renewable Energy Hyperscaler Ppas -6.3
    25. China Tech -6.2
      Tracked ETFs KWEBFXIASHR
    26. Macro Commodities -6.0
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    27. Escalation -6.0
      Tracked ETFs FCGEWTEWYEWS
    28. Nearline Storage -5.8
      Tracked ETFs DISK
    29. Consumer Staples -5.7
      Tracked ETFs XLP
    30. Government Compute -5.6
    31. IBB -5.3
    32. Healthcare -4.3
      Tracked ETFs XLV
    33. Healthcare -4.3
      Tracked ETFs XLV
    34. Thebuildout Grid Infrastructure Transmission -4.3
    35. Hard Assets -4.3
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    36. Travel Leisure -4.3
      Tracked ETFs JETS
    37. Volume Setups -3.4
    38. Quantum Computing -3.3
      Tracked ETFs CQTMQTUM
    39. Biotech -2.5
      Tracked ETFs XBIIBB
    40. Airlines -2.5
      Tracked ETFs JETS
    41. Copper -2.1
      Tracked ETFs COPXCPER

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-10-07 by design; the dated strip of these cards is the climate history.

  4. Market Conditions — 2026-10-06
    Indexes · 7d
    SPY+1.9%QQQ+3.0%IWM+0.8%RSP+1.4%
    Volatility
    VIX 15.01CALM · 1d -3.3%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    67 in / 38 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.1%LQD-0.3%IEF-0.4%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-0.2%USO+1.1%COPX+0.9%Gold · oil · copper miners
    Rotation board Show all 105 themes
    Rotating in RS vs SPY
    1. Thebuildout Data Center Networking Silicon +25.8
    2. CPU Shortage Supply Chain +24.0
      Tracked ETFs SMH
    3. Cybersec +23.8
      Tracked ETFs HACKBUGCIBR
    4. Thebuildout Semiconductor Ip Licensors +21.7
    5. Thebuildout Semiconductor Test Burn In Equipment +19.4
    6. Thebuildout Data Center Fiber High Speed Cabling +18.9
    7. Thebuildout Co Packaged Optics CPO +18.9
    8. Thebuildout Eda Software +17.4
    9. Optical Supply Chain +17.4
      Tracked ETFs LAZR
    10. Thebuildout Lithography Equipment +15.7
    11. WFE Test Metrology +15.5
    12. Thebuildout HBM Memory +15.5
    13. Thebuildout Optical Transceivers Modules +15.1
    14. Thebuildout Data Center Power Semiconductors +14.9
    15. Thebuildout Glass Core Panel Level Packaging +13.4
    16. Semis +13.0
      Tracked ETFs SMHSOXX
    17. Thebuildout Cmp Slurries Consumables +12.6
    18. Thebuildout Trailing Edge Logic Specialty Foundries +11.3
    19. Thebuildout Custom AI Silicon Hyperscaler Asics +10.9
    20. Supply Chain Traces +10.9
    21. Thebuildout Package Substrate Interposer Ecosystem +10.6
    22. Biotech Capital Cycle +10.2
      Tracked ETFs XBI
    23. Thebuildout Data Center Switch Nic Vendors +10.0
    24. Thebuildout Advanced Packaging 2d3d Leaders +9.8
    25. Thebuildout Ems Contract Electronics Manufacturing +9.7
    26. AI Infra +9.0
      Tracked ETFs AIQSMH
    27. Thebuildout Power Supplies Psu Power Shelves +8.4
    28. Thebuildout Connector High Speed Interconnect +8.3
    29. Nvidia Open Agent Ecosystem +8.3
    30. Thebuildout Semiconductor Fab Construction Engineering +8.3
    31. Grid Buildout +8.2
      Tracked ETFs GRID
    32. Thebuildout Power Distribution Pdus Busways +8.1
    33. Thebuildout Transformers Grid Interconnect +7.6
    34. Thebuildout Deposition Equipment +7.4
    35. Thebuildout Advanced Packaging Equipment +7.2
    36. Thebuildout Etch Equipment +7.2
    37. Thebuildout Semiconductor Bonding Interconnect Materials +7.0
    38. Humanoid Robotics +6.7
      Tracked ETFs BOTZ
    39. Thebuildout China AI Semiconductor Stack +6.6
    40. Thebuildout Racks Chassis Mechanical Infrastructure +6.5
    41. Trace Iran War Second And Third Order Effects +6.5
    42. Thebuildout Ups Energy Storage Data Centers +6.3
    43. Thebuildout AI Sensors Perception Hardware +6.1
    44. Crypto +6.0
      Tracked ETFs IBITGBTCETHEBITOBITQZCSHBHYPHYPGETHBGLNK
    45. Tech Insider Buys +6.0
    46. Thebuildout High Speed Pcbs Server Networking +5.9
    47. Thebuildout Metrology Inspection +5.8
    48. Thebuildout Humanoid Robots Embodied AI +5.8
    49. AI Bottlenecks +5.7
    50. Thebuildout Space Data Centers Orbital Compute +5.5
    51. Thebuildout Data Center Thermal Management +5.5
    52. AI Infrastructure +5.5
      Tracked ETFs AIQSMH
    53. Thebuildout Dram Memory +5.3
    54. Tech +4.8
      Tracked ETFs XLK
    55. Web Cloud +4.7
      Tracked ETFs SKYY
    56. Cloud ETFS +4.0
      Tracked ETFs IGVCLOUSKYY
    57. Electricity +4.0
      Tracked ETFs GRID
    58. Mag7 +3.9
      Tracked ETFs MAGS
    59. Thebuildout Industrial Robotics Automation +3.6
    60. Ark +3.3
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    61. Thebuildout Natural Gas Turbines Dc Power +3.3
    62. Watchlist +3.1
    63. Thebuildout Autonomous Vehicles Self Driving +2.7
    64. Thebuildout AI Storage Data Pipeline +2.7
    65. Trace Glp1 Manufacturing +2.7
    66. Spacex S1 Supply Chain +2.3
      Tracked ETFs ARKX
    67. AI +2.2
      Tracked ETFs SMHBOTZROBOAIQ
    Rotating out RS vs SPY
    1. Alt Managers -16.4
      Tracked ETFs PSP
    2. Peptide Economy -12.7
      Tracked ETFs HRTS
    3. Lazarus -11.4
    4. Food Security -10.8
      Tracked ETFs MOO
    5. Thebuildout Lithium Battery Metals -10.6
    6. Financials -10.6
      Tracked ETFs XLFKRE
    7. Nuclear Fuel Cycle -10.0
      Tracked ETFs NUKXURAURNM
    8. Livestock Disease -9.5
    9. Watching -9.0
    10. Adtech -8.8
    11. Defense Contractors -8.8
      Tracked ETFs ITAPPA
    12. EV Clean Energy -8.7
      Tracked ETFs LITDRIVKARSTANICLN
    13. Cultural Thesis -8.6
    14. Trace Lng Liquefaction Shipping And Regasification -8.6
    15. Neoclouds -8.3
    16. Defensive -7.3
      Tracked ETFs XLPXLU
    17. Retail -7.2
      Tracked ETFs XRT
    18. Drone Defense -7.0
      Tracked ETFs ITADRNZJEDISHLD
    19. Biotech -6.9
      Tracked ETFs XBIIBBIBBQ
    20. Consumer -6.6
      Tracked ETFs XLY
    21. Consumer Staples -6.5
      Tracked ETFs XLP
    22. China Tech -6.4
      Tracked ETFs KWEBFXIASHR
    23. Nearline Storage -6.3
      Tracked ETFs DISK
    24. Thebuildout Renewable Energy Hyperscaler Ppas -6.0
    25. IBB -6.0
    26. Healthcare -6.0
      Tracked ETFs XLV
    27. Healthcare -6.0
      Tracked ETFs XLV
    28. Geopolitical -5.7
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    29. Chemicals -5.5
      Tracked ETFs XLB
    30. Escalation -5.1
      Tracked ETFs FCGEWTEWYEWS
    31. Macro Commodities -4.5
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    32. Thebuildout Grid Infrastructure Transmission -4.4
    33. AI Power -4.3
      Tracked ETFs WGMI
    34. Biotech -4.1
      Tracked ETFs XBIIBB
    35. Government Compute -3.9
    36. Volume Setups -3.6
    37. Hard Assets -2.5
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    38. Bargain Bin -2.0

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-10-06 by design; the dated strip of these cards is the climate history.

  5. Market Conditions — 2026-10-05
    Indexes · 7d
    SPY+1.2%QQQ+2.7%IWM+1.2%RSP+0.7%
    Volatility
    VIX 15.52CALM · 1d +1.4%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    66 in / 39 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.7%LQD-0.6%IEF-0.7%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD+0.4%USO-4.0%COPX+1.3%Gold · oil · copper miners
    Rotation board Show all 105 themes
    Rotating in RS vs SPY
    1. Thebuildout Semiconductor Test Burn In Equipment +23.9
    2. Thebuildout Data Center Networking Silicon +20.7
    3. Thebuildout Semiconductor Ip Licensors +20.2
    4. Thebuildout Co Packaged Optics CPO +19.4
    5. WFE Test Metrology +18.7
    6. Thebuildout HBM Memory +18.7
    7. CPU Shortage Supply Chain +18.4
      Tracked ETFs SMH
    8. Cybersec +18.3
      Tracked ETFs HACKBUGCIBR
    9. Thebuildout Lithography Equipment +18.2
    10. Thebuildout Eda Software +16.8
    11. Thebuildout Glass Core Panel Level Packaging +16.2
    12. Optical Supply Chain +15.4
      Tracked ETFs LAZR
    13. Supply Chain Traces +15.3
    14. Thebuildout Data Center Fiber High Speed Cabling +14.6
    15. Thebuildout Data Center Power Semiconductors +14.2
    16. Biotech Capital Cycle +14.0
      Tracked ETFs XBI
    17. Thebuildout Package Substrate Interposer Ecosystem +13.8
    18. Semis +13.6
      Tracked ETFs SMHSOXX
    19. Thebuildout Cmp Slurries Consumables +13.6
    20. Thebuildout Custom AI Silicon Hyperscaler Asics +13.2
    21. Thebuildout Trailing Edge Logic Specialty Foundries +12.2
    22. Thebuildout Advanced Packaging 2d3d Leaders +11.8
    23. Thebuildout Deposition Equipment +11.8
    24. Thebuildout Optical Transceivers Modules +11.7
    25. Thebuildout Advanced Packaging Equipment +11.3
    26. Thebuildout China AI Semiconductor Stack +11.3
    27. Thebuildout Etch Equipment +11.3
    28. Humanoid Robotics +10.0
      Tracked ETFs BOTZ
    29. Thebuildout Metrology Inspection +9.7
    30. Thebuildout Nand Flash Memory +9.3
    31. Crypto +9.1
      Tracked ETFs IBITGBTCETHEBITOBITQZCSHBHYPHYPGETHBGLNK
    32. Thebuildout Data Center Switch Nic Vendors +8.5
    33. Thebuildout Dram Memory +8.5
    34. Trace Iran War Second And Third Order Effects +8.5
    35. AI Infra +8.0
      Tracked ETFs AIQSMH
    36. Thebuildout AI Sensors Perception Hardware +6.5
    37. Tech Insider Buys +6.3
    38. Thebuildout Space Data Centers Orbital Compute +6.2
    39. Thebuildout Ems Contract Electronics Manufacturing +6.0
    40. Trace Glp1 Manufacturing +5.9
    41. Thebuildout Power Supplies Psu Power Shelves +5.6
    42. Thebuildout High Speed Pcbs Server Networking +5.4
    43. Thebuildout Connector High Speed Interconnect +5.4
    44. Thebuildout Semiconductor Bonding Interconnect Materials +5.4
    45. Nvidia Open Agent Ecosystem +4.8
    46. Thebuildout Racks Chassis Mechanical Infrastructure +4.7
    47. Thebuildout Power Distribution Pdus Busways +4.7
    48. Thebuildout Ups Energy Storage Data Centers +4.7
    49. Grid Buildout +4.7
      Tracked ETFs GRID
    50. AI Bottlenecks +4.7
    51. Thebuildout Data Center Thermal Management +4.6
    52. Thebuildout Transformers Grid Interconnect +4.6
    53. Web Cloud +4.5
      Tracked ETFs SKYY
    54. Tech +4.5
      Tracked ETFs XLK
    55. Cloud ETFS +4.4
      Tracked ETFs IGVCLOUSKYY
    56. Thebuildout Humanoid Robots Embodied AI +4.4
    57. Thebuildout Semiconductor Fab Construction Engineering +4.3
    58. Thebuildout AI Storage Data Pipeline +4.0
    59. Mag7 +4.0
      Tracked ETFs MAGS
    60. Thebuildout Industrial Robotics Automation +3.7
    61. Watchlist +3.4
    62. Memory +3.3
      Tracked ETFs DRAMEWYDISK
    63. Thebuildout Autonomous Vehicles Self Driving +3.1
    64. Ark +3.1
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    65. AI Infrastructure +3.0
      Tracked ETFs AIQSMH
    66. AI +2.6
      Tracked ETFs SMHBOTZROBOAIQ
    Rotating out RS vs SPY
    1. Alt Managers -16.5
      Tracked ETFs PSP
    2. Nuclear Fuel Cycle -14.4
      Tracked ETFs NUKXURAURNM
    3. Lazarus -11.6
    4. Peptide Economy -11.4
      Tracked ETFs HRTS
    5. Thebuildout Lithium Battery Metals -10.3
    6. Trace Lng Liquefaction Shipping And Regasification -10.2
    7. Food Security -10.2
      Tracked ETFs MOO
    8. Financials -9.4
      Tracked ETFs XLFKRE
    9. Cultural Thesis -9.1
    10. Livestock Disease -9.1
    11. Neoclouds -8.9
    12. Thebuildout Renewable Energy Hyperscaler Ppas -8.7
    13. EV Clean Energy -8.6
      Tracked ETFs LITDRIVKARSTANICLN
    14. Defense Contractors -8.6
      Tracked ETFs ITAPPA
    15. Retail -7.6
      Tracked ETFs XRT
    16. Defensive -7.6
      Tracked ETFs XLPXLU
    17. Consumer -7.3
      Tracked ETFs XLY
    18. Adtech -7.3
    19. Watching -7.2
    20. Consumer Staples -6.9
      Tracked ETFs XLP
    21. China Tech -6.0
      Tracked ETFs KWEBFXIASHR
    22. Drone Defense -6.0
      Tracked ETFs ITADRNZJEDISHLD
    23. Geopolitical -5.7
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    24. AI Power -5.3
      Tracked ETFs WGMI
    25. Thebuildout Grid Infrastructure Transmission -5.3
    26. Chemicals -5.2
      Tracked ETFs XLB
    27. Biotech -5.0
      Tracked ETFs XBIIBBIBBQ
    28. Healthcare -4.5
      Tracked ETFs XLV
    29. Healthcare -4.5
      Tracked ETFs XLV
    30. Macro Commodities -4.4
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    31. Escalation -4.3
      Tracked ETFs FCGEWTEWYEWS
    32. IBB -4.1
    33. Travel Leisure -3.8
      Tracked ETFs JETS
    34. Thebuildout Nuclear Energy Data Centers -3.5
    35. Volume Setups -3.5
    36. Thebuildout Fuel Cells Alternative Dc Power -3.4
    37. Thebuildout AI Data Center Operators Neoclouds -3.1
    38. Bargain Bin -2.5
    39. Airlines -2.4
      Tracked ETFs JETS

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-10-05 by design; the dated strip of these cards is the climate history.

  6. Market Conditions — 2026-10-02
    Indexes · 7d
    SPY-0.2%QQQ+0.7%IWM-0.2%RSP-0.7%
    Volatility
    VIX 15.31CALM · 1d -6.6%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    73 in / 37 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-1.2%LQD-1.3%IEF-1.1%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-3.4%USO-0.7%COPX-0.9%Gold · oil · copper miners
    Rotation board Show all 110 themes
    Rotating in RS vs SPY
    1. Thebuildout Semiconductor Test Burn In Equipment +30.9
    2. CPU Shortage Supply Chain +27.3
      Tracked ETFs SMH
    3. WFE Test Metrology +24.6
    4. Thebuildout Data Center Networking Silicon +24.6
    5. Cybersec +21.6
      Tracked ETFs HACKBUGCIBR
    6. Thebuildout Glass Core Panel Level Packaging +21.1
    7. Thebuildout Lithography Equipment +21.1
    8. Thebuildout Deposition Equipment +19.9
    9. Thebuildout Advanced Packaging Equipment +19.7
    10. Thebuildout Etch Equipment +19.7
    11. Thebuildout HBM Memory +19.5
    12. Thebuildout Co Packaged Optics CPO +19.5
    13. Supply Chain Traces +18.6
    14. Thebuildout Package Substrate Interposer Ecosystem +18.2
    15. Thebuildout Custom AI Silicon Hyperscaler Asics +17.4
    16. Thebuildout Semiconductor Ip Licensors +17.2
    17. Thebuildout Advanced Packaging 2d3d Leaders +17.2
    18. Thebuildout Eda Software +17.2
    19. Semis +17.0
      Tracked ETFs SMHSOXX
    20. Thebuildout Cmp Slurries Consumables +16.9
    21. Thebuildout Data Center Fiber High Speed Cabling +16.7
    22. Optical Supply Chain +16.3
      Tracked ETFs LAZR
    23. Thebuildout Data Center Power Semiconductors +16.3
    24. Thebuildout China AI Semiconductor Stack +15.6
    25. Thebuildout Dram Memory +15.0
    26. Thebuildout Trailing Edge Logic Specialty Foundries +14.1
    27. Thebuildout Data Center Switch Nic Vendors +13.7
    28. Thebuildout Optical Transceivers Modules +13.5
    29. Thebuildout High Speed Pcbs Server Networking +13.5
    30. Thebuildout Connector High Speed Interconnect +13.5
    31. Thebuildout Metrology Inspection +12.7
    32. Thebuildout Power Supplies Psu Power Shelves +11.9
    33. Thebuildout Nand Flash Memory +11.8
    34. Thebuildout AI Storage Data Pipeline +11.8
    35. Web Cloud +10.9
      Tracked ETFs SKYY
    36. AI Infra +10.8
      Tracked ETFs AIQSMH
    37. Thebuildout Semiconductor Bonding Interconnect Materials +10.5
    38. Nvidia Open Agent Ecosystem +10.2
    39. Biotech Capital Cycle +9.9
      Tracked ETFs XBI
    40. Memory +9.7
      Tracked ETFs DRAMEWYDISK
    41. Thebuildout Ems Contract Electronics Manufacturing +9.5
    42. Thebuildout Power Distribution Pdus Busways +9.5
    43. Tech Insider Buys +9.3
    44. Humanoid Robotics +9.1
      Tracked ETFs BOTZ
    45. Thebuildout Racks Chassis Mechanical Infrastructure +8.8
    46. Thebuildout Transformers Grid Interconnect +8.4
    47. Thebuildout Semiconductor Fab Construction Engineering +8.4
    48. Thebuildout AI Sensors Perception Hardware +8.2
    49. Crypto +8.1
      Tracked ETFs IBITGBTCETHEBITOBITQZCSHBHYPHYPGETHBGLNK
    50. Thebuildout Space Data Centers Orbital Compute +7.4
    51. AI Bottlenecks +7.2
    52. Thebuildout Industrial Robotics Automation +7.0
    53. Grid Buildout +6.7
      Tracked ETFs GRID
    54. Thebuildout Data Center Thermal Management +6.6
    55. AI Infrastructure +6.3
      Tracked ETFs AIQSMH
    56. Thebuildout Ups Energy Storage Data Centers +6.1
    57. Trace Iran War Second And Third Order Effects +5.3
    58. AI Power +5.0
      Tracked ETFs WGMI
    59. Thebuildout Humanoid Robots Embodied AI +4.8
    60. Ark +4.5
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    61. Nearline Storage +4.4
      Tracked ETFs DISK
    62. Cloud ETFS +4.3
      Tracked ETFs IGVCLOUSKYY
    63. Space +3.6
      Tracked ETFs ARKX
    64. Electricity +3.6
      Tracked ETFs GRID
    65. Tech +3.6
      Tracked ETFs XLK
    66. Neoclouds +3.4
    67. AI +3.4
      Tracked ETFs SMHBOTZROBOAIQ
    68. Mag7 +3.4
      Tracked ETFs MAGS
    69. Watchlist +3.2
    70. Thebuildout Autonomous Vehicles Self Driving +3.2
    71. Robotics +2.8
      Tracked ETFs BOTZROBO
    72. Spacex S1 Supply Chain +2.8
      Tracked ETFs ARKX
    73. Thebuildout Natural Gas Turbines Dc Power +2.6
    Rotating out RS vs SPY
    1. Alt Managers -15.3
      Tracked ETFs PSP
    2. Lazarus -15.2
    3. Nuclear Fuel Cycle -13.9
      Tracked ETFs NUKXURAURNM
    4. Food Security -13.3
      Tracked ETFs MOO
    5. Trace Lng Liquefaction Shipping And Regasification -12.4
    6. Livestock Disease -12.0
    7. Cultural Thesis -11.9
    8. Thebuildout Lithium Battery Metals -11.7
    9. Peptide Economy -11.3
      Tracked ETFs HRTS
    10. Adtech -10.0
    11. Financials -8.9
      Tracked ETFs XLFKRE
    12. Defense Contractors -8.3
      Tracked ETFs ITAPPA
    13. EV Clean Energy -8.1
      Tracked ETFs LITDRIVKARSTANICLN
    14. Thebuildout Renewable Energy Hyperscaler Ppas -7.9
    15. Defensive -7.6
      Tracked ETFs XLPXLU
    16. Consumer Staples -7.5
      Tracked ETFs XLP
    17. China Tech -7.5
      Tracked ETFs KWEBFXIASHR
    18. Drone Defense -7.2
      Tracked ETFs ITADRNZJEDISHLD
    19. Biotech -6.4
      Tracked ETFs XBIIBBIBBQ
    20. Chemicals -6.1
      Tracked ETFs XLB
    21. Geopolitical -5.9
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    22. Retail -5.8
      Tracked ETFs XRT
    23. Consumer -5.8
      Tracked ETFs XLY
    24. Healthcare -5.1
      Tracked ETFs XLV
    25. Healthcare -5.1
      Tracked ETFs XLV
    26. Escalation -5.1
      Tracked ETFs FCGEWTEWYEWS
    27. Macro Commodities -5.0
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    28. IBB -4.5
    29. Watching -4.5
    30. Thebuildout Grid Infrastructure Transmission -4.4
    31. Volume Setups -4.1
    32. Canadian OG -3.5
      Tracked ETFs EWCXLE
    33. Biotech -3.4
      Tracked ETFs XBIIBB
    34. Thebuildout Nuclear Energy Data Centers -3.0
    35. Bargain Bin -2.3
    36. Thebuildout Specialty Gases Process Chemicals -2.2
    37. Thebuildout Specialty Electronic Gases -2.2

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-10-02 by design; the dated strip of these cards is the climate history.

  7. Market Conditions — 2026-10-01
    Indexes · 7d
    SPY-0.4%QQQ+0.1%IWM-0.9%RSP-0.6%
    Volatility
    VIX 16.39NORMAL · 1d +0.3%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    71 in / 38 outEach side counts the desk's tracked theme watchlists (123 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-1.3%LQD-1.1%IEF-0.4%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-2.3%USO-2.0%COPX-3.3%Gold · oil · copper miners
    Rotation board Show all 109 themes
    Rotating in RS vs SPY
    1. Thebuildout Semiconductor Test Burn In Equipment +23.7
    2. WFE Test Metrology +19.7
    3. Thebuildout Dram Memory +18.7
    4. Thebuildout Glass Core Panel Level Packaging +18.1
    5. Thebuildout HBM Memory +18.0
    6. Thebuildout Lithography Equipment +17.5
    7. CPU Shortage Supply Chain +17.3
      Tracked ETFs SMH
    8. Thebuildout Nand Flash Memory +17.3
    9. Thebuildout Custom AI Silicon Hyperscaler Asics +17.1
    10. Thebuildout Deposition Equipment +16.9
    11. Thebuildout AI Storage Data Pipeline +16.9
    12. Thebuildout Advanced Packaging Equipment +16.9
    13. Thebuildout China AI Semiconductor Stack +16.9
    14. Thebuildout Etch Equipment +16.9
    15. Thebuildout Advanced Packaging 2d3d Leaders +16.8
    16. Thebuildout Package Substrate Interposer Ecosystem +16.8
    17. Thebuildout Co Packaged Optics CPO +16.8
    18. Thebuildout Eda Software +16.8
    19. Supply Chain Traces +16.1
    20. Thebuildout Data Center Networking Silicon +15.9
    21. Memory +15.6
      Tracked ETFs DRAMEWYDISK
    22. Thebuildout Cmp Slurries Consumables +15.2
    23. Semis +15.0
      Tracked ETFs SMHSOXX
    24. Optical Supply Chain +14.6
      Tracked ETFs LAZR
    25. Thebuildout Metrology Inspection +14.3
    26. Thebuildout Data Center Switch Nic Vendors +13.9
    27. Thebuildout Semiconductor Ip Licensors +11.8
    28. Cybersec +11.6
      Tracked ETFs HACKBUGCIBR
    29. Crypto +11.0
      Tracked ETFs IBITGBTCETHEBITOBITQZCSHBHYPHYPGETHBGLNK
    30. Nearline Storage +10.7
      Tracked ETFs DISK
    31. Thebuildout Data Center Power Semiconductors +10.7
    32. Thebuildout Trailing Edge Logic Specialty Foundries +10.6
    33. Biotech Capital Cycle +10.3
      Tracked ETFs XBI
    34. Thebuildout Power Supplies Psu Power Shelves +10.2
    35. Thebuildout Data Center Fiber High Speed Cabling +9.9
    36. Thebuildout Semiconductor Bonding Interconnect Materials +9.8
    37. Thebuildout Power Distribution Pdus Busways +9.6
    38. Thebuildout High Speed Pcbs Server Networking +9.4
    39. Thebuildout Connector High Speed Interconnect +9.4
    40. Thebuildout Transformers Grid Interconnect +8.8
    41. Trace Iran War Second And Third Order Effects +8.3
    42. AI Infra +8.3
      Tracked ETFs AIQSMH
    43. Thebuildout AI Sensors Perception Hardware +8.0
    44. Thebuildout Optical Transceivers Modules +8.0
    45. Nvidia Open Agent Ecosystem +7.9
    46. Web Cloud +6.7
      Tracked ETFs SKYY
    47. Humanoid Robotics +6.4
      Tracked ETFs BOTZ
    48. Thebuildout Semiconductor Fab Construction Engineering +6.2
    49. Thebuildout Industrial Robotics Automation +5.8
    50. Thebuildout Ups Energy Storage Data Centers +5.8
    51. Tech Insider Buys +5.6
    52. Thebuildout Racks Chassis Mechanical Infrastructure +5.6
    53. Thebuildout Ems Contract Electronics Manufacturing +5.3
    54. Grid Buildout +5.3
      Tracked ETFs GRID
    55. AI Power +5.1
      Tracked ETFs WGMI
    56. Thebuildout Space Data Centers Orbital Compute +4.8
    57. Thebuildout Data Center Thermal Management +4.5
    58. AI Infrastructure +4.3
      Tracked ETFs AIQSMH
    59. Thebuildout Humanoid Robots Embodied AI +4.3
    60. Airlines +3.8
      Tracked ETFs JETS
    61. Neoclouds +3.5
    62. Ark +3.0
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    63. Quantum Computing +3.0
      Tracked ETFs CQTMQTUM
    64. AI +2.7
      Tracked ETFs SMHBOTZROBOAIQ
    65. Cloud ETFS +2.6
      Tracked ETFs IGVCLOUSKYY
    66. War Sensitivity +2.4
      Tracked ETFs COPXJETSUAEITBINDABWETBDRYSEABOAT
    67. Energy +2.3
      Tracked ETFs XLEXOPCRAK
    68. Space +2.2
      Tracked ETFs ARKX
    69. Tech +2.1
      Tracked ETFs XLK
    70. Spacex S1 Supply Chain +2.0
      Tracked ETFs ARKX
    71. Trace Glp1 Manufacturing +2.0
    Rotating out RS vs SPY
    1. Alt Managers -14.0
      Tracked ETFs PSP
    2. Lazarus -13.1
    3. Livestock Disease -12.8
    4. Trace Lng Liquefaction Shipping And Regasification -12.6
    5. Nuclear Fuel Cycle -11.5
      Tracked ETFs NUKXURAURNM
    6. Food Security -11.4
      Tracked ETFs MOO
    7. Thebuildout Lithium Battery Metals -10.2
    8. Cultural Thesis -9.5
    9. Peptide Economy -9.0
      Tracked ETFs HRTS
    10. Defense Contractors -8.9
      Tracked ETFs ITAPPA
    11. Defensive -8.6
      Tracked ETFs XLPXLU
    12. EV Clean Energy -8.2
      Tracked ETFs LITDRIVKARSTANICLN
    13. Thebuildout Renewable Energy Hyperscaler Ppas -8.1
    14. Financials -7.7
      Tracked ETFs XLFKRE
    15. Drone Defense -7.5
      Tracked ETFs ITADRNZJEDISHLD
    16. Retail -7.1
      Tracked ETFs XRT
    17. Adtech -6.5
    18. Consumer -6.4
      Tracked ETFs XLY
    19. Consumer Staples -6.3
      Tracked ETFs XLP
    20. Thebuildout Grid Infrastructure Transmission -5.9
    21. Geopolitical -5.4
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    22. China Tech -5.3
      Tracked ETFs KWEBFXIASHR
    23. Biotech -5.3
      Tracked ETFs XBIIBBIBBQ
    24. Escalation -5.1
      Tracked ETFs FCGEWTEWYEWS
    25. Chemicals -4.9
      Tracked ETFs XLB
    26. IBB -4.8
    27. Macro Commodities -4.2
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    28. Canadian OG -4.1
      Tracked ETFs EWCXLE
    29. Thebuildout Fuel Cells Alternative Dc Power -4.0
    30. Healthcare -3.9
      Tracked ETFs XLV
    31. Healthcare -3.9
      Tracked ETFs XLV
    32. Thebuildout Specialty Gases Process Chemicals -3.9
    33. Thebuildout Specialty Electronic Gases -3.9
    34. Volume Setups -3.5
    35. Bargain Bin -2.9
    36. Thebuildout Nuclear Energy Data Centers -2.9
    37. Copper -2.6
      Tracked ETFs COPXCPER
    38. Biotech -2.1
      Tracked ETFs XBIIBB

    Each side counts the desk's tracked theme watchlists (123 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-10-01 by design; the dated strip of these cards is the climate history.

  8. Market Conditions — 2026-09-30
    Indexes · 7d
    SPY-0.7%QQQ-0.2%IWM-1.4%RSP-1.6%
    Volatility
    VIX 16.34NORMAL · 1d +1.9%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    64 in / 38 outEach side counts the desk's tracked theme watchlists (123 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-1.1%LQD-1.6%IEF-1.0%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-3.1%USO-2.1%COPX-2.7%Gold · oil · copper miners
    Rotation board Show all 102 themes
    Rotating in RS vs SPY
    1. CPU Shortage Supply Chain +15.9
      Tracked ETFs SMH
    2. Thebuildout Semiconductor Test Burn In Equipment +15.2
    3. WFE Test Metrology +14.3
    4. Biotech Capital Cycle +12.1
      Tracked ETFs XBI
    5. Thebuildout Dram Memory +12.1
    6. Thebuildout Glass Core Panel Level Packaging +11.9
    7. Thebuildout Nand Flash Memory +11.7
    8. Thebuildout Deposition Equipment +11.7
    9. Thebuildout HBM Memory +11.7
    10. Thebuildout AI Storage Data Pipeline +11.7
    11. Memory +11.7
      Tracked ETFs DRAMEWYDISK
    12. Thebuildout Advanced Packaging 2d3d Leaders +11.1
    13. Thebuildout Metrology Inspection +11.1
    14. Semis +10.9
      Tracked ETFs SMHSOXX
    15. Thebuildout Custom AI Silicon Hyperscaler Asics +10.9
    16. Thebuildout Data Center Switch Nic Vendors +10.8
    17. Thebuildout Advanced Packaging Equipment +10.6
    18. Thebuildout Etch Equipment +10.6
    19. Trace Iran War Second And Third Order Effects +10.4
    20. Thebuildout Package Substrate Interposer Ecosystem +10.4
    21. Thebuildout China AI Semiconductor Stack +10.0
    22. Thebuildout Lithography Equipment +9.5
    23. Thebuildout Co Packaged Optics CPO +9.0
    24. Thebuildout Cmp Slurries Consumables +9.0
    25. Supply Chain Traces +8.3
    26. Crypto +8.0
      Tracked ETFs IBITGBTCETHEBITOBITQZCSHBHYPHYPGETHBGLNK
    27. Thebuildout Data Center Networking Silicon +7.7
    28. Thebuildout Trailing Edge Logic Specialty Foundries +7.4
    29. AI Infra +7.4
      Tracked ETFs AIQSMH
    30. Thebuildout Eda Software +7.4
    31. Thebuildout Data Center Power Semiconductors +6.9
    32. Thebuildout High Speed Pcbs Server Networking +6.9
    33. Cybersec +6.4
      Tracked ETFs HACKBUGCIBR
    34. Thebuildout Transformers Grid Interconnect +6.4
    35. Thebuildout Power Distribution Pdus Busways +6.4
    36. Thebuildout Racks Chassis Mechanical Infrastructure +6.2
    37. Nearline Storage +6.0
      Tracked ETFs DISK
    38. Optical Supply Chain +5.6
      Tracked ETFs LAZR
    39. Tech +5.5
      Tracked ETFs XLK
    40. Thebuildout Semiconductor Fab Construction Engineering +5.5
    41. Thebuildout Data Center Thermal Management +5.0
    42. Thebuildout Space Data Centers Orbital Compute +4.8
    43. Thebuildout Optical Transceivers Modules +4.6
    44. Thebuildout Power Supplies Psu Power Shelves +4.6
    45. Thebuildout AI Sensors Perception Hardware +4.3
    46. Trace Glp1 Manufacturing +4.3
    47. Thebuildout Semiconductor Bonding Interconnect Materials +4.1
    48. Thebuildout Data Center Fiber High Speed Cabling +4.0
    49. Thebuildout Connector High Speed Interconnect +4.0
    50. Thebuildout Semiconductor Ip Licensors +3.6
    51. Tech Insider Buys +3.5
    52. Thebuildout Ems Contract Electronics Manufacturing +3.3
    53. Grid Buildout +3.3
      Tracked ETFs GRID
    54. Nvidia Open Agent Ecosystem +3.2
    55. Web Cloud +3.0
      Tracked ETFs SKYY
    56. Mag7 +3.0
      Tracked ETFs MAGS
    57. Thebuildout Humanoid Robots Embodied AI +2.9
    58. AI Infrastructure +2.8
      Tracked ETFs AIQSMH
    59. Thebuildout Industrial Robotics Automation +2.7
    60. War Sensitivity +2.3
      Tracked ETFs COPXJETSUAEITBINDABWETBDRYSEABOAT
    61. Humanoid Robotics +2.3
      Tracked ETFs BOTZ
    62. Thebuildout Ups Energy Storage Data Centers +2.3
    63. Space +2.2
      Tracked ETFs ARKX
    64. Thebuildout Autonomous Vehicles Self Driving +2.2
    Rotating out RS vs SPY
    1. Alt Managers -16.8
      Tracked ETFs PSP
    2. Nuclear Fuel Cycle -12.8
      Tracked ETFs NUKXURAURNM
    3. Livestock Disease -12.5
    4. Trace Lng Liquefaction Shipping And Regasification -11.6
    5. Lazarus -11.3
    6. Thebuildout Lithium Battery Metals -10.7
    7. Cultural Thesis -9.9
    8. Defense Contractors -9.7
      Tracked ETFs ITAPPA
    9. Consumer -9.2
      Tracked ETFs XLY
    10. Retail -9.1
      Tracked ETFs XRT
    11. EV Clean Energy -8.8
      Tracked ETFs LITDRIVKARSTANICLN
    12. Financials -7.8
      Tracked ETFs XLFKRE
    13. Defensive -7.7
      Tracked ETFs XLPXLU
    14. Drone Defense -7.7
      Tracked ETFs ITADRNZJEDISHLD
    15. Thebuildout Renewable Energy Hyperscaler Ppas -7.2
    16. Food Security -6.9
      Tracked ETFs MOO
    17. Geopolitical -6.6
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    18. Chemicals -6.4
      Tracked ETFs XLB
    19. Consumer Staples -5.4
      Tracked ETFs XLP
    20. Volume Setups -5.1
    21. Escalation -4.8
      Tracked ETFs FCGEWTEWYEWS
    22. China Tech -4.8
      Tracked ETFs KWEBFXIASHR
    23. Adtech -4.4
    24. Thebuildout Fuel Cells Alternative Dc Power -4.3
    25. Cloud SAAS -4.1
      Tracked ETFs CLOUSKYY
    26. Peptide Economy -3.6
      Tracked ETFs HRTS
    27. Thebuildout Nuclear Energy Data Centers -3.5
    28. Macro Commodities -3.4
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    29. Thebuildout Grid Infrastructure Transmission -3.3
    30. Watching -3.0
    31. Bargain Bin -3.0
    32. Thebuildout AI Data Center Operators Neoclouds -2.9
    33. Copper -2.8
      Tracked ETFs COPXCPER
    34. Thebuildout Specialty Gases Process Chemicals -2.5
    35. Thebuildout Specialty Electronic Gases -2.5
    36. Biotech -2.4
      Tracked ETFs XBIIBBIBBQ
    37. Canadian OG -2.3
      Tracked ETFs EWCXLE
    38. Government Compute -2.2

    Each side counts the desk's tracked theme watchlists (123 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-30 by design; the dated strip of these cards is the climate history.

  9. Market Conditions — 2026-09-29
    Indexes · 7d
    SPY-1.2%QQQ-1.3%IWM-2.9%RSP-1.6%
    Volatility
    VIX 16.04NORMAL · 1d -0.2%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    62 in / 37 outEach side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-1.7%LQD-2.5%IEF-1.9%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-4.3%USO-0.5%COPX-5.0%Gold · oil · copper miners
    Rotation board Show all 99 themes
    Rotating in RS vs SPY
    1. CPU Shortage Supply Chain +17.2
      Tracked ETFs SMH
    2. Thebuildout Nand Flash Memory +16.6
    3. Thebuildout Dram Memory +15.7
    4. Thebuildout Semiconductor Test Burn In Equipment +14.2
    5. WFE Test Metrology +13.2
    6. Thebuildout HBM Memory +13.2
    7. Thebuildout Glass Core Panel Level Packaging +12.9
    8. Thebuildout AI Storage Data Pipeline +12.6
    9. Thebuildout Custom AI Silicon Hyperscaler Asics +12.2
    10. Semis +11.9
      Tracked ETFs SMHSOXX
    11. Memory +11.9
      Tracked ETFs DRAMEWYDISK
    12. Crypto +11.6
      Tracked ETFs IBITGBTCETHEBITOBITQZCSHBHYPHYPGETHBGLNK
    13. Thebuildout Advanced Packaging 2d3d Leaders +11.6
    14. Thebuildout Deposition Equipment +11.6
    15. Supply Chain Traces +11.4
    16. Thebuildout Data Center Switch Nic Vendors +11.3
    17. Biotech Capital Cycle +11.1
      Tracked ETFs XBI
    18. Thebuildout Metrology Inspection +11.0
    19. Thebuildout Lithography Equipment +10.2
    20. Thebuildout Package Substrate Interposer Ecosystem +10.1
    21. Trace Iran War Second And Third Order Effects +9.9
    22. Thebuildout Advanced Packaging Equipment +9.8
    23. Thebuildout Etch Equipment +9.8
    24. Thebuildout China AI Semiconductor Stack +9.5
    25. Thebuildout Data Center Networking Silicon +9.1
    26. Nearline Storage +9.1
      Tracked ETFs DISK
    27. Thebuildout Co Packaged Optics CPO +9.0
    28. AI Infra +8.8
      Tracked ETFs AIQSMH
    29. Thebuildout Data Center Power Semiconductors +8.7
    30. Thebuildout Trailing Edge Logic Specialty Foundries +8.6
    31. Thebuildout Cmp Slurries Consumables +8.3
    32. Thebuildout Eda Software +7.9
    33. Thebuildout High Speed Pcbs Server Networking +7.6
    34. Cybersec +7.5
      Tracked ETFs HACKBUGCIBR
    35. Optical Supply Chain +7.5
      Tracked ETFs LAZR
    36. Thebuildout Transformers Grid Interconnect +7.2
    37. Thebuildout Connector High Speed Interconnect +7.2
    38. Thebuildout Racks Chassis Mechanical Infrastructure +7.0
    39. Thebuildout Ems Contract Electronics Manufacturing +6.4
    40. Thebuildout Optical Transceivers Modules +6.4
    41. Thebuildout Data Center Fiber High Speed Cabling +6.4
    42. Thebuildout Power Supplies Psu Power Shelves +6.4
    43. Thebuildout Power Distribution Pdus Busways +6.2
    44. Neoclouds +6.1
    45. Thebuildout Semiconductor Fab Construction Engineering +5.7
    46. Thebuildout Space Data Centers Orbital Compute +5.6
    47. Thebuildout AI Sensors Perception Hardware +5.3
    48. Trace Glp1 Manufacturing +5.3
    49. Thebuildout Semiconductor Bonding Interconnect Materials +5.1
    50. Thebuildout Data Center Thermal Management +4.7
    51. Thebuildout Ups Energy Storage Data Centers +4.0
    52. Tech +3.7
      Tracked ETFs XLK
    53. Grid Buildout +3.6
      Tracked ETFs GRID
    54. AI Infrastructure +3.5
      Tracked ETFs AIQSMH
    55. Thebuildout Semiconductor Ip Licensors +3.2
    56. Space +3.0
      Tracked ETFs ARKX
    57. AI Power +3.0
      Tracked ETFs WGMI
    58. Thebuildout Natural Gas Turbines Dc Power +3.0
    59. Mag7 +2.8
      Tracked ETFs MAGS
    60. Tech Insider Buys +2.8
    61. Thebuildout Humanoid Robots Embodied AI +2.5
    62. Ark +2.5
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    Rotating out RS vs SPY
    1. Alt Managers -14.7
      Tracked ETFs PSP
    2. Nuclear Fuel Cycle -12.5
      Tracked ETFs NUKXURAURNM
    3. Livestock Disease -11.9
    4. Lazarus -11.8
    5. Thebuildout Lithium Battery Metals -10.9
    6. Consumer -10.5
      Tracked ETFs XLY
    7. EV Clean Energy -10.1
      Tracked ETFs LITDRIVKARSTANICLN
    8. Cultural Thesis -9.8
    9. Retail -9.3
      Tracked ETFs XRT
    10. Defense Contractors -9.2
      Tracked ETFs ITAPPA
    11. Trace Lng Liquefaction Shipping And Regasification -8.7
    12. Drone Defense -8.5
      Tracked ETFs ITA
    13. Financials -7.4
      Tracked ETFs XLFKRE
    14. Defensive -7.3
      Tracked ETFs XLPXLU
    15. China Tech -7.3
      Tracked ETFs KWEBFXIASHR
    16. Cloud SAAS -6.6
      Tracked ETFs CLOUSKYY
    17. Chemicals -6.5
      Tracked ETFs XLB
    18. Thebuildout Renewable Energy Hyperscaler Ppas -6.5
    19. Travel Leisure -6.0
      Tracked ETFs JETS
    20. Geopolitical -6.0
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    21. Copper -5.8
      Tracked ETFs COPXCPER
    22. Thebuildout Grid Infrastructure Transmission -4.8
    23. Watching -4.3
    24. Government Compute -4.2
    25. Consumer Staples -4.1
      Tracked ETFs XLP
    26. Volume Setups -4.0
    27. Adtech -3.8
    28. Macro Commodities -3.8
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    29. Thebuildout Nuclear Energy Data Centers -3.7
    30. Food Security -3.5
      Tracked ETFs MOO
    31. Bargain Bin -3.0
    32. Escalation -3.0
      Tracked ETFs FCGEWTEWYEWS
    33. Canadian OG -2.7
      Tracked ETFs EWCXLE
    34. Thebuildout Fuel Cells Alternative Dc Power -2.7
    35. Thebuildout Specialty Gases Process Chemicals -2.6
    36. Thebuildout Specialty Electronic Gases -2.6
    37. Cloud ETFS -2.6
      Tracked ETFs IGVCLOUSKYY

    Each side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-29 by design; the dated strip of these cards is the climate history.

  10. Market Conditions — 2026-09-28
    Indexes · 7d
    SPY-1.0%QQQ-0.7%IWM-1.9%RSP-1.4%
    Volatility
    VIX 16.07NORMAL · 1d +8.1%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    62 in / 37 outEach side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-1.4%LQD-2.5%IEF-1.8%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-5.1%USO+1.3%COPX-2.5%Gold · oil · copper miners
    Rotation board Show all 99 themes
    Rotating in RS vs SPY
    1. CPU Shortage Supply Chain +14.0
      Tracked ETFs SMH
    2. Thebuildout Semiconductor Test Burn In Equipment +13.5
    3. Thebuildout Nand Flash Memory +13.5
    4. Thebuildout Dram Memory +13.5
    5. Thebuildout Data Center Switch Nic Vendors +13.2
    6. Memory +12.5
      Tracked ETFs DRAMEWYDISK
    7. Thebuildout HBM Memory +11.6
    8. Thebuildout AI Storage Data Pipeline +11.6
    9. Thebuildout Custom AI Silicon Hyperscaler Asics +11.0
    10. Crypto +10.3
      Tracked ETFs IBITGBTCETHEBITOBITQZCSHBHYPHYPGETHBGLNK
    11. Semis +10.1
      Tracked ETFs SMHSOXX
    12. Supply Chain Traces +9.8
    13. Biotech Capital Cycle +9.6
      Tracked ETFs XBI
    14. Thebuildout Glass Core Panel Level Packaging +8.6
    15. WFE Test Metrology +7.8
    16. Thebuildout High Speed Pcbs Server Networking +7.8
    17. Thebuildout Data Center Power Semiconductors +7.7
    18. Thebuildout Trailing Edge Logic Specialty Foundries +7.3
    19. Thebuildout Advanced Packaging 2d3d Leaders +7.2
    20. Trace Iran War Second And Third Order Effects +7.2
    21. Thebuildout Racks Chassis Mechanical Infrastructure +7.0
    22. Thebuildout Co Packaged Optics CPO +6.7
    23. Cybersec +6.7
      Tracked ETFs HACKBUGCIBR
    24. Nearline Storage +6.7
      Tracked ETFs DISK
    25. Thebuildout Metrology Inspection +6.6
    26. Thebuildout Data Center Networking Silicon +6.5
    27. Thebuildout Power Distribution Pdus Busways +6.4
    28. Thebuildout Connector High Speed Interconnect +6.4
    29. Thebuildout Ems Contract Electronics Manufacturing +6.3
    30. Thebuildout Transformers Grid Interconnect +6.0
    31. Thebuildout Package Substrate Interposer Ecosystem +5.9
    32. Thebuildout Deposition Equipment +5.9
    33. Neoclouds +5.9
    34. Optical Supply Chain +5.9
      Tracked ETFs LAZR
    35. Thebuildout China AI Semiconductor Stack +5.8
    36. Trace Glp1 Manufacturing +5.7
    37. AI Infra +5.7
      Tracked ETFs AIQSMH
    38. Thebuildout Optical Transceivers Modules +5.7
    39. Thebuildout Semiconductor Fab Construction Engineering +5.5
    40. Thebuildout Data Center Fiber High Speed Cabling +5.5
    41. Thebuildout Lithography Equipment +5.4
    42. Thebuildout Advanced Packaging Equipment +5.3
    43. Thebuildout Etch Equipment +5.3
    44. Tech +5.3
      Tracked ETFs XLK
    45. Thebuildout Power Supplies Psu Power Shelves +5.2
    46. Thebuildout Cmp Slurries Consumables +5.1
    47. Thebuildout Data Center Thermal Management +4.7
    48. Thebuildout AI Sensors Perception Hardware +4.7
    49. Thebuildout Eda Software +4.7
    50. Thebuildout Space Data Centers Orbital Compute +4.5
    51. Tech Insider Buys +4.0
    52. Mag7 +3.5
      Tracked ETFs MAGS
    53. Space +3.3
      Tracked ETFs ARKX
    54. Watchlist +3.0
    55. Thebuildout Ups Energy Storage Data Centers +3.0
    56. Grid Buildout +3.0
      Tracked ETFs GRID
    57. Thebuildout Natural Gas Turbines Dc Power +2.8
    58. Spacex S1 Supply Chain +2.3
      Tracked ETFs ARKX
    59. Humanoid Robotics +2.2
      Tracked ETFs BOTZ
    60. Thebuildout Semiconductor Bonding Interconnect Materials +2.2
    61. AI Power +2.2
      Tracked ETFs WGMI
    62. Ark +2.1
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    Rotating out RS vs SPY
    1. Alt Managers -15.3
      Tracked ETFs PSP
    2. Travel Leisure -12.7
      Tracked ETFs JETS
    3. Nuclear Fuel Cycle -12.5
      Tracked ETFs NUKXURAURNM
    4. Lazarus -11.7
    5. Livestock Disease -11.1
    6. Thebuildout Lithium Battery Metals -10.8
    7. Consumer -10.2
      Tracked ETFs XLY
    8. EV Clean Energy -9.8
      Tracked ETFs LITDRIVKARSTANICLN
    9. Cultural Thesis -9.4
    10. Defense Contractors -9.3
      Tracked ETFs ITAPPA
    11. Retail -9.2
      Tracked ETFs XRT
    12. Trace Lng Liquefaction Shipping And Regasification -8.0
    13. Drone Defense -7.5
      Tracked ETFs ITA
    14. Financials -7.5
      Tracked ETFs XLFKRE
    15. Defensive -6.9
      Tracked ETFs XLPXLU
    16. Thebuildout Renewable Energy Hyperscaler Ppas -6.6
    17. China Tech -6.4
      Tracked ETFs KWEBFXIASHR
    18. Cloud SAAS -6.1
      Tracked ETFs CLOUSKYY
    19. Chemicals -5.8
      Tracked ETFs XLB
    20. Thebuildout Grid Infrastructure Transmission -5.7
    21. Watching -5.6
    22. Geopolitical -5.5
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    23. Thebuildout Nuclear Energy Data Centers -5.4
    24. Copper -5.4
      Tracked ETFs COPXCPER
    25. Bargain Bin -4.7
    26. Food Security -3.9
      Tracked ETFs MOO
    27. Government Compute -3.8
    28. Consumer Staples -3.7
      Tracked ETFs XLP
    29. Adtech -3.6
    30. Volume Setups -3.6
    31. Peptide Economy -3.6
      Tracked ETFs HRTS
    32. Macro Commodities -3.3
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    33. Thebuildout Specialty Gases Process Chemicals -3.1
    34. Thebuildout Specialty Electronic Gases -3.1
    35. Thebuildout Fuel Cells Alternative Dc Power -2.9
    36. Escalation -2.8
      Tracked ETFs FCGEWTEWYEWS
    37. Cloud ETFS -2.6
      Tracked ETFs IGVCLOUSKYY

    Each side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-28 by design; the dated strip of these cards is the climate history.

  11. Market Conditions — 2026-09-25
    Indexes · 7d
    SPY+1.3%QQQ+3.2%IWM-0.8%RSP-0.6%
    Volatility
    VIX 14.87CALM · 1d -5.1%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    46 in / 37 outEach side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.8%LQD-1.4%IEF-0.9%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-1.9%USO-3.6%COPX-0.6%Gold · oil · copper miners
    Rotation board Show all 83 themes
    Rotating in RS vs SPY
    1. Thebuildout Dram Memory +15.4
    2. Thebuildout Nand Flash Memory +14.6
    3. Thebuildout Semiconductor Test Burn In Equipment +11.8
    4. Crypto +10.7
      Tracked ETFs IBITGBTCETHEBITOBITQZCSHBHYPHYPGETHBGLNK
    5. Cybersec +9.8
      Tracked ETFs HACKBUGCIBR
    6. CPU Shortage Supply Chain +9.3
      Tracked ETFs SMH
    7. Thebuildout HBM Memory +9.0
    8. Memory +8.9
      Tracked ETFs DRAMEWYDISK
    9. Thebuildout Custom AI Silicon Hyperscaler Asics +8.6
    10. Trace Iran War Second And Third Order Effects +8.2
    11. Semis +7.8
      Tracked ETFs SMHSOXX
    12. Nearline Storage +7.6
      Tracked ETFs DISK
    13. Tech Insider Buys +7.2
    14. Mag7 +6.7
      Tracked ETFs MAGS
    15. Watchlist +6.7
    16. Thebuildout Data Center Switch Nic Vendors +6.7
    17. Tech +6.7
      Tracked ETFs XLK
    18. Thebuildout AI Storage Data Pipeline +6.7
    19. Thebuildout Advanced Packaging 2d3d Leaders +6.6
    20. Web Cloud +6.5
      Tracked ETFs SKYY
    21. AI Infra +6.2
      Tracked ETFs AIQSMH
    22. Thebuildout Data Center Networking Silicon +5.9
    23. Thebuildout Space Data Centers Orbital Compute +5.7
    24. Thebuildout High Speed Pcbs Server Networking +5.5
    25. Thebuildout Connector High Speed Interconnect +5.2
    26. Thebuildout Trailing Edge Logic Specialty Foundries +5.2
    27. Supply Chain Traces +4.7
    28. Thebuildout Racks Chassis Mechanical Infrastructure +4.6
    29. Thebuildout Glass Core Panel Level Packaging +4.5
    30. Biotech Capital Cycle +4.5
      Tracked ETFs XBI
    31. Thebuildout Data Center Power Semiconductors +4.5
    32. Neoclouds +4.4
    33. Cloud SAAS +4.2
      Tracked ETFs CLOUSKYY
    34. Thebuildout Autonomous Vehicles Self Driving +3.9
    35. Thebuildout Co Packaged Optics CPO +3.7
    36. Trace Glp1 Manufacturing +3.5
    37. Thebuildout Optical Transceivers Modules +3.5
    38. Thebuildout Data Center Thermal Management +3.5
    39. Thebuildout Semiconductor Ip Licensors +3.1
    40. Thebuildout Power Supplies Psu Power Shelves +3.0
    41. Ark +3.0
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    42. Space +2.5
      Tracked ETFs ARKX
    43. Cloud ETFS +2.5
      Tracked ETFs IGVCLOUSKYY
    44. Thebuildout China AI Semiconductor Stack +2.3
    45. Thebuildout Humanoid Robots Embodied AI +2.2
    46. Thebuildout AI Sensors Perception Hardware +2.1
    Rotating out RS vs SPY
    1. Nuclear Fuel Cycle -15.6
      Tracked ETFs NUKXURAURNM
    2. Travel Leisure -15.2
      Tracked ETFs JETS
    3. Alt Managers -14.9
      Tracked ETFs PSP
    4. Livestock Disease -13.4
    5. Lazarus -12.5
    6. Thebuildout Lithium Battery Metals -11.7
    7. Consumer -10.9
      Tracked ETFs XLY
    8. Cultural Thesis -10.7
    9. Defensive -9.9
      Tracked ETFs XLPXLU
    10. Retail -9.8
      Tracked ETFs XRT
    11. Defense Contractors -9.5
      Tracked ETFs ITAPPA
    12. EV Clean Energy -9.4
      Tracked ETFs LITDRIVKARSTANICLN
    13. Thebuildout Renewable Energy Hyperscaler Ppas -9.1
    14. Trace Lng Liquefaction Shipping And Regasification -8.8
    15. Drone Defense -8.6
      Tracked ETFs ITA
    16. Financials -8.4
      Tracked ETFs XLFKRE
    17. Copper -7.8
      Tracked ETFs COPXCPER
    18. Thebuildout Grid Infrastructure Transmission -7.7
    19. China Tech -7.2
      Tracked ETFs KWEBFXIASHR
    20. Chemicals -6.7
      Tracked ETFs XLB
    21. Thebuildout Nuclear Energy Data Centers -6.5
    22. Peptide Economy -6.4
      Tracked ETFs HRTS
    23. Consumer Staples -6.4
      Tracked ETFs XLP
    24. Volume Setups -5.2
    25. Thebuildout Specialty Gases Process Chemicals -4.9
    26. Thebuildout Specialty Electronic Gases -4.9
    27. Biotech -4.5
      Tracked ETFs XBIIBB
    28. Macro Commodities -4.5
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    29. Biotech -4.5
      Tracked ETFs XBIIBBIBBQ
    30. Escalation -4.3
      Tracked ETFs FCGEWTEWYEWS
    31. Watching -4.2
    32. Geopolitical -4.2
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    33. IBB -4.0
    34. Food Security -3.6
      Tracked ETFs MOO
    35. Thebuildout Fuel Cells Alternative Dc Power -3.1
    36. Canadian OG -2.3
      Tracked ETFs EWCXLE
    37. Government Compute -2.1

    Each side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-25 by design; the dated strip of these cards is the climate history.

  12. Market Conditions — 2026-09-24
    Indexes · 7d
    SPY+0.6%QQQ+3.4%IWM-1.3%RSP-1.4%
    Volatility
    VIX 15.67CALM · 1d +3.2%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    49 in / 41 outEach side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-1.1%LQD-1.9%IEF-1.7%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-1.7%USO-1.4%COPX-0.4%Gold · oil · copper miners
    Rotation board Show all 90 themes
    Rotating in RS vs SPY
    1. Cybersec +17.9
      Tracked ETFs HACKBUGCIBR
    2. Thebuildout Dram Memory +15.9
    3. Thebuildout Nand Flash Memory +15.7
    4. Web Cloud +13.4
      Tracked ETFs SKYY
    5. Thebuildout High Speed Pcbs Server Networking +12.9
    6. Memory +11.8
      Tracked ETFs DRAMEWYDISK
    7. Thebuildout Semiconductor Test Burn In Equipment +11.5
    8. Crypto +10.1
      Tracked ETFs IBITGBTCETHEBITOBITQZCSHBHYPHYPGETHBGLNK
    9. Thebuildout Custom AI Silicon Hyperscaler Asics +8.0
    10. CPU Shortage Supply Chain +7.9
      Tracked ETFs SMH
    11. Thebuildout HBM Memory +7.9
    12. Semis +7.9
      Tracked ETFs SMHSOXX
    13. Tech Insider Buys +7.8
    14. Thebuildout Data Center Switch Nic Vendors +7.6
    15. AI Infra +7.6
      Tracked ETFs AIQSMH
    16. Thebuildout AI Storage Data Pipeline +7.6
    17. Biotech Capital Cycle +7.3
      Tracked ETFs XBI
    18. Tech +7.0
      Tracked ETFs XLK
    19. Thebuildout Glass Core Panel Level Packaging +6.3
    20. Mag7 +6.2
      Tracked ETFs MAGS
    21. Thebuildout Data Center Networking Silicon +6.0
    22. Thebuildout Connector High Speed Interconnect +5.9
    23. Neoclouds +5.7
    24. Nearline Storage +5.5
      Tracked ETFs DISK
    25. Trace Iran War Second And Third Order Effects +5.4
    26. Watchlist +5.2
    27. Cloud SAAS +5.2
      Tracked ETFs CLOUSKYY
    28. Cloud ETFS +5.0
      Tracked ETFs IGVCLOUSKYY
    29. Thebuildout Racks Chassis Mechanical Infrastructure +4.9
    30. Thebuildout Transformers Grid Interconnect +4.6
    31. Thebuildout Advanced Packaging 2d3d Leaders +4.6
    32. Thebuildout Data Center Fiber High Speed Cabling +4.6
    33. AI +4.2
      Tracked ETFs SMHBOTZROBOAIQ
    34. Supply Chain Traces +4.2
    35. Thebuildout Optical Transceivers Modules +4.1
    36. Thebuildout Co Packaged Optics CPO +4.0
    37. Humanoid Robotics +3.8
      Tracked ETFs BOTZ
    38. Ark +3.8
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    39. Thebuildout Package Substrate Interposer Ecosystem +3.8
    40. Trace Glp1 Manufacturing +3.4
    41. Thebuildout Space Data Centers Orbital Compute +3.4
    42. Thebuildout Data Center Thermal Management +3.1
    43. Thebuildout Power Distribution Pdus Busways +2.9
    44. Thebuildout China AI Semiconductor Stack +2.8
    45. Thebuildout Ems Contract Electronics Manufacturing +2.7
    46. Thebuildout Power Supplies Psu Power Shelves +2.5
    47. Thebuildout Semiconductor Ip Licensors +2.2
    48. Thebuildout Data Center Power Semiconductors +2.2
    49. Thebuildout Trailing Edge Logic Specialty Foundries +2.1
    Rotating out RS vs SPY
    1. Travel Leisure -18.0
      Tracked ETFs JETS
    2. Alt Managers -15.7
      Tracked ETFs PSP
    3. Nuclear Fuel Cycle -15.3
      Tracked ETFs NUKXURAURNM
    4. Livestock Disease -14.7
    5. Thebuildout Lithium Battery Metals -13.1
    6. Lazarus -12.9
    7. Consumer -11.6
      Tracked ETFs XLY
    8. Cultural Thesis -10.3
    9. EV Clean Energy -10.3
      Tracked ETFs LITDRIVKARSTANICLN
    10. Retail -10.3
      Tracked ETFs XRT
    11. Defensive -9.3
      Tracked ETFs XLPXLU
    12. Financials -9.2
      Tracked ETFs XLFKRE
    13. Copper -8.4
      Tracked ETFs COPXCPER
    14. Peptide Economy -8.2
      Tracked ETFs HRTS
    15. Thebuildout Renewable Energy Hyperscaler Ppas -8.1
    16. Defense Contractors -8.1
      Tracked ETFs ITAPPA
    17. Trace Lng Liquefaction Shipping And Regasification -7.5
    18. China Tech -7.1
      Tracked ETFs KWEBFXIASHR
    19. Drone Defense -6.4
      Tracked ETFs ITA
    20. Thebuildout Grid Infrastructure Transmission -6.3
    21. Consumer Staples -6.2
      Tracked ETFs XLP
    22. Biotech -5.7
      Tracked ETFs XBIIBB
    23. Chemicals -5.5
      Tracked ETFs XLB
    24. Airlines -5.0
      Tracked ETFs JETS
    25. Thebuildout Nuclear Energy Data Centers -4.6
    26. Biotech -4.5
      Tracked ETFs XBIIBBIBBQ
    27. IBB -4.2
    28. Thebuildout Specialty Gases Process Chemicals -4.1
    29. Thebuildout Specialty Electronic Gases -4.1
    30. Thebuildout Fuel Cells Alternative Dc Power -3.7
    31. Thebuildout Semiconductor Bonding Interconnect Materials -3.6
    32. Watching -3.3
    33. Macro Commodities -3.2
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    34. War Sensitivity -3.2
      Tracked ETFs COPXJETSUAEITBINDABWETBDRYSEABOAT
    35. Geopolitical -3.1
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    36. Thebuildout Advanced Packaging Equipment -2.9
    37. Quantum Computing -2.8
      Tracked ETFs CQTMQTUM
    38. Escalation -2.6
      Tracked ETFs FCGEWTEWYEWS
    39. Healthcare -2.6
      Tracked ETFs XLV
    40. Healthcare -2.6
      Tracked ETFs XLV
    41. Thebuildout Cmp Slurries Consumables -2.5

    Each side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-24 by design; the dated strip of these cards is the climate history.

  13. Market Conditions — 2026-09-23
    Indexes · 7d
    SPY+1.8%QQQ+5.2%IWM-0.7%RSP-0.5%
    Volatility
    VIX 15.18CALM · 1d +6.8%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    51 in / 41 outEach side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.4%LQD-0.5%IEF-0.6%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD+0.3%USO-4.7%COPX+3.4%Gold · oil · copper miners
    Rotation board Show all 92 themes
    Rotating in RS vs SPY
    1. Thebuildout Dram Memory +17.7
    2. Thebuildout Nand Flash Memory +17.2
    3. Cybersec +17.0
      Tracked ETFs HACKBUGCIBR
    4. Thebuildout High Speed Pcbs Server Networking +16.9
    5. Memory +14.6
      Tracked ETFs DRAMEWYDISK
    6. Thebuildout Data Center Switch Nic Vendors +13.2
    7. Thebuildout Semiconductor Test Burn In Equipment +13.2
    8. CPU Shortage Supply Chain +12.0
      Tracked ETFs SMH
    9. Nearline Storage +11.5
      Tracked ETFs DISK
    10. Web Cloud +10.8
      Tracked ETFs SKYY
    11. Thebuildout Custom AI Silicon Hyperscaler Asics +10.4
    12. Thebuildout Data Center Networking Silicon +10.4
    13. Semis +10.1
      Tracked ETFs SMHSOXX
    14. Crypto +9.2
      Tracked ETFs IBITGBTCETHEBITOBITQZCSHBHYPHYPGETHBGLNK
    15. Thebuildout AI Storage Data Pipeline +8.6
    16. Neoclouds +8.5
    17. Tech Insider Buys +8.4
    18. AI Infra +8.3
      Tracked ETFs AIQSMH
    19. Thebuildout HBM Memory +8.3
    20. Tech +7.9
      Tracked ETFs XLK
    21. Watchlist +7.6
    22. Supply Chain Traces +7.2
    23. Mag7 +7.2
      Tracked ETFs MAGS
    24. Thebuildout Glass Core Panel Level Packaging +7.0
    25. Thebuildout Optical Transceivers Modules +6.2
    26. Biotech Capital Cycle +6.0
      Tracked ETFs XBI
    27. Thebuildout Co Packaged Optics CPO +5.9
    28. Thebuildout Advanced Packaging 2d3d Leaders +5.6
    29. Thebuildout Connector High Speed Interconnect +5.6
    30. AI +5.6
      Tracked ETFs SMHBOTZROBOAIQ
    31. Thebuildout Data Center Fiber High Speed Cabling +5.6
    32. Thebuildout Racks Chassis Mechanical Infrastructure +5.4
    33. Cloud SAAS +5.3
      Tracked ETFs CLOUSKYY
    34. Thebuildout Trailing Edge Logic Specialty Foundries +5.2
    35. Thebuildout Power Supplies Psu Power Shelves +4.8
    36. Thebuildout Data Center Power Semiconductors +4.8
    37. Thebuildout Ems Contract Electronics Manufacturing +4.7
    38. Thebuildout Power Distribution Pdus Busways +4.7
    39. Cloud ETFS +4.7
      Tracked ETFs IGVCLOUSKYY
    40. Thebuildout AI Sensors Perception Hardware +4.7
    41. Thebuildout Humanoid Robots Embodied AI +4.7
    42. Thebuildout Semiconductor Ip Licensors +4.6
    43. Thebuildout Space Data Centers Orbital Compute +4.4
    44. Thebuildout Package Substrate Interposer Ecosystem +4.1
    45. Ark +4.1
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    46. Optical Supply Chain +3.9
      Tracked ETFs LAZR
    47. Thebuildout China AI Semiconductor Stack +3.5
    48. Trace Iran War Second And Third Order Effects +3.4
    49. Thebuildout Autonomous Vehicles Self Driving +3.2
    50. WFE Test Metrology +2.8
    51. Humanoid Robotics +2.3
      Tracked ETFs BOTZ
    Rotating out RS vs SPY
    1. Travel Leisure -18.2
      Tracked ETFs JETS
    2. Livestock Disease -15.1
    3. Alt Managers -13.9
      Tracked ETFs PSP
    4. Lazarus -12.8
    5. Consumer -12.5
      Tracked ETFs XLY
    6. Cultural Thesis -12.5
    7. Retail -11.7
      Tracked ETFs XRT
    8. Thebuildout Lithium Battery Metals -11.4
    9. Nuclear Fuel Cycle -8.7
      Tracked ETFs NUKXURAURNM
    10. Defensive -8.6
      Tracked ETFs XLPXLU
    11. Financials -8.5
      Tracked ETFs XLFKRE
    12. Drone Defense -8.2
      Tracked ETFs ITA
    13. Peptide Economy -7.6
      Tracked ETFs HRTS
    14. Defense Contractors -7.4
      Tracked ETFs ITAPPA
    15. EV Clean Energy -7.3
      Tracked ETFs LITDRIVKARSTANICLN
    16. Consumer Staples -7.0
      Tracked ETFs XLP
    17. Trace Lng Liquefaction Shipping And Regasification -6.9
    18. Chemicals -6.4
      Tracked ETFs XLB
    19. Copper -6.3
      Tracked ETFs COPXCPER
    20. Thebuildout Grid Infrastructure Transmission -6.3
    21. Thebuildout Renewable Energy Hyperscaler Ppas -6.1
    22. China Tech -5.7
      Tracked ETFs KWEBFXIASHR
    23. Geopolitical -4.8
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    24. Thebuildout Specialty Gases Process Chemicals -4.7
    25. Thebuildout Specialty Electronic Gases -4.7
    26. Biotech -4.2
      Tracked ETFs XBIIBBIBBQ
    27. Thebuildout Nuclear Energy Data Centers -4.1
    28. Volume Setups -3.8
    29. Faang -3.5
    30. Biotech -3.4
      Tracked ETFs XBIIBB
    31. Macro Commodities -3.2
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    32. Escalation -3.2
      Tracked ETFs FCGEWTEWYEWS
    33. Healthcare -3.1
      Tracked ETFs XLV
    34. Healthcare -3.1
      Tracked ETFs XLV
    35. IBB -2.9
    36. Airlines -2.9
      Tracked ETFs JETS
    37. Quantum Computing -2.8
      Tracked ETFs CQTMQTUM
    38. War Sensitivity -2.7
      Tracked ETFs COPXJETSUAEITBINDABWETBDRYSEABOAT
    39. Thebuildout Fuel Cells Alternative Dc Power -2.7
    40. Thebuildout Cmp Slurries Consumables -2.3
    41. Thebuildout Advanced Packaging Equipment -2.0

    Each side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-23 by design; the dated strip of these cards is the climate history.

  14. Market Conditions — 2026-09-22
    Indexes · 7d
    SPY+2.1%QQQ+6.1%IWM+0.7%RSP-0.5%
    Volatility
    VIX 14.21CALM · 1d -4.4%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    45 in / 50 outEach side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG+0.4%LQD+0.8%IEF+0.4%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD+1.5%USO-11.0%COPX+6.4%Gold · oil · copper miners
    Rotation board Show all 95 themes
    Rotating in RS vs SPY
    1. Thebuildout Dram Memory +13.4
    2. Thebuildout High Speed Pcbs Server Networking +13.2
    3. Cybersec +12.5
      Tracked ETFs HACKBUGCIBR
    4. Crypto +12.5
      Tracked ETFs IBITGBTCETHEBITOBITQZCSHBHYPHYPGETHBGLNK
    5. Thebuildout Nand Flash Memory +12.4
    6. Thebuildout Data Center Switch Nic Vendors +9.7
    7. Memory +9.0
      Tracked ETFs DRAMEWYDISK
    8. Thebuildout Semiconductor Test Burn In Equipment +8.9
    9. CPU Shortage Supply Chain +8.7
      Tracked ETFs SMH
    10. Neoclouds +8.6
    11. Semis +7.5
      Tracked ETFs SMHSOXX
    12. Thebuildout Custom AI Silicon Hyperscaler Asics +7.5
    13. Nearline Storage +7.2
      Tracked ETFs DISK
    14. Thebuildout Data Center Networking Silicon +7.2
    15. Thebuildout HBM Memory +6.9
    16. Thebuildout Glass Core Panel Level Packaging +6.2
    17. Tech +6.1
      Tracked ETFs XLK
    18. Thebuildout AI Storage Data Pipeline +5.6
    19. Thebuildout Connector High Speed Interconnect +5.6
    20. Thebuildout Advanced Packaging 2d3d Leaders +5.1
    21. Thebuildout Co Packaged Optics CPO +4.9
    22. Thebuildout Optical Transceivers Modules +4.6
    23. Thebuildout Racks Chassis Mechanical Infrastructure +4.5
    24. Thebuildout Data Center Fiber High Speed Cabling +4.5
    25. Mag7 +4.5
      Tracked ETFs MAGS
    26. Ark +4.3
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    27. Thebuildout Semiconductor Ip Licensors +4.3
    28. Thebuildout AI Sensors Perception Hardware +4.3
    29. Biotech Capital Cycle +4.3
      Tracked ETFs XBI
    30. Thebuildout Data Center Power Semiconductors +4.3
    31. AI Infra +4.2
      Tracked ETFs AIQSMH
    32. Tech Insider Buys +4.1
    33. Trace Iran War Second And Third Order Effects +3.9
    34. Supply Chain Traces +3.5
    35. Web Cloud +3.5
      Tracked ETFs SKYY
    36. Watchlist +3.4
    37. Thebuildout Power Supplies Psu Power Shelves +3.3
    38. Thebuildout Trailing Edge Logic Specialty Foundries +3.1
    39. Thebuildout Space Data Centers Orbital Compute +3.1
    40. Thebuildout Ems Contract Electronics Manufacturing +2.6
    41. Thebuildout Power Distribution Pdus Busways +2.6
    42. Thebuildout Humanoid Robots Embodied AI +2.5
    43. Cloud SAAS +2.5
      Tracked ETFs CLOUSKYY
    44. Cloud ETFS +2.2
      Tracked ETFs IGVCLOUSKYY
    45. AI +2.1
      Tracked ETFs SMHBOTZROBOAIQ
    Rotating out RS vs SPY
    1. Travel Leisure -14.4
      Tracked ETFs JETS
    2. Lazarus -13.3
    3. Alt Managers -12.9
      Tracked ETFs PSP
    4. Livestock Disease -12.5
    5. Consumer -12.3
      Tracked ETFs XLY
    6. Cultural Thesis -12.3
    7. Drone Defense -10.8
      Tracked ETFs ITA
    8. Thebuildout Lithium Battery Metals -9.4
    9. Defense Contractors -9.2
      Tracked ETFs ITAPPA
    10. Trace Lng Liquefaction Shipping And Regasification -9.2
    11. Retail -9.1
      Tracked ETFs XRT
    12. Nuclear Fuel Cycle -8.8
      Tracked ETFs NUKXURAURNM
    13. Quantum Computing -8.8
      Tracked ETFs CQTMQTUM
    14. EV Clean Energy -7.4
      Tracked ETFs LITDRIVKARSTANICLN
    15. Defensive -7.1
      Tracked ETFs XLPXLU
    16. Peptide Economy -6.8
      Tracked ETFs HRTS
    17. Financials -6.8
      Tracked ETFs XLFKRE
    18. Thebuildout Renewable Energy Hyperscaler Ppas -6.4
    19. Chemicals -6.3
      Tracked ETFs XLB
    20. Geopolitical -5.9
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    21. Consumer Staples -5.8
      Tracked ETFs XLP
    22. Thebuildout Specialty Gases Process Chemicals -5.7
    23. Thebuildout Specialty Electronic Gases -5.7
    24. Copper -5.6
      Tracked ETFs COPXCPER
    25. China Tech -4.7
      Tracked ETFs KWEBFXIASHR
    26. Thebuildout Cmp Slurries Consumables -4.6
    27. Thebuildout Advanced Packaging Equipment -4.5
    28. Thebuildout Nuclear Energy Data Centers -4.5
    29. Thebuildout Semiconductor Bonding Interconnect Materials -4.1
    30. Thebuildout Fuel Cells Alternative Dc Power -4.0
    31. Energy -3.6
      Tracked ETFs XLEXOPCRAK
    32. Canadian OG -3.6
      Tracked ETFs EWCXLE
    33. Thebuildout Etch Equipment -3.5
    34. Electricity -3.4
      Tracked ETFs GRID
    35. Thebuildout Grid Infrastructure Transmission -3.4
    36. Biotech -3.3
      Tracked ETFs XBIIBBIBBQ
    37. Thebuildout Semiconductor Fab Construction Engineering -3.2
    38. Thebuildout Industrial Robotics Automation -2.9
    39. Healthcare -2.9
      Tracked ETFs XLV
    40. Healthcare -2.9
      Tracked ETFs XLV
    41. Thebuildout Metrology Inspection -2.9
    42. Escalation -2.8
      Tracked ETFs FCGEWTEWYEWS
    43. Volume Setups -2.5
    44. Robotics -2.4
      Tracked ETFs BOTZROBO
    45. Biotech -2.3
      Tracked ETFs XBIIBB
    46. Macro Commodities -2.3
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    47. Grid Buildout -2.1
      Tracked ETFs GRID
    48. Bargain Bin -2.1
    49. Thebuildout Natural Gas Turbines Dc Power -2.0
    50. Watching -2.0

    Each side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-22 by design; the dated strip of these cards is the climate history.

  15. Market Conditions — 2026-09-21
    Indexes · 7d
    SPY+1.7%QQQ+4.5%IWM-0.8%RSP-1.1%
    Volatility
    VIX 14.87CALM · 1d +0.4%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    35 in / 58 outEach side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG+0.2%LQD+0.8%IEF+0.2%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD+1.4%USO-5.4%COPX+2.2%Gold · oil · copper miners
    Rotation board Show all 93 themes
    Rotating in RS vs SPY
    1. Cybersec +12.1
      Tracked ETFs HACKBUGCIBR
    2. Crypto +11.3
      Tracked ETFs IBITGBTCETHEBITOBITQ
    3. Thebuildout High Speed Pcbs Server Networking +9.9
    4. Trace Iran War Second And Third Order Effects +8.6
    5. Thebuildout Data Center Switch Nic Vendors +7.9
    6. Thebuildout Nand Flash Memory +7.6
    7. Neoclouds +7.3
    8. CPU Shortage Supply Chain +6.5
      Tracked ETFs SMH
    9. Thebuildout Data Center Networking Silicon +6.4
    10. Thebuildout Dram Memory +6.1
    11. Memory +5.3
      Tracked ETFs DRAMEWYDISK
    12. Semis +5.3
      Tracked ETFs SMHSOXX
    13. Tech +5.3
      Tracked ETFs XLK
    14. Thebuildout Custom AI Silicon Hyperscaler Asics +4.4
    15. Thebuildout Glass Core Panel Level Packaging +4.0
    16. Thebuildout Connector High Speed Interconnect +3.9
    17. Tech Insider Buys +3.9
    18. Mag7 +3.8
      Tracked ETFs MAGS
    19. AI Infra +3.7
      Tracked ETFs AIQSMH
    20. Thebuildout AI Storage Data Pipeline +3.7
    21. Thebuildout Optical Transceivers Modules +3.7
    22. Thebuildout Data Center Fiber High Speed Cabling +3.7
    23. Thebuildout Semiconductor Test Burn In Equipment +3.5
    24. Web Cloud +3.4
      Tracked ETFs SKYY
    25. Ark +3.3
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    26. Thebuildout Space Data Centers Orbital Compute +3.3
    27. Thebuildout HBM Memory +2.8
    28. Watchlist +2.8
    29. Cloud SAAS +2.5
      Tracked ETFs CLOUSKYY
    30. Cloud ETFS +2.4
      Tracked ETFs IGVCLOUSKYY
    31. Thebuildout Racks Chassis Mechanical Infrastructure +2.3
    32. AI +2.3
      Tracked ETFs SMHBOTZROBOAIQ
    33. Optical Supply Chain +2.2
      Tracked ETFs LAZR
    34. Nearline Storage +2.2
      Tracked ETFs DISK
    35. Adtech +2.1
    Rotating out RS vs SPY
    1. Travel Leisure -13.7
      Tracked ETFs JETS
    2. Cultural Thesis -12.8
    3. Consumer -12.4
      Tracked ETFs XLY
    4. Alt Managers -11.8
      Tracked ETFs PSP
    5. Livestock Disease -11.5
    6. Lazarus -11.4
    7. Thebuildout Lithium Battery Metals -10.6
    8. Nuclear Fuel Cycle -10.1
      Tracked ETFs NUKXURAURNM
    9. Retail -10.0
      Tracked ETFs XRT
    10. Drone Defense -9.9
      Tracked ETFs ITA
    11. Peptide Economy -9.7
      Tracked ETFs HRTS
    12. Quantum Computing -8.7
      Tracked ETFs CQTMQTUM
    13. Copper -8.5
      Tracked ETFs COPXCPER
    14. Trace Lng Liquefaction Shipping And Regasification -8.4
    15. Defense Contractors -8.3
      Tracked ETFs ITAPPA
    16. Chemicals -8.3
      Tracked ETFs XLB
    17. EV Clean Energy -7.9
      Tracked ETFs LITDRIVKARSTANICLN
    18. Thebuildout Specialty Gases Process Chemicals -7.2
    19. Thebuildout Specialty Electronic Gases -7.2
    20. Consumer Staples -6.7
      Tracked ETFs XLP
    21. Thebuildout Cmp Slurries Consumables -6.6
    22. Thebuildout Advanced Packaging Equipment -6.6
    23. Thebuildout Semiconductor Bonding Interconnect Materials -6.5
    24. Defensive -6.2
      Tracked ETFs XLPXLU
    25. Geopolitical -5.7
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    26. Thebuildout Etch Equipment -5.7
    27. Thebuildout Renewable Energy Hyperscaler Ppas -5.7
    28. Biotech -5.5
      Tracked ETFs XBIIBB
    29. China Tech -5.3
      Tracked ETFs KWEBFXIASHR
    30. Thebuildout Nuclear Energy Data Centers -5.0
    31. Thebuildout Metrology Inspection -4.8
    32. Thebuildout Deposition Equipment -4.8
    33. Financials -4.7
      Tracked ETFs XLFKRE
    34. Space -4.5
      Tracked ETFs ARKX
    35. Biotech -4.5
      Tracked ETFs XBIIBBIBBQ
    36. Thebuildout Fuel Cells Alternative Dc Power -4.4
    37. Thebuildout Eda Software -4.0
    38. Robotics -3.7
      Tracked ETFs BOTZROBO
    39. Electricity -3.5
      Tracked ETFs GRID
    40. Thebuildout Grid Infrastructure Transmission -3.3
    41. Macro Commodities -3.1
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    42. WFE Test Metrology -3.0
    43. Thebuildout Semiconductor Fab Construction Engineering -2.9
    44. Healthcare -2.9
      Tracked ETFs XLV
    45. Energy -2.9
      Tracked ETFs XLEXOP
    46. Healthcare -2.9
      Tracked ETFs XLV
    47. Canadian OG -2.9
      Tracked ETFs EWCXLE
    48. IBB -2.8
    49. Watching -2.6
    50. Humanoid Robotics -2.6
      Tracked ETFs BOTZ
    51. Thebuildout Lithography Equipment -2.5
    52. Bargain Bin -2.4
    53. Trace Glp1 Manufacturing -2.4
    54. Escalation -2.3
      Tracked ETFs FCGEWTEWYEWS
    55. AI Power -2.3
      Tracked ETFs WGMI
    56. Spacex S1 Supply Chain -2.3
      Tracked ETFs ARKX
    57. Food Security -2.2
      Tracked ETFs MOO
    58. Grid Buildout -2.1
      Tracked ETFs GRID

    Each side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-21 by design; the dated strip of these cards is the climate history.

  16. Market Conditions — 2026-09-18
    Indexes · 7d
    SPY-0.3%QQQ+0.9%IWM-1.7%RSP-1.2%
    Volatility
    VIX 14.81CALM · 1d -4.1%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    29 in / 57 outEach side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.1%LQD+0.4%IEF-0.2%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD+0.6%USO-0.7%COPX-1.4%Gold · oil · copper miners
    Rotation board Show all 86 themes
    Rotating in RS vs SPY
    1. Crypto +23.3
      Tracked ETFs IBITGBTCETHEBITOBITQ
    2. Trace Iran War Second And Third Order Effects +11.0
    3. Thebuildout Nand Flash Memory +9.4
    4. Memory +8.9
      Tracked ETFs DRAMEWYDISK
    5. Cybersec +7.8
      Tracked ETFs HACKBUGCIBR
    6. Thebuildout Data Center Switch Nic Vendors +7.8
    7. Ark +6.0
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    8. Thebuildout Dram Memory +5.9
    9. Neoclouds +5.4
    10. Food Security +5.2
      Tracked ETFs MOO
    11. Tech +4.2
      Tracked ETFs XLK
    12. Nearline Storage +4.1
      Tracked ETFs DISK
    13. Thebuildout Semiconductor Test Burn In Equipment +3.9
    14. Mag7 +3.9
      Tracked ETFs MAGS
    15. Tech Insider Buys +3.6
    16. Thebuildout Data Center Networking Silicon +3.5
    17. CPU Shortage Supply Chain +3.5
      Tracked ETFs SMH
    18. Semis +3.3
      Tracked ETFs SMHSOXX
    19. Thebuildout AI Storage Data Pipeline +3.2
    20. Watchlist +3.1
    21. AI Infra +2.8
      Tracked ETFs AIQSMH
    22. Thebuildout Space Data Centers Orbital Compute +2.4
    23. Faang +2.4
    24. Biotech Capital Cycle +2.4
      Tracked ETFs XBI
    25. Thebuildout Custom AI Silicon Hyperscaler Asics +2.3
    26. Thebuildout High Speed Pcbs Server Networking +2.3
    27. Canadian OG +2.1
      Tracked ETFs EWCXLE
    28. Energy +2.1
      Tracked ETFs XLEXOP
    29. Thebuildout Humanoid Robots Embodied AI +2.1
    Rotating out RS vs SPY
    1. Travel Leisure -13.4
      Tracked ETFs JETS
    2. Drone Defense -12.2
      Tracked ETFs ITA
    3. Alt Managers -11.6
      Tracked ETFs PSP
    4. Space -10.9
      Tracked ETFs ARKX
    5. Lazarus -10.6
    6. Cultural Thesis -10.3
    7. Nuclear Fuel Cycle -10.0
      Tracked ETFs NUKXURAURNM
    8. Defense Contractors -9.8
      Tracked ETFs ITAPPA
    9. Retail -9.4
      Tracked ETFs XRT
    10. Livestock Disease -8.7
    11. Quantum Computing -8.5
      Tracked ETFs CQTMQTUM
    12. Consumer -8.4
      Tracked ETFs XLY
    13. Peptide Economy -7.7
      Tracked ETFs HRTS
    14. China Tech -7.5
      Tracked ETFs KWEBFXIASHR
    15. Thebuildout Etch Equipment -7.3
    16. Thebuildout Advanced Packaging Equipment -7.3
    17. EV Clean Energy -7.2
      Tracked ETFs LITDRIVKARSTANICLN
    18. Thebuildout Renewable Energy Hyperscaler Ppas -6.0
    19. Biotech -6.0
      Tracked ETFs XBIIBB
    20. Biotech -5.7
      Tracked ETFs XBIIBBIBBQ
    21. Defensive -5.7
      Tracked ETFs XLPXLU
    22. Thebuildout Cmp Slurries Consumables -5.5
    23. Thebuildout Nuclear Energy Data Centers -5.4
    24. Trace Lng Liquefaction Shipping And Regasification -5.3
    25. Chemicals -5.3
      Tracked ETFs XLB
    26. Thebuildout Deposition Equipment -5.3
    27. Grid Buildout -5.0
      Tracked ETFs GRID
    28. Thebuildout Grid Infrastructure Transmission -4.7
    29. Thebuildout Metrology Inspection -4.5
    30. Airlines -4.1
      Tracked ETFs JETS
    31. Electricity -4.0
      Tracked ETFs GRID
    32. Robotics -4.0
      Tracked ETFs BOTZROBO
    33. IBB -3.9
    34. Thebuildout Lithography Equipment -3.9
    35. Thebuildout Lithium Battery Metals -3.8
    36. Thebuildout Specialty Gases Process Chemicals -3.8
    37. Thebuildout Semiconductor Bonding Interconnect Materials -3.8
    38. Thebuildout Transformers Grid Interconnect -3.6
    39. War Sensitivity -3.5
      Tracked ETFs COPXJETSUAEITBINDA
    40. Thebuildout Fuel Cells Alternative Dc Power -3.4
    41. Thebuildout Specialty Electronic Gases -3.4
    42. Optical Supply Chain -3.3
      Tracked ETFs LAZR
    43. Thebuildout Power Supplies Psu Power Shelves -3.3
    44. Spacex S1 Supply Chain -3.3
      Tracked ETFs ARKX
    45. Thebuildout Eda Software -3.2
    46. WFE Test Metrology -3.2
    47. Consumer Staples -3.2
      Tracked ETFs XLP
    48. Thebuildout Package Substrate Interposer Ecosystem -3.1
    49. Thebuildout Ems Contract Electronics Manufacturing -3.0
    50. Thebuildout Data Center Thermal Management -2.7
    51. Thebuildout China AI Semiconductor Stack -2.6
    52. Thebuildout Semiconductor Ip Licensors -2.6
    53. Watching -2.3
    54. Supply Chain Traces -2.2
    55. Thebuildout Industrial Robotics Automation -2.1
    56. Thebuildout Natural Gas Turbines Dc Power -2.1
    57. AI Power -2.1
      Tracked ETFs WGMI

    Each side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-18 by design; the dated strip of these cards is the climate history.

  17. Market Conditions — 2026-09-17
    Indexes · 7d
    SPY+0.6%QQQ+1.2%IWM-0.8%RSP+0.1%
    Volatility
    VIX 15.44CALM · 1d -12.8%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    22 in / 69 outEach side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG+0.1%LQD+0.8%IEF+0.1%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD+0.5%USO-1.9%COPX-2.3%Gold · oil · copper miners
    Rotation board Show all 91 themes
    Rotating in RS vs SPY
    1. Crypto +19.6
      Tracked ETFs IBITGBTCETHEBITOBITQ
    2. Trace Iran War Second And Third Order Effects +11.4
    3. Hard Assets +8.8
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    4. Biotech Capital Cycle +7.9
      Tracked ETFs XBI
    5. Trace Glp1 Manufacturing +7.1
    6. Food Security +7.0
      Tracked ETFs MOO
    7. Cybersec +7.0
      Tracked ETFs HACKBUGCIBR
    8. Thebuildout Data Center Switch Nic Vendors +6.9
    9. Ark +6.0
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    10. Mag7 +5.3
      Tracked ETFs MAGS
    11. Tech Insider Buys +5.3
    12. IBB +4.8
    13. Thebuildout Nand Flash Memory +4.5
    14. Government Compute +4.0
    15. Watchlist +4.0
    16. Tech +4.0
      Tracked ETFs XLK
    17. Cloud SAAS +3.7
      Tracked ETFs CLOUSKYY
    18. Cloud ETFS +2.8
      Tracked ETFs IGVCLOUSKYY
    19. Web Cloud +2.5
      Tracked ETFs SKYY
    20. Biotech +2.4
      Tracked ETFs XBIIBB
    21. Volume Setups +2.1
    22. Thebuildout Space Data Centers Orbital Compute +2.1
    Rotating out RS vs SPY
    1. Thebuildout Etch Equipment -17.7
    2. Thebuildout Advanced Packaging Equipment -17.7
    3. Thebuildout Deposition Equipment -17.2
    4. Drone Defense -14.6
      Tracked ETFs ITA
    5. WFE Test Metrology -12.0
    6. Defense Contractors -10.9
      Tracked ETFs ITAPPA
    7. Travel Leisure -10.8
      Tracked ETFs JETS
    8. Thebuildout Lithography Equipment -10.8
    9. Thebuildout Cmp Slurries Consumables -10.7
    10. Nearline Storage -10.5
      Tracked ETFs DISK
    11. Thebuildout Power Supplies Psu Power Shelves -10.4
    12. Alt Managers -10.3
      Tracked ETFs PSP
    13. Thebuildout Metrology Inspection -10.3
    14. Optical Supply Chain -9.8
      Tracked ETFs LAZR
    15. Thebuildout Specialty Gases Process Chemicals -9.8
    16. Thebuildout Semiconductor Test Burn In Equipment -9.7
    17. Thebuildout HBM Memory -9.7
    18. Supply Chain Traces -9.6
    19. Thebuildout Glass Core Panel Level Packaging -9.4
    20. Quantum Computing -9.1
      Tracked ETFs CQTMQTUM
    21. Thebuildout Eda Software -9.0
    22. Robotics -8.8
      Tracked ETFs BOTZROBO
    23. Thebuildout Ems Contract Electronics Manufacturing -8.7
    24. Retail -8.4
      Tracked ETFs XRT
    25. Cultural Thesis -8.4
    26. Thebuildout Semiconductor Bonding Interconnect Materials -8.3
    27. Thebuildout Package Substrate Interposer Ecosystem -8.3
    28. Livestock Disease -8.0
    29. Grid Buildout -7.8
      Tracked ETFs GRID
    30. Thebuildout Data Center Power Semiconductors -7.6
    31. Thebuildout Transformers Grid Interconnect -7.6
    32. Thebuildout Advanced Packaging 2d3d Leaders -7.5
    33. Thebuildout Data Center Thermal Management -7.3
    34. Thebuildout Industrial Robotics Automation -7.3
    35. Thebuildout Power Distribution Pdus Busways -7.3
    36. Thebuildout Co Packaged Optics CPO -7.2
    37. Thebuildout Semiconductor Fab Construction Engineering -7.0
    38. Thebuildout Trailing Edge Logic Specialty Foundries -6.9
    39. Thebuildout Connector High Speed Interconnect -6.9
    40. Consumer -6.8
      Tracked ETFs XLY
    41. Airlines -6.6
      Tracked ETFs JETS
    42. AI Power -6.5
      Tracked ETFs WGMI
    43. China Tech -6.4
      Tracked ETFs KWEBFXIASHR
    44. Nuclear Fuel Cycle -6.4
      Tracked ETFs NUKXURAURNM
    45. Electricity -6.3
      Tracked ETFs GRID
    46. Defensive -6.3
      Tracked ETFs XLPXLU
    47. Lazarus -6.0
    48. Space -5.9
      Tracked ETFs ARKX
    49. Thebuildout Natural Gas Turbines Dc Power -5.9
    50. Thebuildout Fuel Cells Alternative Dc Power -5.9
    51. Thebuildout Semiconductor Ip Licensors -5.8
    52. Thebuildout Renewable Energy Hyperscaler Ppas -5.7
    53. Humanoid Robotics -5.5
      Tracked ETFs BOTZ
    54. Thebuildout Racks Chassis Mechanical Infrastructure -5.3
    55. Thebuildout Grid Infrastructure Transmission -5.2
    56. Spacex S1 Supply Chain -5.2
      Tracked ETFs ARKX
    57. Thebuildout Specialty Electronic Gases -5.0
    58. Thebuildout Nuclear Energy Data Centers -4.8
    59. Chemicals -4.8
      Tracked ETFs XLB
    60. AI Infrastructure -4.6
      Tracked ETFs AIQSMH
    61. Thebuildout AI Sensors Perception Hardware -4.5
    62. Thebuildout Ups Energy Storage Data Centers -4.4
    63. Peptide Economy -4.0
      Tracked ETFs HRTS
    64. EV Clean Energy -3.6
      Tracked ETFs LITDRIVKARSTANICLN
    65. Financials -3.0
      Tracked ETFs XLFKRE
    66. Watching -2.8
    67. Thebuildout Data Center Fiber High Speed Cabling -2.8
    68. Thebuildout China AI Semiconductor Stack -2.7
    69. War Sensitivity -2.4
      Tracked ETFs COPXJETSUAEITBINDA

    Each side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-17 by design; the dated strip of these cards is the climate history.

  18. Market Conditions — 2026-09-16
    Indexes · 7d
    SPY-1.1%QQQ-1.6%IWM-2.3%RSP-1.1%
    Volatility
    VIX 17.71NORMAL · 1d +3.0%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    22 in / 80 outEach side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.7%LQD-0.8%IEF-1.3%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-2.9%USO+4.1%COPX-11.6%Gold · oil · copper miners
    Rotation board Show all 102 themes
    Rotating in RS vs SPY
    1. Crypto +20.0
      Tracked ETFs IBITGBTCETHEBITOBITQ
    2. Trace Iran War Second And Third Order Effects +9.0
    3. Food Security +8.8
      Tracked ETFs MOO
    4. Cybersec +8.2
      Tracked ETFs HACKBUGCIBR
    5. Volume Setups +5.4
    6. Trace Glp1 Manufacturing +5.2
    7. Government Compute +5.2
    8. Biotech Capital Cycle +5.1
      Tracked ETFs XBI
    9. Mag7 +5.1
      Tracked ETFs MAGS
    10. Canadian OG +4.7
      Tracked ETFs EWCXLE
    11. Watchlist +4.5
    12. Tech +4.5
      Tracked ETFs XLK
    13. Cloud SAAS +4.0
      Tracked ETFs CLOUSKYY
    14. Cloud ETFS +4.0
      Tracked ETFs IGVCLOUSKYY
    15. Ark +3.7
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    16. Healthcare +3.6
      Tracked ETFs XLV
    17. Hard Assets +3.4
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    18. Healthcare +3.0
      Tracked ETFs XLV
    19. Faang +2.9
    20. Energy +2.7
      Tracked ETFs XLEXOP
    21. Tech Insider Buys +2.5
    22. IBB +2.1
    Rotating out RS vs SPY
    1. Thebuildout Semiconductor Test Burn In Equipment -20.6
    2. WFE Test Metrology -20.0
    3. Optical Supply Chain -19.8
      Tracked ETFs LAZR
    4. Thebuildout Etch Equipment -19.6
    5. Thebuildout Advanced Packaging Equipment -19.6
    6. Thebuildout Deposition Equipment -19.3
    7. Nearline Storage -18.9
      Tracked ETFs DISK
    8. Quantum Computing -18.4
      Tracked ETFs CQTMQTUM
    9. Drone Defense -17.6
      Tracked ETFs ITA
    10. Humanoid Robotics -17.1
      Tracked ETFs BOTZ
    11. Thebuildout Cmp Slurries Consumables -16.9
    12. Thebuildout HBM Memory -16.3
    13. Thebuildout Metrology Inspection -16.3
    14. Thebuildout Power Supplies Psu Power Shelves -16.1
    15. Thebuildout Specialty Gases Process Chemicals -15.9
    16. Thebuildout Lithography Equipment -15.6
    17. Thebuildout Glass Core Panel Level Packaging -15.3
    18. Thebuildout Ems Contract Electronics Manufacturing -14.6
    19. Supply Chain Traces -14.6
    20. Thebuildout Semiconductor Bonding Interconnect Materials -14.4
    21. Thebuildout Package Substrate Interposer Ecosystem -14.4
    22. Thebuildout Data Center Power Semiconductors -14.3
    23. Space -14.3
      Tracked ETFs ARKX
    24. Thebuildout Data Center Fiber High Speed Cabling -13.5
    25. Thebuildout Co Packaged Optics CPO -12.9
    26. Neoclouds -11.9
    27. Thebuildout Transformers Grid Interconnect -11.8
    28. Grid Buildout -11.8
      Tracked ETFs GRID
    29. Thebuildout Power Distribution Pdus Busways -11.8
    30. Thebuildout Natural Gas Turbines Dc Power -11.3
    31. Nuclear Fuel Cycle -11.3
      Tracked ETFs NUKXURAURNM
    32. Robotics -11.3
      Tracked ETFs BOTZROBO
    33. Thebuildout Trailing Edge Logic Specialty Foundries -11.2
    34. Thebuildout Eda Software -11.1
    35. Thebuildout Advanced Packaging 2d3d Leaders -11.1
    36. Thebuildout Fuel Cells Alternative Dc Power -11.0
    37. Spacex S1 Supply Chain -10.8
      Tracked ETFs ARKX
    38. Electricity -10.5
      Tracked ETFs GRID
    39. Thebuildout Semiconductor Ip Licensors -10.4
    40. Thebuildout Data Center Thermal Management -10.3
    41. AI Power -10.3
      Tracked ETFs WGMI
    42. Thebuildout Ups Energy Storage Data Centers -10.2
    43. Memory -9.9
      Tracked ETFs DRAMEWYDISK
    44. Alt Managers -9.7
      Tracked ETFs PSP
    45. Defense Contractors -9.5
      Tracked ETFs ITAPPA
    46. Thebuildout China AI Semiconductor Stack -9.4
    47. Thebuildout Semiconductor Fab Construction Engineering -9.1
    48. Thebuildout Racks Chassis Mechanical Infrastructure -8.8
    49. CPU Shortage Supply Chain -8.3
      Tracked ETFs SMH
    50. Thebuildout Dram Memory -8.2
    51. Airlines -8.1
      Tracked ETFs JETS
    52. Cultural Thesis -7.6
    53. Retail -7.5
      Tracked ETFs XRT
    54. Travel Leisure -7.5
      Tracked ETFs JETS
    55. Thebuildout Industrial Robotics Automation -7.5
    56. Thebuildout Optical Transceivers Modules -7.4
    57. Thebuildout Connector High Speed Interconnect -7.4
    58. Thebuildout High Speed Pcbs Server Networking -7.4
    59. Thebuildout AI Sensors Perception Hardware -7.3
    60. EV Clean Energy -7.0
      Tracked ETFs LITDRIVKARSTANICLN
    61. Thebuildout Data Center Networking Silicon -6.8
    62. AI Infrastructure -6.8
      Tracked ETFs AIQSMH
    63. Semis -6.7
      Tracked ETFs SMHSOXX
    64. Consumer -6.5
      Tracked ETFs XLY
    65. Thebuildout AI Storage Data Pipeline -6.0
    66. Thebuildout Nand Flash Memory -6.0
    67. Thebuildout Custom AI Silicon Hyperscaler Asics -6.0
    68. Thebuildout AI Data Center Operators Neoclouds -5.5
    69. China Tech -5.1
      Tracked ETFs KWEBFXIASHR
    70. Thebuildout Grid Infrastructure Transmission -4.9
    71. Thebuildout Renewable Energy Hyperscaler Ppas -4.7
    72. Livestock Disease -4.6
    73. Thebuildout Nuclear Energy Data Centers -4.5
    74. Thebuildout Humanoid Robots Embodied AI -4.4
    75. Web Cloud -4.3
      Tracked ETFs SKYY
    76. Defensive -3.9
      Tracked ETFs XLPXLU
    77. Thebuildout Autonomous Vehicles Self Driving -3.5
    78. AI Infra -3.5
      Tracked ETFs AIQSMH
    79. War Sensitivity -2.7
      Tracked ETFs COPXJETSUAEITBINDA
    80. Thebuildout Specialty Electronic Gases -2.2

    Each side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-16 by design; the dated strip of these cards is the climate history.

  19. Market Conditions — 2026-09-15
    Indexes · 7d
    SPY-1.1%QQQ-1.9%IWM-3.2%RSP-1.3%
    Volatility
    VIX 17.2NORMAL · 1d +0.6%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    24 in / 83 outEach side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.9%LQD-1.1%IEF-1.4%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-1.4%USO+10.8%COPX-10.4%Gold · oil · copper miners
    Rotation board Show all 107 themes
    Rotating in RS vs SPY
    1. Crypto +21.3
      Tracked ETFs IBITGBTCETHEBITOBITQ
    2. Food Security +12.2
      Tracked ETFs MOO
    3. Canadian OG +10.9
      Tracked ETFs EWCXLE
    4. Trace Iran War Second And Third Order Effects +10.4
    5. Hard Assets +6.5
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    6. Cybersec +6.1
      Tracked ETFs HACKBUGCIBR
    7. Biotech Capital Cycle +5.4
      Tracked ETFs XBI
    8. Volume Setups +4.8
    9. Trace Glp1 Manufacturing +4.7
    10. Ark +4.7
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    11. Geopolitical +4.7
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    12. Healthcare +4.6
      Tracked ETFs XLV
    13. IBB +4.2
    14. Healthcare +3.7
      Tracked ETFs XLV
    15. Government Compute +3.7
    16. Energy +3.7
      Tracked ETFs XLEXOP
    17. Mag7 +3.6
      Tracked ETFs MAGS
    18. Biotech +3.2
      Tracked ETFs XBIIBB
    19. Watchlist +2.7
    20. Tech +2.7
      Tracked ETFs XLK
    21. Cloud SAAS +2.5
      Tracked ETFs CLOUSKYY
    22. Cloud ETFS +2.5
      Tracked ETFs IGVCLOUSKYY
    23. Faang +2.2
    24. Thebuildout Lithium Battery Metals +2.1
    Rotating out RS vs SPY
    1. Optical Supply Chain -19.8
      Tracked ETFs LAZR
    2. Drone Defense -19.2
      Tracked ETFs ITA
    3. Thebuildout Semiconductor Test Burn In Equipment -18.1
    4. WFE Test Metrology -18.1
    5. Quantum Computing -17.5
      Tracked ETFs CQTMQTUM
    6. Thebuildout Power Supplies Psu Power Shelves -16.9
    7. Thebuildout Etch Equipment -16.7
    8. Nearline Storage -16.6
      Tracked ETFs DISK
    9. Thebuildout Cmp Slurries Consumables -15.8
    10. Thebuildout Advanced Packaging Equipment -15.6
    11. Thebuildout Deposition Equipment -15.1
    12. Space -14.8
      Tracked ETFs ARKX
    13. Thebuildout HBM Memory -14.5
    14. Thebuildout Metrology Inspection -14.5
    15. Thebuildout Lithography Equipment -14.4
    16. Thebuildout Specialty Gases Process Chemicals -14.2
    17. Neoclouds -13.9
    18. Humanoid Robotics -13.8
      Tracked ETFs BOTZ
    19. Thebuildout Package Substrate Interposer Ecosystem -13.2
    20. Thebuildout Glass Core Panel Level Packaging -12.8
    21. Thebuildout Co Packaged Optics CPO -12.2
    22. Thebuildout Power Distribution Pdus Busways -11.9
    23. Thebuildout Ems Contract Electronics Manufacturing -11.9
    24. Supply Chain Traces -11.9
    25. Thebuildout Transformers Grid Interconnect -11.9
    26. Grid Buildout -11.8
      Tracked ETFs GRID
    27. Spacex S1 Supply Chain -11.8
      Tracked ETFs ARKX
    28. Defense Contractors -11.7
      Tracked ETFs ITAPPA
    29. Thebuildout Fuel Cells Alternative Dc Power -11.5
    30. Thebuildout Data Center Fiber High Speed Cabling -11.2
    31. Thebuildout Eda Software -11.2
    32. AI Power -11.1
      Tracked ETFs WGMI
    33. Thebuildout Semiconductor Bonding Interconnect Materials -11.1
    34. Thebuildout Advanced Packaging 2d3d Leaders -11.1
    35. Thebuildout Semiconductor Ip Licensors -11.0
    36. Nuclear Fuel Cycle -10.7
      Tracked ETFs NUKXURAURNM
    37. Thebuildout Ups Energy Storage Data Centers -10.7
    38. Thebuildout Data Center Power Semiconductors -10.6
    39. Thebuildout Natural Gas Turbines Dc Power -10.3
    40. Thebuildout China AI Semiconductor Stack -10.3
    41. Robotics -10.2
      Tracked ETFs BOTZROBO
    42. Airlines -10.0
      Tracked ETFs JETS
    43. Alt Managers -9.7
      Tracked ETFs PSP
    44. Travel Leisure -9.5
      Tracked ETFs JETS
    45. Thebuildout Data Center Thermal Management -9.3
    46. Electricity -9.3
      Tracked ETFs GRID
    47. Thebuildout Trailing Edge Logic Specialty Foundries -9.2
    48. Thebuildout Racks Chassis Mechanical Infrastructure -9.0
    49. Thebuildout Industrial Robotics Automation -8.5
    50. Cultural Thesis -8.3
    51. Thebuildout Semiconductor Fab Construction Engineering -8.1
    52. Retail -7.8
      Tracked ETFs XRT
    53. Thebuildout Connector High Speed Interconnect -7.4
    54. AI Infrastructure -7.4
      Tracked ETFs AIQSMH
    55. Thebuildout AI Sensors Perception Hardware -7.3
    56. Thebuildout Data Center Networking Silicon -7.1
    57. Thebuildout Custom AI Silicon Hyperscaler Asics -7.0
    58. Thebuildout Optical Transceivers Modules -7.0
    59. Consumer -6.9
      Tracked ETFs XLY
    60. Web Cloud -6.8
      Tracked ETFs SKYY
    61. EV Clean Energy -6.8
      Tracked ETFs LITDRIVKARSTANICLN
    62. Thebuildout High Speed Pcbs Server Networking -6.7
    63. Livestock Disease -6.5
    64. CPU Shortage Supply Chain -6.3
      Tracked ETFs SMH
    65. Semis -6.1
      Tracked ETFs SMHSOXX
    66. Thebuildout Dram Memory -6.1
    67. Thebuildout AI Data Center Operators Neoclouds -5.7
    68. Thebuildout Renewable Energy Hyperscaler Ppas -5.3
    69. War Sensitivity -5.2
      Tracked ETFs COPXJETSUAEITBINDA
    70. Thebuildout Grid Infrastructure Transmission -5.1
    71. China Tech -4.9
      Tracked ETFs KWEBFXIASHR
    72. Memory -4.8
      Tracked ETFs DRAMEWYDISK
    73. Thebuildout Nuclear Energy Data Centers -4.7
    74. Thebuildout AI Storage Data Pipeline -4.3
    75. Watching -3.8
    76. Defensive -3.8
      Tracked ETFs XLPXLU
    77. Thebuildout Specialty Electronic Gases -3.5
    78. Thebuildout Humanoid Robots Embodied AI -3.3
    79. Thebuildout Autonomous Vehicles Self Driving -3.3
    80. AI Infra -3.3
      Tracked ETFs AIQSMH
    81. Thebuildout Data Center Switch Nic Vendors -2.8
    82. Lazarus -2.1
    83. Thebuildout Nand Flash Memory -2.1

    Each side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-15 by design; the dated strip of these cards is the climate history.

  20. Market Conditions — 2026-09-14
    Indexes · 7d
    SPY-1.2%QQQ-1.4%IWM-2.7%RSP-1.8%
    Volatility
    VIX 17.1NORMAL · 1d +8.0%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    22 in / 86 outEach side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.8%LQD-1.1%IEF-1.4%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-3.4%USO+10.4%COPX-5.6%Gold · oil · copper miners
    Rotation board Show all 108 themes
    Rotating in RS vs SPY
    1. Crypto +26.9
      Tracked ETFs IBITGBTCETHEBITOBITQ
    2. Food Security +9.9
      Tracked ETFs MOO
    3. Trace Iran War Second And Third Order Effects +9.6
    4. Canadian OG +6.5
      Tracked ETFs EWCXLE
    5. Hard Assets +6.4
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    6. Ark +6.3
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    7. Cybersec +4.8
      Tracked ETFs HACKBUGCIBR
    8. Faang +4.8
    9. Volume Setups +4.5
    10. Healthcare +4.5
      Tracked ETFs XLV
    11. Mag7 +4.3
      Tracked ETFs MAGS
    12. Watchlist +4.0
    13. Tech +4.0
      Tracked ETFs XLK
    14. IBB +3.7
    15. Healthcare +3.5
      Tracked ETFs XLV
    16. Cloud SAAS +3.1
      Tracked ETFs CLOUSKYY
    17. Geopolitical +3.0
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    18. Government Compute +2.9
    19. Biotech +2.5
      Tracked ETFs XBIIBB
    20. Cloud ETFS +2.5
      Tracked ETFs IGVCLOUSKYY
    21. Trace Glp1 Manufacturing +2.4
    22. Biotech Capital Cycle +2.4
      Tracked ETFs XBI
    Rotating out RS vs SPY
    1. Optical Supply Chain -20.4
      Tracked ETFs LAZR
    2. Thebuildout Semiconductor Test Burn In Equipment -19.4
    3. Drone Defense -18.4
      Tracked ETFs ITA
    4. WFE Test Metrology -18.1
    5. Thebuildout Etch Equipment -17.1
    6. Quantum Computing -16.9
      Tracked ETFs CQTMQTUM
    7. Thebuildout Power Supplies Psu Power Shelves -16.9
    8. Thebuildout Advanced Packaging Equipment -15.4
    9. Humanoid Robotics -15.3
      Tracked ETFs BOTZ
    10. Thebuildout Deposition Equipment -15.0
    11. Thebuildout Cmp Slurries Consumables -15.0
    12. Thebuildout Lithography Equipment -14.7
    13. Thebuildout HBM Memory -14.4
    14. Thebuildout Metrology Inspection -14.4
    15. Nearline Storage -14.1
      Tracked ETFs DISK
    16. Thebuildout Specialty Gases Process Chemicals -13.5
    17. Space -13.5
      Tracked ETFs ARKX
    18. Thebuildout Glass Core Panel Level Packaging -12.9
    19. Thebuildout Power Distribution Pdus Busways -12.4
    20. Neoclouds -12.2
    21. Thebuildout Ems Contract Electronics Manufacturing -12.2
    22. Thebuildout Eda Software -12.1
    23. Thebuildout Package Substrate Interposer Ecosystem -12.1
    24. Thebuildout Semiconductor Ip Licensors -12.1
    25. Thebuildout Transformers Grid Interconnect -12.0
    26. Thebuildout Co Packaged Optics CPO -11.8
    27. Thebuildout Fuel Cells Alternative Dc Power -11.6
    28. Defense Contractors -11.5
      Tracked ETFs ITAPPA
    29. Thebuildout Data Center Fiber High Speed Cabling -11.5
    30. Grid Buildout -11.5
      Tracked ETFs GRID
    31. Thebuildout Semiconductor Bonding Interconnect Materials -11.5
    32. Travel Leisure -11.5
      Tracked ETFs JETS
    33. Thebuildout Data Center Power Semiconductors -11.4
    34. AI Power -11.3
      Tracked ETFs WGMI
    35. Spacex S1 Supply Chain -11.2
      Tracked ETFs ARKX
    36. Supply Chain Traces -10.9
    37. Thebuildout Ups Energy Storage Data Centers -10.9
    38. Thebuildout Natural Gas Turbines Dc Power -10.7
    39. Thebuildout Advanced Packaging 2d3d Leaders -10.3
    40. Thebuildout Trailing Edge Logic Specialty Foundries -10.1
    41. Electricity -10.0
      Tracked ETFs GRID
    42. Nuclear Fuel Cycle -9.7
      Tracked ETFs NUKXURAURNM
    43. Robotics -9.7
      Tracked ETFs BOTZROBO
    44. Thebuildout China AI Semiconductor Stack -9.6
    45. Thebuildout Connector High Speed Interconnect -9.3
    46. Airlines -9.1
      Tracked ETFs JETS
    47. Thebuildout Data Center Thermal Management -8.8
    48. Thebuildout Industrial Robotics Automation -8.6
    49. Alt Managers -8.6
      Tracked ETFs PSP
    50. Thebuildout Racks Chassis Mechanical Infrastructure -8.3
    51. Thebuildout Semiconductor Fab Construction Engineering -8.3
    52. Thebuildout Optical Transceivers Modules -8.3
    53. Thebuildout Data Center Networking Silicon -7.8
    54. AI Infrastructure -7.6
      Tracked ETFs AIQSMH
    55. Thebuildout Dram Memory -7.1
    56. CPU Shortage Supply Chain -6.8
      Tracked ETFs SMH
    57. Thebuildout AI Sensors Perception Hardware -6.7
    58. Semis -6.7
      Tracked ETFs SMHSOXX
    59. Cultural Thesis -6.5
    60. EV Clean Energy -6.2
      Tracked ETFs LITDRIVKARSTANICLN
    61. Retail -6.1
      Tracked ETFs XRT
    62. Livestock Disease -5.9
    63. Thebuildout Custom AI Silicon Hyperscaler Asics -5.9
    64. Web Cloud -5.5
      Tracked ETFs SKYY
    65. Thebuildout Specialty Electronic Gases -5.1
    66. Thebuildout High Speed Pcbs Server Networking -5.0
    67. Chemicals -5.0
      Tracked ETFs XLB
    68. Thebuildout AI Data Center Operators Neoclouds -4.6
    69. Thebuildout Grid Infrastructure Transmission -4.6
    70. Memory -4.4
      Tracked ETFs DRAMEWYDISK
    71. Thebuildout Renewable Energy Hyperscaler Ppas -4.3
    72. Thebuildout AI Storage Data Pipeline -4.3
    73. AI Infra -4.3
      Tracked ETFs AIQSMH
    74. China Tech -4.3
      Tracked ETFs KWEBFXIASHR
    75. Thebuildout Nuclear Energy Data Centers -4.3
    76. Consumer -4.1
      Tracked ETFs XLY
    77. Thebuildout Humanoid Robots Embodied AI -4.0
    78. Thebuildout Autonomous Vehicles Self Driving -3.8
    79. War Sensitivity -3.6
      Tracked ETFs COPXJETSUAEITBINDA
    80. Thebuildout Data Center Switch Nic Vendors -3.6
    81. Watching -3.4
    82. Defensive -3.4
      Tracked ETFs XLPXLU
    83. Energy -3.0
      Tracked ETFs XLEXOP
    84. AI -2.9
      Tracked ETFs SMHBOTZROBOAIQ
    85. Thebuildout Nand Flash Memory -2.9
    86. Trace Lng Liquefaction Shipping And Regasification -2.1

    Each side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-14 by design; the dated strip of these cards is the climate history.

  21. Market Conditions — 2026-09-11
    Indexes · 7d
    SPY-0.8%QQQ-0.6%IWM-2.4%RSP-1.9%
    Volatility
    VIX 15.84CALM · 1d -11.2%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    14 in / 79 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.7%LQD-1.1%IEF-1.3%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-2.0%USO+9.1%COPX-2.4%Gold · oil · copper miners
    Rotation board Show all 93 themes
    Rotating in RS vs SPY
    1. Crypto +23.0
      Tracked ETFs IBITGBTCETHEBITOBITQ
    2. Trace Iran War Second And Third Order Effects +12.1
    3. Food Security +11.3
      Tracked ETFs MOO
    4. Thebuildout Nand Flash Memory +9.8
    5. Memory +8.2
      Tracked ETFs DRAMEWYDISK
    6. Canadian OG +7.8
      Tracked ETFs EWCXLE
    7. Hard Assets +7.2
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    8. Faang +5.4
    9. Volume Setups +4.5
    10. Escalation +3.8
      Tracked ETFs FCGEWTEWYEWS
    11. Geopolitical +3.4
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    12. Ark +3.4
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    13. Thebuildout Data Center Switch Nic Vendors +3.1
    14. Mag7 +3.0
      Tracked ETFs MAGS
    Rotating out RS vs SPY
    1. Drone Defense -16.1
      Tracked ETFs ITA
    2. Quantum Computing -14.3
      Tracked ETFs CQTMQTUM
    3. Space -14.3
      Tracked ETFs ARKX
    4. Thebuildout Deposition Equipment -13.9
    5. Travel Leisure -12.7
      Tracked ETFs JETS
    6. Thebuildout Lithography Equipment -12.6
    7. Thebuildout Advanced Packaging Equipment -12.2
    8. Thebuildout Etch Equipment -12.0
    9. WFE Test Metrology -11.8
    10. Airlines -11.4
      Tracked ETFs JETS
    11. Thebuildout Cmp Slurries Consumables -10.9
    12. Defense Contractors -10.8
      Tracked ETFs ITAPPA
    13. China Tech -10.6
      Tracked ETFs KWEBFXIASHR
    14. Optical Supply Chain -10.1
      Tracked ETFs LAZR
    15. Thebuildout Power Supplies Psu Power Shelves -9.8
    16. Humanoid Robotics -9.5
      Tracked ETFs BOTZ
    17. Alt Managers -9.5
      Tracked ETFs PSP
    18. Cultural Thesis -9.5
    19. Thebuildout Photoresists Lithography Materials -9.4
    20. Nuclear Fuel Cycle -9.2
      Tracked ETFs NUKXURAURNM
    21. Neoclouds -8.5
    22. Retail -8.0
      Tracked ETFs XRT
    23. Spacex S1 Supply Chain -7.9
      Tracked ETFs ARKX
    24. Consumer -7.9
      Tracked ETFs XLY
    25. Thebuildout Data Center Power Semiconductors -6.9
    26. Thebuildout Package Substrate Interposer Ecosystem -6.8
    27. Thebuildout Specialty Gases Process Chemicals -6.8
    28. Web Cloud -6.8
      Tracked ETFs SKYY
    29. Robotics -6.7
      Tracked ETFs BOTZROBO
    30. AI Power -6.7
      Tracked ETFs WGMI
    31. Thebuildout Power Distribution Pdus Busways -6.7
    32. Thebuildout Data Center Networking Silicon -6.6
    33. Thebuildout Trailing Edge Logic Specialty Foundries -6.5
    34. Lazarus -6.5
    35. Grid Buildout -6.5
      Tracked ETFs GRID
    36. Thebuildout Natural Gas Turbines Dc Power -6.5
    37. Thebuildout Ups Energy Storage Data Centers -6.5
    38. Thebuildout Fuel Cells Alternative Dc Power -6.5
    39. Thebuildout Semiconductor Ip Licensors -6.3
    40. Thebuildout Metrology Inspection -6.2
    41. Thebuildout Semiconductor Bonding Interconnect Materials -6.2
    42. Thebuildout Rare Earth Miners Processors -6.2
    43. Peptide Economy -6.2
      Tracked ETFs HRTS
    44. Thebuildout Ems Contract Electronics Manufacturing -6.1
    45. Thebuildout Data Center Fiber High Speed Cabling -6.0
    46. Thebuildout HBM Memory -5.9
    47. Thebuildout Glass Core Panel Level Packaging -5.9
    48. Thebuildout Co Packaged Optics CPO -5.9
    49. Thebuildout Transformers Grid Interconnect -5.8
    50. Thebuildout Eda Software -5.8
    51. Cybersec -5.7
      Tracked ETFs HACKBUGCIBR
    52. Livestock Disease -5.7
    53. Electricity -5.2
      Tracked ETFs GRID
    54. Thebuildout Industrial Robotics Automation -5.2
    55. Supply Chain Traces -5.1
    56. Thebuildout Advanced Packaging 2d3d Leaders -5.1
    57. EV Clean Energy -5.1
      Tracked ETFs LITDRIVKARSTANICLN
    58. Thebuildout Data Center Thermal Management -5.0
    59. Thebuildout Semiconductor Test Burn In Equipment -4.9
    60. Thebuildout Specialty Electronic Gases -4.7
    61. Nearline Storage -4.4
      Tracked ETFs DISK
    62. Thebuildout Optical Transceivers Modules -4.3
    63. Thebuildout Racks Chassis Mechanical Infrastructure -4.1
    64. Thebuildout Grid Infrastructure Transmission -3.9
    65. Thebuildout AI Sensors Perception Hardware -3.9
    66. Thebuildout China AI Semiconductor Stack -3.8
    67. Defensive -3.7
      Tracked ETFs XLPXLU
    68. AI Infrastructure -3.3
      Tracked ETFs AIQSMH
    69. Thebuildout Renewable Energy Hyperscaler Ppas -3.2
    70. Chemicals -3.1
      Tracked ETFs XLB
    71. War Sensitivity -3.0
      Tracked ETFs COPXJETSUAEITBINDA
    72. Trace Lng Liquefaction Shipping And Regasification -2.9
    73. Thebuildout Autonomous Vehicles Self Driving -2.9
    74. Thebuildout Nuclear Energy Data Centers -2.9
    75. Thebuildout Custom AI Silicon Hyperscaler Asics -2.6
    76. Thebuildout Semiconductor Fab Construction Engineering -2.5
    77. Thebuildout AI Data Center Operators Neoclouds -2.4
    78. Energy -2.3
      Tracked ETFs XLEXOP
    79. Thebuildout Connector High Speed Interconnect -2.1

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-11 by design; the dated strip of these cards is the climate history.

  22. Market Conditions — 2026-09-10
    Indexes · 7d
    SPY-2.0%QQQ-1.3%IWM-2.5%RSP-3.1%
    Volatility
    VIX 17.84NORMAL · 1d +8.4%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    22 in / 77 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.7%LQD-1.1%IEF-1.2%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-3.4%USO+11.5%COPX-2.9%Gold · oil · copper miners
    Rotation board Show all 99 themes
    Rotating in RS vs SPY
    1. Crypto +22.7
      Tracked ETFs IBITGBTCETHEBITOBITQ
    2. Trace Iran War Second And Third Order Effects +15.6
    3. Memory +15.0
      Tracked ETFs DRAMEWYDISK
    4. Thebuildout Nand Flash Memory +14.5
    5. Food Security +12.1
      Tracked ETFs MOO
    6. Canadian OG +8.2
      Tracked ETFs EWCXLE
    7. Hard Assets +7.9
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    8. Escalation +6.2
      Tracked ETFs FCGEWTEWYEWS
    9. Volume Setups +5.4
    10. Nearline Storage +5.2
      Tracked ETFs DISK
    11. Thebuildout Data Center Switch Nic Vendors +4.3
    12. Ark +4.1
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    13. Geopolitical +3.7
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    14. Faang +3.3
    15. Adtech +2.4
    16. Thebuildout Dram Memory +2.4
    17. Mag7 +2.4
      Tracked ETFs MAGS
    18. IBB +2.1
    19. Watchlist +2.0
    20. Thebuildout AI Storage Data Pipeline +2.0
    21. Healthcare +2.0
      Tracked ETFs XLV
    22. Thebuildout Lithium Battery Metals +2.0
    Rotating out RS vs SPY
    1. Drone Defense -17.7
      Tracked ETFs ITA
    2. Airlines -13.7
      Tracked ETFs JETS
    3. Travel Leisure -12.1
      Tracked ETFs JETS
    4. China Tech -11.8
      Tracked ETFs KWEBFXIASHR
    5. Quantum Computing -11.0
      Tracked ETFs CQTMQTUM
    6. Thebuildout Deposition Equipment -11.0
    7. Thebuildout Power Supplies Psu Power Shelves -10.3
    8. Defense Contractors -10.1
      Tracked ETFs ITAPPA
    9. Thebuildout Advanced Packaging Equipment -10.0
    10. Thebuildout Data Center Power Semiconductors -9.7
    11. Thebuildout Power Distribution Pdus Busways -9.7
    12. Thebuildout Semiconductor Ip Licensors -9.7
    13. Thebuildout Etch Equipment -9.7
    14. Cultural Thesis -9.6
    15. Space -9.6
      Tracked ETFs ARKX
    16. Thebuildout Lithography Equipment -9.5
    17. Retail -9.5
      Tracked ETFs XRT
    18. Grid Buildout -9.3
      Tracked ETFs GRID
    19. Thebuildout Ups Energy Storage Data Centers -9.3
    20. Thebuildout Cmp Slurries Consumables -9.1
    21. Spacex S1 Supply Chain -9.1
      Tracked ETFs ARKX
    22. Optical Supply Chain -8.7
      Tracked ETFs LAZR
    23. Thebuildout Trailing Edge Logic Specialty Foundries -8.5
    24. Alt Managers -8.4
      Tracked ETFs PSP
    25. WFE Test Metrology -8.3
    26. Humanoid Robotics -8.0
      Tracked ETFs BOTZ
    27. Consumer -8.0
      Tracked ETFs XLY
    28. Thebuildout Data Center Thermal Management -7.7
    29. Lazarus -7.4
    30. Thebuildout Data Center Networking Silicon -7.3
    31. Robotics -7.2
      Tracked ETFs BOTZROBO
    32. Thebuildout Glass Core Panel Level Packaging -7.1
    33. Thebuildout Fuel Cells Alternative Dc Power -7.0
    34. Thebuildout Photoresists Lithography Materials -6.9
    35. Thebuildout Racks Chassis Mechanical Infrastructure -6.7
    36. Thebuildout Natural Gas Turbines Dc Power -6.7
    37. Thebuildout Transformers Grid Interconnect -6.6
    38. Electricity -6.3
      Tracked ETFs GRID
    39. Thebuildout Ems Contract Electronics Manufacturing -6.2
    40. Thebuildout AI Sensors Perception Hardware -6.2
    41. AI Power -6.2
      Tracked ETFs WGMI
    42. Thebuildout Semiconductor Bonding Interconnect Materials -6.0
    43. Thebuildout Data Center Fiber High Speed Cabling -6.0
    44. Thebuildout Autonomous Vehicles Self Driving -5.8
    45. Peptide Economy -5.5
      Tracked ETFs HRTS
    46. Thebuildout Optical Transceivers Modules -5.5
    47. Thebuildout Rare Earth Miners Processors -5.5
    48. Thebuildout Metrology Inspection -5.2
    49. War Sensitivity -4.9
      Tracked ETFs COPXJETSUAEITBINDA
    50. Thebuildout Package Substrate Interposer Ecosystem -4.8
    51. Thebuildout Industrial Robotics Automation -4.5
    52. Thebuildout Specialty Gases Process Chemicals -4.2
    53. Thebuildout Specialty Electronic Gases -4.2
    54. Cybersec -4.2
      Tracked ETFs HACKBUGCIBR
    55. Thebuildout Semiconductor Fab Construction Engineering -4.1
    56. Thebuildout Eda Software -4.1
    57. Thebuildout Grid Infrastructure Transmission -3.7
    58. EV Clean Energy -3.6
      Tracked ETFs LITDRIVKARSTANICLN
    59. Thebuildout Co Packaged Optics CPO -3.6
    60. Thebuildout Connector High Speed Interconnect -3.6
    61. Chemicals -3.5
      Tracked ETFs XLB
    62. Livestock Disease -3.5
    63. Thebuildout China AI Semiconductor Stack -3.2
    64. Defensive -2.9
      Tracked ETFs XLPXLU
    65. AI Infrastructure -2.9
      Tracked ETFs AIQSMH
    66. Supply Chain Traces -2.8
    67. Government Compute -2.8
    68. Nuclear Fuel Cycle -2.7
      Tracked ETFs NUKXURAURNM
    69. Bargain Bin -2.6
    70. Watching -2.6
    71. Thebuildout High Speed Pcbs Server Networking -2.4
    72. Thebuildout Humanoid Robots Embodied AI -2.3
    73. Thebuildout Semiconductor Test Burn In Equipment -2.2
    74. Thebuildout HBM Memory -2.2
    75. Thebuildout Advanced Packaging 2d3d Leaders -2.2
    76. Thebuildout Custom AI Silicon Hyperscaler Asics -2.0
    77. Thebuildout Nuclear Energy Data Centers -2.0

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-10 by design; the dated strip of these cards is the climate history.

  23. Market Conditions — 2026-09-09
    Indexes · 7d
    SPY-0.4%QQQ+1.0%IWM-1.1%RSP-1.8%
    Volatility
    VIX 16.46NORMAL · 1d +4.7%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    31 in / 58 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.2%LQD-0.0%IEF-0.3%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD+0.1%USO+6.3%COPX+6.0%Gold · oil · copper miners
    Rotation board Show all 89 themes
    Rotating in RS vs SPY
    1. Crypto +24.0
      Tracked ETFs IBITGBTCETHEBITOBITQ
    2. Memory +21.3
      Tracked ETFs DRAMEWYDISK
    3. Thebuildout Nand Flash Memory +20.8
    4. Food Security +12.4
      Tracked ETFs MOO
    5. Hard Assets +11.8
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    6. Trace Iran War Second And Third Order Effects +11.5
    7. Canadian OG +9.9
      Tracked ETFs EWCXLE
    8. Thebuildout Data Center Switch Nic Vendors +9.1
    9. Neoclouds +8.1
    10. Nearline Storage +7.4
      Tracked ETFs DISK
    11. Thebuildout Dram Memory +7.0
    12. Copper +6.1
      Tracked ETFs COPXCPER
    13. Ark +5.8
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    14. Escalation +5.3
      Tracked ETFs FCGEWTEWYEWS
    15. Volume Setups +5.1
    16. Geopolitical +4.5
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    17. Watchlist +3.7
    18. Thebuildout Space Data Centers Orbital Compute +3.6
    19. Thebuildout Lithium Battery Metals +3.4
    20. Thebuildout AI Storage Data Pipeline +3.4
    21. Energy +3.0
      Tracked ETFs XLEXOP
    22. IBB +3.0
    23. Macro Commodities +2.8
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    24. Mag7 +2.7
      Tracked ETFs MAGS
    25. Nuclear Fuel Cycle +2.5
      Tracked ETFs NUKXURAURNM
    26. Thebuildout AI Data Center Operators Neoclouds +2.5
    27. Tech Insider Buys +2.3
    28. CPU Shortage Supply Chain +2.2
      Tracked ETFs SMH
    29. Biotech +2.2
      Tracked ETFs XBIIBB
    30. AI Infra +2.2
      Tracked ETFs AIQSMH
    31. Semis +2.0
      Tracked ETFs SMHSOXX
    Rotating out RS vs SPY
    1. Drone Defense -15.1
      Tracked ETFs ITA
    2. China Tech -13.8
      Tracked ETFs KWEBFXIASHR
    3. Airlines -12.2
      Tracked ETFs JETS
    4. Travel Leisure -11.8
      Tracked ETFs JETS
    5. Cultural Thesis -10.4
    6. Defense Contractors -9.9
      Tracked ETFs ITAPPA
    7. Consumer -8.7
      Tracked ETFs XLY
    8. Quantum Computing -7.4
      Tracked ETFs CQTMQTUM
    9. Retail -7.0
      Tracked ETFs XRT
    10. Thebuildout Data Center Power Semiconductors -6.7
    11. Thebuildout Semiconductor Ip Licensors -6.7
    12. Thebuildout Deposition Equipment -6.3
    13. Robotics -6.1
      Tracked ETFs BOTZROBO
    14. Space -6.1
      Tracked ETFs ARKX
    15. Thebuildout Trailing Edge Logic Specialty Foundries -6.1
    16. Lazarus -5.7
    17. Grid Buildout -5.4
      Tracked ETFs GRID
    18. Livestock Disease -5.4
    19. Thebuildout Autonomous Vehicles Self Driving -5.3
    20. Thebuildout Etch Equipment -5.3
    21. Thebuildout Power Supplies Psu Power Shelves -5.3
    22. Spacex S1 Supply Chain -5.3
      Tracked ETFs ARKX
    23. Thebuildout Cmp Slurries Consumables -5.2
    24. Peptide Economy -5.0
      Tracked ETFs HRTS
    25. Thebuildout AI Sensors Perception Hardware -4.9
    26. Cybersec -4.7
      Tracked ETFs HACKBUGCIBR
    27. Thebuildout Semiconductor Bonding Interconnect Materials -4.4
    28. War Sensitivity -4.2
      Tracked ETFs COPXJETSUAEITBINDA
    29. Optical Supply Chain -3.9
      Tracked ETFs LAZR
    30. Thebuildout Power Distribution Pdus Busways -3.8
    31. Electricity -3.8
      Tracked ETFs GRID
    32. Thebuildout Advanced Packaging Equipment -3.7
    33. Thebuildout Photoresists Lithography Materials -3.6
    34. Thebuildout Rare Earth Miners Processors -3.6
    35. Alt Managers -3.5
      Tracked ETFs PSP
    36. Government Compute -3.4
    37. Thebuildout Lithography Equipment -3.4
    38. Thebuildout Humanoid Robots Embodied AI -3.4
    39. Thebuildout Data Center Thermal Management -3.1
    40. Thebuildout Data Center Networking Silicon -3.1
    41. Thebuildout Package Substrate Interposer Ecosystem -3.1
    42. Defensive -3.0
      Tracked ETFs XLPXLU
    43. AI Power -3.0
      Tracked ETFs WGMI
    44. Chemicals -2.9
      Tracked ETFs XLB
    45. Humanoid Robotics -2.9
      Tracked ETFs BOTZ
    46. Thebuildout Specialty Gases Process Chemicals -2.8
    47. Thebuildout Specialty Electronic Gases -2.8
    48. Thebuildout Data Center Fiber High Speed Cabling -2.7
    49. Thebuildout Optical Transceivers Modules -2.7
    50. Thebuildout Fuel Cells Alternative Dc Power -2.6
    51. EV Clean Energy -2.6
      Tracked ETFs LITDRIVKARSTANICLN
    52. Thebuildout Transformers Grid Interconnect -2.5
    53. Thebuildout Semiconductor Fab Construction Engineering -2.4
    54. WFE Test Metrology -2.4
    55. Thebuildout Natural Gas Turbines Dc Power -2.4
    56. Thebuildout Ups Energy Storage Data Centers -2.4
    57. Thebuildout Industrial Robotics Automation -2.4
    58. Thebuildout Grid Infrastructure Transmission -2.0

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-09 by design; the dated strip of these cards is the climate history.

  24. Market Conditions — 2026-09-08
    Indexes · 7d
    SPY+0.6%QQQ+1.5%IWM+1.4%RSP-0.4%
    Volatility
    VIX 15.72CALM · 1d +8.2%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    29 in / 56 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG+0.0%LQD+0.3%IEF+0.1%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD+0.8%USO+3.6%COPX+5.8%Gold · oil · copper miners
    Rotation board Show all 85 themes
    Rotating in RS vs SPY
    1. Crypto +24.4
      Tracked ETFs IBITGBTCETHEBITOBITQ
    2. Memory +17.4
      Tracked ETFs DRAMEWYDISK
    3. Thebuildout Nand Flash Memory +14.9
    4. Food Security +14.0
      Tracked ETFs MOO
    5. Canadian OG +13.6
      Tracked ETFs EWCXLE
    6. Nearline Storage +11.5
      Tracked ETFs DISK
    7. Hard Assets +11.3
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    8. Trace Iran War Second And Third Order Effects +11.3
    9. Neoclouds +9.9
    10. Geopolitical +8.6
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    11. Copper +8.2
      Tracked ETFs COPXCPER
    12. Escalation +8.1
      Tracked ETFs FCGEWTEWYEWS
    13. Ark +7.8
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    14. Volume Setups +6.7
    15. Thebuildout Lithium Battery Metals +6.1
    16. Thebuildout Dram Memory +4.5
    17. Thebuildout Data Center Switch Nic Vendors +4.3
    18. IBB +4.3
    19. Macro Commodities +4.1
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    20. Thebuildout AI Storage Data Pipeline +4.0
    21. Biotech +3.8
      Tracked ETFs XBIIBB
    22. Biotech Capital Cycle +3.8
      Tracked ETFs XBI
    23. Nuclear Fuel Cycle +3.6
      Tracked ETFs NUKXURAURNM
    24. Biotech +3.1
      Tracked ETFs XBIIBBIBBQ
    25. Energy +2.7
      Tracked ETFs XLEXOP
    26. Tech Insider Buys +2.4
    27. Cloud SAAS +2.4
      Tracked ETFs CLOUSKYY
    28. Healthcare +2.1
      Tracked ETFs XLV
    29. AI Infra +2.0
      Tracked ETFs AIQSMH
    Rotating out RS vs SPY
    1. Airlines -16.2
      Tracked ETFs JETS
    2. Travel Leisure -12.2
      Tracked ETFs JETS
    3. Thebuildout Trailing Edge Logic Specialty Foundries -11.5
    4. Thebuildout Data Center Power Semiconductors -11.5
    5. China Tech -10.9
      Tracked ETFs KWEBFXIASHR
    6. Drone Defense -10.5
      Tracked ETFs ITA
    7. Thebuildout Data Center Networking Silicon -9.9
    8. Cultural Thesis -8.8
    9. Defense Contractors -8.4
      Tracked ETFs ITAPPA
    10. Thebuildout Etch Equipment -8.3
    11. Thebuildout Advanced Packaging Equipment -7.9
    12. Consumer -7.7
      Tracked ETFs XLY
    13. Quantum Computing -7.7
      Tracked ETFs CQTMQTUM
    14. Optical Supply Chain -7.5
      Tracked ETFs LAZR
    15. Thebuildout Cmp Slurries Consumables -7.5
    16. Thebuildout Deposition Equipment -7.3
    17. Livestock Disease -7.2
    18. Grid Buildout -6.9
      Tracked ETFs GRID
    19. WFE Test Metrology -6.8
    20. Retail -6.8
      Tracked ETFs XRT
    21. Robotics -6.6
      Tracked ETFs BOTZROBO
    22. Thebuildout Semiconductor Ip Licensors -6.5
    23. Thebuildout Lithography Equipment -6.3
    24. Thebuildout Photoresists Lithography Materials -6.3
    25. Thebuildout AI Sensors Perception Hardware -6.0
    26. Thebuildout Data Center Fiber High Speed Cabling -5.9
    27. Thebuildout Humanoid Robots Embodied AI -5.8
    28. Thebuildout Autonomous Vehicles Self Driving -5.4
    29. Thebuildout Optical Transceivers Modules -5.4
    30. War Sensitivity -5.4
      Tracked ETFs COPXJETSUAEITBINDA
    31. Thebuildout Power Supplies Psu Power Shelves -5.0
    32. Thebuildout Co Packaged Optics CPO -4.8
    33. Thebuildout Semiconductor Bonding Interconnect Materials -4.7
    34. Thebuildout Power Distribution Pdus Busways -4.6
    35. Humanoid Robotics -4.6
      Tracked ETFs BOTZ
    36. Space -4.2
      Tracked ETFs ARKX
    37. Thebuildout Package Substrate Interposer Ecosystem -4.0
    38. Electricity -3.9
      Tracked ETFs GRID
    39. Spacex S1 Supply Chain -3.9
      Tracked ETFs ARKX
    40. Thebuildout Glass Core Panel Level Packaging -3.7
    41. Web Cloud -3.5
      Tracked ETFs SKYY
    42. Thebuildout Specialty Gases Process Chemicals -3.5
    43. Thebuildout Specialty Electronic Gases -3.5
    44. Peptide Economy -3.4
      Tracked ETFs HRTS
    45. Thebuildout Data Center Thermal Management -3.4
    46. Lazarus -3.3
    47. Cybersec -3.1
      Tracked ETFs HACKBUGCIBR
    48. Thebuildout Eda Software -3.0
    49. AI Power -2.9
      Tracked ETFs WGMI
    50. Thebuildout Industrial Robotics Automation -2.9
    51. Watching -2.8
    52. EV Clean Energy -2.5
      Tracked ETFs LITDRIVKARSTANICLN
    53. Defensive -2.4
      Tracked ETFs XLPXLU
    54. Thebuildout High Speed Pcbs Server Networking -2.4
    55. Thebuildout HBM Memory -2.3
    56. Thebuildout Rare Earth Miners Processors -2.1

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-08 by design; the dated strip of these cards is the climate history.

  25. Market Conditions — 2026-09-04
    Indexes · 7d
    SPY+0.1%QQQ+0.4%IWM+0.1%RSP-0.8%
    Volatility
    VIX 14.53CALM · 1d +1.5%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    35 in / 68 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.7%LQD-0.8%IEF-0.7%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-0.5%USO+9.6%COPX-4.0%Gold · oil · copper miners
    Rotation board Show all 103 themes
    Rotating in RS vs SPY
    1. Crypto +23.1
      Tracked ETFs IBITGBTCETHEBITOBITQ
    2. Hard Assets +18.5
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    3. Thebuildout Nand Flash Memory +13.8
    4. Trace Iran War Second And Third Order Effects +12.2
    5. Canadian OG +11.7
      Tracked ETFs EWCXLE
    6. Food Security +11.5
      Tracked ETFs MOO
    7. Memory +10.9
      Tracked ETFs DRAMEWYDISK
    8. Ark +10.1
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    9. IBB +9.5
    10. Adtech +8.6
    11. Volume Setups +8.3
    12. Geopolitical +8.1
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    13. Biotech +7.4
      Tracked ETFs XBIIBBIBBQ
    14. Government Compute +7.3
    15. Biotech +7.0
      Tracked ETFs XBIIBB
    16. Healthcare +6.5
      Tracked ETFs XLV
    17. Healthcare +6.2
      Tracked ETFs XLV
    18. Thebuildout Lithium Battery Metals +6.2
    19. Escalation +6.2
      Tracked ETFs FCGEWTEWYEWS
    20. Cloud SAAS +5.1
      Tracked ETFs CLOUSKYY
    21. Biotech Capital Cycle +5.0
      Tracked ETFs XBI
    22. Copper +4.6
      Tracked ETFs COPXCPER
    23. Macro Commodities +4.4
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    24. Cloud ETFS +4.3
      Tracked ETFs IGVCLOUSKYY
    25. Thebuildout Dram Memory +4.3
    26. Nuclear Fuel Cycle +3.4
      Tracked ETFs NUKXURAURNM
    27. Peptide Economy +3.1
      Tracked ETFs HRTS
    28. Trace Lng Liquefaction Shipping And Regasification +2.9
    29. Watchlist +2.8
    30. Faang +2.8
    31. Tech Insider Buys +2.8
    32. Mag7 +2.6
      Tracked ETFs MAGS
    33. AI Infra +2.6
      Tracked ETFs AIQSMH
    34. Trace Glp1 Manufacturing +2.3
    35. Bargain Bin +2.1
    Rotating out RS vs SPY
    1. Airlines -17.5
      Tracked ETFs JETS
    2. Drone Defense -13.8
      Tracked ETFs ITA
    3. Cultural Thesis -11.0
    4. Grid Buildout -10.3
      Tracked ETFs GRID
    5. Thebuildout Etch Equipment -9.7
    6. Defense Contractors -9.7
      Tracked ETFs ITAPPA
    7. China Tech -9.2
      Tracked ETFs KWEBFXIASHR
    8. Thebuildout Power Supplies Psu Power Shelves -9.1
    9. Thebuildout Semiconductor Ip Licensors -8.2
    10. WFE Test Metrology -8.1
    11. Thebuildout Power Distribution Pdus Busways -7.8
    12. Livestock Disease -7.6
    13. Optical Supply Chain -7.5
      Tracked ETFs LAZR
    14. Thebuildout Cmp Slurries Consumables -7.5
    15. Consumer -7.0
      Tracked ETFs XLY
    16. Travel Leisure -6.9
      Tracked ETFs JETS
    17. Retail -6.9
      Tracked ETFs XRT
    18. Thebuildout Ems Contract Electronics Manufacturing -6.8
    19. Thebuildout Transformers Grid Interconnect -6.7
    20. Thebuildout Natural Gas Turbines Dc Power -6.6
    21. Thebuildout Ups Energy Storage Data Centers -6.6
    22. Thebuildout Fuel Cells Alternative Dc Power -6.4
    23. Humanoid Robotics -6.4
      Tracked ETFs BOTZ
    24. Thebuildout Industrial Robotics Automation -6.3
    25. Robotics -6.3
      Tracked ETFs BOTZROBO
    26. War Sensitivity -6.1
      Tracked ETFs COPXJETSUAEITBINDA
    27. AI Power -6.0
      Tracked ETFs WGMI
    28. Thebuildout Deposition Equipment -5.8
    29. Thebuildout Semiconductor Fab Construction Engineering -5.7
    30. Thebuildout Semiconductor Test Burn In Equipment -5.5
    31. Thebuildout Semiconductor Bonding Interconnect Materials -5.3
    32. Thebuildout Co Packaged Optics CPO -5.3
    33. Thebuildout Grid Infrastructure Transmission -5.2
    34. Thebuildout Data Center Power Semiconductors -5.1
    35. Quantum Computing -5.0
      Tracked ETFs CQTMQTUM
    36. Web Cloud -4.8
      Tracked ETFs SKYY
    37. Thebuildout Data Center Thermal Management -4.8
    38. Thebuildout Photoresists Lithography Materials -4.7
    39. Electricity -4.7
      Tracked ETFs GRID
    40. Thebuildout Data Center Fiber High Speed Cabling -4.1
    41. Thebuildout Optical Transceivers Modules -4.1
    42. Thebuildout Connector High Speed Interconnect -4.1
    43. Thebuildout Trailing Edge Logic Specialty Foundries -4.0
    44. Thebuildout High Speed Pcbs Server Networking -3.9
    45. Thebuildout Glass Core Panel Level Packaging -3.8
    46. Thebuildout Package Substrate Interposer Ecosystem -3.8
    47. Thebuildout Advanced Packaging Equipment -3.8
    48. Lazarus -3.8
    49. Thebuildout Data Center Networking Silicon -3.6
    50. Thebuildout Racks Chassis Mechanical Infrastructure -3.6
    51. Thebuildout Autonomous Vehicles Self Driving -3.5
    52. Cybersec -3.5
      Tracked ETFs HACKBUGCIBR
    53. AI Infrastructure -3.4
      Tracked ETFs AIQSMH
    54. Thebuildout Lithography Equipment -3.4
    55. Thebuildout AI Sensors Perception Hardware -3.3
    56. Thebuildout Humanoid Robots Embodied AI -3.3
    57. Thebuildout Nuclear Energy Data Centers -2.9
    58. Thebuildout Specialty Gases Process Chemicals -2.8
    59. Thebuildout Specialty Electronic Gases -2.8
    60. Thebuildout Renewable Energy Hyperscaler Ppas -2.8
    61. Semis -2.7
      Tracked ETFs SMHSOXX
    62. EV Clean Energy -2.7
      Tracked ETFs LITDRIVKARSTANICLN
    63. Spacex S1 Supply Chain -2.6
      Tracked ETFs ARKX
    64. Thebuildout HBM Memory -2.4
    65. Thebuildout Advanced Packaging 2d3d Leaders -2.4
    66. Thebuildout Eda Software -2.2
    67. Defensive -2.2
      Tracked ETFs XLPXLU
    68. Chemicals -2.2
      Tracked ETFs XLB

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-04 by design; the dated strip of these cards is the climate history.

  26. Market Conditions — 2026-09-04
    Indexes · 7d
    SPY+0.1%QQQ+0.4%IWM+0.1%RSP-0.8%
    Volatility
    VIX 14.53CALM · 1d +1.5%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    35 in / 68 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.7%LQD-0.8%IEF-0.7%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-0.5%USO+9.6%COPX-4.0%Gold · oil · copper miners
    Rotation board Show all 103 themes
    Rotating in RS vs SPY
    1. Crypto +23.1
      Tracked ETFs IBITGBTCETHEBITOBITQ
    2. Hard Assets +18.5
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    3. Thebuildout Nand Flash Memory +13.8
    4. Trace Iran War Second And Third Order Effects +12.2
    5. Canadian OG +11.7
      Tracked ETFs EWCXLE
    6. Food Security +11.5
      Tracked ETFs MOO
    7. Memory +10.9
      Tracked ETFs DRAMEWYDISK
    8. Ark +10.1
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    9. IBB +9.5
    10. Adtech +8.6
    11. Volume Setups +8.3
    12. Geopolitical +8.1
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    13. Biotech +7.4
      Tracked ETFs XBIIBBIBBQ
    14. Government Compute +7.3
    15. Biotech +7.0
      Tracked ETFs XBIIBB
    16. Healthcare +6.5
      Tracked ETFs XLV
    17. Healthcare +6.2
      Tracked ETFs XLV
    18. Thebuildout Lithium Battery Metals +6.2
    19. Escalation +6.2
      Tracked ETFs FCGEWTEWYEWS
    20. Cloud SAAS +5.1
      Tracked ETFs CLOUSKYY
    21. Biotech Capital Cycle +5.0
      Tracked ETFs XBI
    22. Copper +4.6
      Tracked ETFs COPXCPER
    23. Macro Commodities +4.4
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    24. Cloud ETFS +4.3
      Tracked ETFs IGVCLOUSKYY
    25. Thebuildout Dram Memory +4.3
    26. Nuclear Fuel Cycle +3.4
      Tracked ETFs NUKXURAURNM
    27. Peptide Economy +3.1
      Tracked ETFs HRTS
    28. Trace Lng Liquefaction Shipping And Regasification +2.9
    29. Watchlist +2.8
    30. Faang +2.8
    31. Tech Insider Buys +2.8
    32. Mag7 +2.6
      Tracked ETFs MAGS
    33. AI Infra +2.6
      Tracked ETFs AIQSMH
    34. Trace Glp1 Manufacturing +2.3
    35. Bargain Bin +2.1
    Rotating out RS vs SPY
    1. Airlines -17.5
      Tracked ETFs JETS
    2. Drone Defense -13.8
      Tracked ETFs ITA
    3. Cultural Thesis -11.0
    4. Grid Buildout -10.3
      Tracked ETFs GRID
    5. Thebuildout Etch Equipment -9.7
    6. Defense Contractors -9.7
      Tracked ETFs ITAPPA
    7. China Tech -9.2
      Tracked ETFs KWEBFXIASHR
    8. Thebuildout Power Supplies Psu Power Shelves -9.1
    9. Thebuildout Semiconductor Ip Licensors -8.2
    10. WFE Test Metrology -8.1
    11. Thebuildout Power Distribution Pdus Busways -7.8
    12. Livestock Disease -7.6
    13. Optical Supply Chain -7.5
      Tracked ETFs LAZR
    14. Thebuildout Cmp Slurries Consumables -7.5
    15. Consumer -7.0
      Tracked ETFs XLY
    16. Travel Leisure -6.9
      Tracked ETFs JETS
    17. Retail -6.9
      Tracked ETFs XRT
    18. Thebuildout Ems Contract Electronics Manufacturing -6.8
    19. Thebuildout Transformers Grid Interconnect -6.7
    20. Thebuildout Natural Gas Turbines Dc Power -6.6
    21. Thebuildout Ups Energy Storage Data Centers -6.6
    22. Thebuildout Fuel Cells Alternative Dc Power -6.4
    23. Humanoid Robotics -6.4
      Tracked ETFs BOTZ
    24. Thebuildout Industrial Robotics Automation -6.3
    25. Robotics -6.3
      Tracked ETFs BOTZROBO
    26. War Sensitivity -6.1
      Tracked ETFs COPXJETSUAEITBINDA
    27. AI Power -6.0
      Tracked ETFs WGMI
    28. Thebuildout Deposition Equipment -5.8
    29. Thebuildout Semiconductor Fab Construction Engineering -5.7
    30. Thebuildout Semiconductor Test Burn In Equipment -5.5
    31. Thebuildout Semiconductor Bonding Interconnect Materials -5.3
    32. Thebuildout Co Packaged Optics CPO -5.3
    33. Thebuildout Grid Infrastructure Transmission -5.2
    34. Thebuildout Data Center Power Semiconductors -5.1
    35. Quantum Computing -5.0
      Tracked ETFs CQTMQTUM
    36. Web Cloud -4.8
      Tracked ETFs SKYY
    37. Thebuildout Data Center Thermal Management -4.8
    38. Thebuildout Photoresists Lithography Materials -4.7
    39. Electricity -4.7
      Tracked ETFs GRID
    40. Thebuildout Data Center Fiber High Speed Cabling -4.1
    41. Thebuildout Optical Transceivers Modules -4.1
    42. Thebuildout Connector High Speed Interconnect -4.1
    43. Thebuildout Trailing Edge Logic Specialty Foundries -4.0
    44. Thebuildout High Speed Pcbs Server Networking -3.9
    45. Thebuildout Glass Core Panel Level Packaging -3.8
    46. Thebuildout Package Substrate Interposer Ecosystem -3.8
    47. Thebuildout Advanced Packaging Equipment -3.8
    48. Lazarus -3.8
    49. Thebuildout Data Center Networking Silicon -3.6
    50. Thebuildout Racks Chassis Mechanical Infrastructure -3.6
    51. Thebuildout Autonomous Vehicles Self Driving -3.5
    52. Cybersec -3.5
      Tracked ETFs HACKBUGCIBR
    53. AI Infrastructure -3.4
      Tracked ETFs AIQSMH
    54. Thebuildout Lithography Equipment -3.4
    55. Thebuildout AI Sensors Perception Hardware -3.3
    56. Thebuildout Humanoid Robots Embodied AI -3.3
    57. Thebuildout Nuclear Energy Data Centers -2.9
    58. Thebuildout Specialty Gases Process Chemicals -2.8
    59. Thebuildout Specialty Electronic Gases -2.8
    60. Thebuildout Renewable Energy Hyperscaler Ppas -2.8
    61. Semis -2.7
      Tracked ETFs SMHSOXX
    62. EV Clean Energy -2.7
      Tracked ETFs LITDRIVKARSTANICLN
    63. Spacex S1 Supply Chain -2.6
      Tracked ETFs ARKX
    64. Thebuildout HBM Memory -2.4
    65. Thebuildout Advanced Packaging 2d3d Leaders -2.4
    66. Thebuildout Eda Software -2.2
    67. Defensive -2.2
      Tracked ETFs XLPXLU
    68. Chemicals -2.2
      Tracked ETFs XLB

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-04 by design; the dated strip of these cards is the climate history.

  27. Market Conditions — 2026-09-04
    Indexes · 7d
    SPY+0.1%QQQ+0.4%IWM+0.1%RSP-0.8%
    Volatility
    VIX 14.53CALM · 1d +1.5%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    35 in / 68 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.7%LQD-0.8%IEF-0.7%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-0.5%USO+9.6%COPX-4.0%Gold · oil · copper miners
    Rotation board Show all 103 themes
    Rotating in RS vs SPY
    1. Crypto +23.1
      Tracked ETFs IBITGBTCETHEBITOBITQ
    2. Hard Assets +18.5
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    3. Thebuildout Nand Flash Memory +13.8
    4. Trace Iran War Second And Third Order Effects +12.2
    5. Canadian OG +11.7
      Tracked ETFs EWCXLE
    6. Food Security +11.5
      Tracked ETFs MOO
    7. Memory +10.9
      Tracked ETFs DRAMEWYDISK
    8. Ark +10.1
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    9. IBB +9.5
    10. Volume Setups +8.7
    11. Adtech +8.6
    12. Geopolitical +8.1
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    13. Biotech +7.7
      Tracked ETFs XBIIBBIBBQ
    14. Government Compute +7.3
    15. Biotech +7.0
      Tracked ETFs XBIIBB
    16. Healthcare +6.5
      Tracked ETFs XLV
    17. Healthcare +6.2
      Tracked ETFs XLV
    18. Thebuildout Lithium Battery Metals +6.2
    19. Escalation +6.2
      Tracked ETFs FCGEWTEWYEWS
    20. Cloud SAAS +5.1
      Tracked ETFs CLOUSKYY
    21. Biotech Capital Cycle +5.0
      Tracked ETFs XBI
    22. Copper +4.6
      Tracked ETFs COPXCPER
    23. Macro Commodities +4.4
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    24. Cloud ETFS +4.3
      Tracked ETFs IGVCLOUSKYY
    25. Thebuildout Dram Memory +4.3
    26. Nuclear Fuel Cycle +3.4
      Tracked ETFs NUKXURAURNM
    27. Peptide Economy +3.1
      Tracked ETFs HRTS
    28. Trace Lng Liquefaction Shipping And Regasification +2.9
    29. Watchlist +2.8
    30. Faang +2.8
    31. Tech Insider Buys +2.8
    32. Mag7 +2.6
      Tracked ETFs MAGS
    33. AI Infra +2.6
      Tracked ETFs AIQSMH
    34. Trace Glp1 Manufacturing +2.1
    35. Bargain Bin +2.1
    Rotating out RS vs SPY
    1. Airlines -17.5
      Tracked ETFs JETS
    2. Drone Defense -13.8
      Tracked ETFs ITA
    3. Cultural Thesis -11.0
    4. Grid Buildout -10.3
      Tracked ETFs GRID
    5. Thebuildout Etch Equipment -9.7
    6. Defense Contractors -9.7
      Tracked ETFs ITAPPA
    7. China Tech -9.2
      Tracked ETFs KWEBFXIASHR
    8. Thebuildout Power Supplies Psu Power Shelves -9.1
    9. Thebuildout Semiconductor Ip Licensors -8.2
    10. WFE Test Metrology -8.1
    11. Thebuildout Power Distribution Pdus Busways -7.8
    12. Livestock Disease -7.6
    13. Thebuildout Cmp Slurries Consumables -7.5
    14. Optical Supply Chain -7.3
      Tracked ETFs LAZR
    15. Consumer -7.0
      Tracked ETFs XLY
    16. Travel Leisure -6.9
      Tracked ETFs JETS
    17. Retail -6.9
      Tracked ETFs XRT
    18. Thebuildout Ems Contract Electronics Manufacturing -6.8
    19. Thebuildout Transformers Grid Interconnect -6.7
    20. Thebuildout Natural Gas Turbines Dc Power -6.6
    21. Thebuildout Ups Energy Storage Data Centers -6.6
    22. Thebuildout Fuel Cells Alternative Dc Power -6.4
    23. Humanoid Robotics -6.4
      Tracked ETFs BOTZ
    24. Thebuildout Industrial Robotics Automation -6.3
    25. Robotics -6.3
      Tracked ETFs BOTZROBO
    26. AI Power -6.2
      Tracked ETFs WGMI
    27. War Sensitivity -6.1
      Tracked ETFs COPXJETSUAEITBINDA
    28. Thebuildout Deposition Equipment -5.8
    29. Thebuildout Semiconductor Fab Construction Engineering -5.7
    30. Thebuildout Semiconductor Test Burn In Equipment -5.5
    31. Thebuildout Semiconductor Bonding Interconnect Materials -5.3
    32. Thebuildout Co Packaged Optics CPO -5.3
    33. Thebuildout Grid Infrastructure Transmission -5.2
    34. Thebuildout Data Center Power Semiconductors -5.1
    35. Quantum Computing -5.0
      Tracked ETFs CQTMQTUM
    36. Web Cloud -4.8
      Tracked ETFs SKYY
    37. Thebuildout Data Center Thermal Management -4.8
    38. Thebuildout Photoresists Lithography Materials -4.7
    39. Electricity -4.7
      Tracked ETFs GRID
    40. Thebuildout Data Center Fiber High Speed Cabling -4.1
    41. Thebuildout Optical Transceivers Modules -4.1
    42. Thebuildout Connector High Speed Interconnect -4.1
    43. Thebuildout Trailing Edge Logic Specialty Foundries -4.0
    44. Thebuildout High Speed Pcbs Server Networking -3.9
    45. Thebuildout Glass Core Panel Level Packaging -3.8
    46. Thebuildout Package Substrate Interposer Ecosystem -3.8
    47. Thebuildout Advanced Packaging Equipment -3.8
    48. Lazarus -3.8
    49. Thebuildout Data Center Networking Silicon -3.6
    50. Thebuildout Racks Chassis Mechanical Infrastructure -3.6
    51. Thebuildout Autonomous Vehicles Self Driving -3.5
    52. Cybersec -3.5
      Tracked ETFs HACKBUGCIBR
    53. AI Infrastructure -3.4
      Tracked ETFs AIQSMH
    54. Thebuildout Lithography Equipment -3.4
    55. Thebuildout AI Sensors Perception Hardware -3.3
    56. Thebuildout Humanoid Robots Embodied AI -3.3
    57. Thebuildout Nuclear Energy Data Centers -2.9
    58. Thebuildout Specialty Gases Process Chemicals -2.8
    59. Thebuildout Specialty Electronic Gases -2.8
    60. Thebuildout Renewable Energy Hyperscaler Ppas -2.8
    61. Semis -2.7
      Tracked ETFs SMHSOXX
    62. EV Clean Energy -2.7
      Tracked ETFs LITDRIVKARSTANICLN
    63. Spacex S1 Supply Chain -2.6
      Tracked ETFs ARKX
    64. Thebuildout HBM Memory -2.4
    65. Thebuildout Advanced Packaging 2d3d Leaders -2.4
    66. Thebuildout Eda Software -2.2
    67. Defensive -2.2
      Tracked ETFs XLPXLU
    68. Chemicals -2.2
      Tracked ETFs XLB

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-04 by design; the dated strip of these cards is the climate history.

  28. Market Conditions — 2026-09-04
    Indexes · 7d
    SPY+0.1%QQQ+0.4%IWM+0.1%RSP-0.8%
    Volatility
    VIX 14.53CALM · 1d +1.5%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    35 in / 68 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.7%LQD-0.8%IEF-0.7%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-0.5%USO+9.6%COPX-4.0%Gold · oil · copper miners
    Rotation board Show all 103 themes
    Rotating in RS vs SPY
    1. Crypto +23.1
      Tracked ETFs IBITGBTCETHEBITOBITQ
    2. Hard Assets +18.5
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    3. Thebuildout Nand Flash Memory +13.8
    4. Trace Iran War Second And Third Order Effects +12.2
    5. Canadian OG +11.7
      Tracked ETFs EWCXLE
    6. Food Security +11.5
      Tracked ETFs MOO
    7. Memory +10.9
      Tracked ETFs DRAMEWYDISK
    8. Ark +10.1
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    9. IBB +9.5
    10. Volume Setups +8.7
    11. Adtech +8.6
    12. Geopolitical +8.1
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    13. Biotech +7.7
      Tracked ETFs XBIIBBIBBQ
    14. Government Compute +7.3
    15. Biotech +7.0
      Tracked ETFs XBIIBB
    16. Healthcare +6.5
      Tracked ETFs XLV
    17. Healthcare +6.2
      Tracked ETFs XLV
    18. Thebuildout Lithium Battery Metals +6.2
    19. Escalation +6.2
      Tracked ETFs FCGEWTEWYEWS
    20. Cloud SAAS +5.1
      Tracked ETFs CLOUSKYY
    21. Biotech Capital Cycle +5.0
      Tracked ETFs XBI
    22. Copper +4.6
      Tracked ETFs COPXCPER
    23. Macro Commodities +4.4
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    24. Cloud ETFS +4.3
      Tracked ETFs IGVCLOUSKYY
    25. Thebuildout Dram Memory +4.3
    26. Nuclear Fuel Cycle +3.4
      Tracked ETFs NUKXURAURNM
    27. Peptide Economy +3.1
      Tracked ETFs HRTS
    28. Trace Lng Liquefaction Shipping And Regasification +2.9
    29. Watchlist +2.8
    30. Faang +2.8
    31. Tech Insider Buys +2.8
    32. Mag7 +2.6
      Tracked ETFs MAGS
    33. AI Infra +2.6
      Tracked ETFs AIQSMH
    34. Trace Glp1 Manufacturing +2.1
    35. Bargain Bin +2.1
    Rotating out RS vs SPY
    1. Airlines -17.5
      Tracked ETFs JETS
    2. Drone Defense -13.8
      Tracked ETFs ITA
    3. Cultural Thesis -11.0
    4. Grid Buildout -10.3
      Tracked ETFs GRID
    5. Thebuildout Etch Equipment -9.7
    6. Defense Contractors -9.7
      Tracked ETFs ITAPPA
    7. China Tech -9.2
      Tracked ETFs KWEBFXIASHR
    8. Thebuildout Power Supplies Psu Power Shelves -9.1
    9. Thebuildout Semiconductor Ip Licensors -8.2
    10. WFE Test Metrology -8.1
    11. Thebuildout Power Distribution Pdus Busways -7.8
    12. Livestock Disease -7.6
    13. Thebuildout Cmp Slurries Consumables -7.5
    14. Optical Supply Chain -7.3
      Tracked ETFs LAZR
    15. Consumer -7.0
      Tracked ETFs XLY
    16. Travel Leisure -6.9
      Tracked ETFs JETS
    17. Retail -6.9
      Tracked ETFs XRT
    18. Thebuildout Ems Contract Electronics Manufacturing -6.8
    19. Thebuildout Transformers Grid Interconnect -6.7
    20. Thebuildout Natural Gas Turbines Dc Power -6.6
    21. Thebuildout Ups Energy Storage Data Centers -6.6
    22. Thebuildout Fuel Cells Alternative Dc Power -6.4
    23. Humanoid Robotics -6.4
      Tracked ETFs BOTZ
    24. Thebuildout Industrial Robotics Automation -6.3
    25. Robotics -6.3
      Tracked ETFs BOTZROBO
    26. AI Power -6.2
      Tracked ETFs WGMI
    27. War Sensitivity -6.1
      Tracked ETFs COPXJETSUAEITBINDA
    28. Thebuildout Deposition Equipment -5.8
    29. Thebuildout Semiconductor Fab Construction Engineering -5.7
    30. Thebuildout Semiconductor Test Burn In Equipment -5.5
    31. Thebuildout Semiconductor Bonding Interconnect Materials -5.3
    32. Thebuildout Co Packaged Optics CPO -5.3
    33. Thebuildout Grid Infrastructure Transmission -5.2
    34. Thebuildout Data Center Power Semiconductors -5.1
    35. Quantum Computing -5.0
      Tracked ETFs CQTMQTUM
    36. Web Cloud -4.8
      Tracked ETFs SKYY
    37. Thebuildout Data Center Thermal Management -4.8
    38. Thebuildout Photoresists Lithography Materials -4.7
    39. Electricity -4.7
      Tracked ETFs GRID
    40. Thebuildout Data Center Fiber High Speed Cabling -4.1
    41. Thebuildout Optical Transceivers Modules -4.1
    42. Thebuildout Connector High Speed Interconnect -4.1
    43. Thebuildout Trailing Edge Logic Specialty Foundries -4.0
    44. Thebuildout High Speed Pcbs Server Networking -3.9
    45. Thebuildout Glass Core Panel Level Packaging -3.8
    46. Thebuildout Package Substrate Interposer Ecosystem -3.8
    47. Thebuildout Advanced Packaging Equipment -3.8
    48. Lazarus -3.8
    49. Thebuildout Data Center Networking Silicon -3.6
    50. Thebuildout Racks Chassis Mechanical Infrastructure -3.6
    51. Thebuildout Autonomous Vehicles Self Driving -3.5
    52. Cybersec -3.5
      Tracked ETFs HACKBUGCIBR
    53. AI Infrastructure -3.4
      Tracked ETFs AIQSMH
    54. Thebuildout Lithography Equipment -3.4
    55. Thebuildout AI Sensors Perception Hardware -3.3
    56. Thebuildout Humanoid Robots Embodied AI -3.3
    57. Thebuildout Nuclear Energy Data Centers -2.9
    58. Thebuildout Specialty Gases Process Chemicals -2.8
    59. Thebuildout Specialty Electronic Gases -2.8
    60. Thebuildout Renewable Energy Hyperscaler Ppas -2.8
    61. Semis -2.7
      Tracked ETFs SMHSOXX
    62. EV Clean Energy -2.7
      Tracked ETFs LITDRIVKARSTANICLN
    63. Spacex S1 Supply Chain -2.6
      Tracked ETFs ARKX
    64. Thebuildout HBM Memory -2.4
    65. Thebuildout Advanced Packaging 2d3d Leaders -2.4
    66. Thebuildout Eda Software -2.2
    67. Defensive -2.2
      Tracked ETFs XLPXLU
    68. Chemicals -2.2
      Tracked ETFs XLB

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-04 by design; the dated strip of these cards is the climate history.

  29. Market Conditions — 2026-09-03
    Indexes · 7d
    SPY+0.3%QQQ-0.5%IWM-1.6%RSP-0.6%
    Volatility
    VIX 14.32CALM · 1d -5.8%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    32 in / 77 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.8%LQD-1.2%IEF-1.0%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-2.9%USO+9.2%COPX-5.4%Gold · oil · copper miners
    Rotation board Show all 109 themes
    Rotating in RS vs SPY
    1. Crypto +27.0
      Tracked ETFs IBITGBTCETHEBITOBITQ
    2. Hard Assets +27.0
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    3. Food Security +12.3
      Tracked ETFs MOO
    4. Ark +11.0
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    5. IBB +10.9
    6. Trace Iran War Second And Third Order Effects +10.2
    7. Canadian OG +10.2
      Tracked ETFs EWCXLE
    8. Cloud SAAS +9.5
      Tracked ETFs CLOUSKYY
    9. Adtech +9.4
    10. Geopolitical +9.4
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    11. Biotech +9.3
      Tracked ETFs XBIIBB
    12. Thebuildout Lithium Battery Metals +9.2
    13. Biotech +8.5
      Tracked ETFs XBIIBBIBBQ
    14. Government Compute +8.4
    15. Volume Setups +7.8
    16. Healthcare +7.6
      Tracked ETFs XLV
    17. Copper +7.6
      Tracked ETFs COPXCPER
    18. Healthcare +7.0
      Tracked ETFs XLV
    19. Cloud ETFS +6.4
      Tracked ETFs IGVCLOUSKYY
    20. Thebuildout Nand Flash Memory +5.8
    21. Macro Commodities +5.2
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    22. Escalation +4.9
      Tracked ETFs FCGEWTEWYEWS
    23. Biotech Capital Cycle +4.6
      Tracked ETFs XBI
    24. Trace Glp1 Manufacturing +4.3
    25. Peptide Economy +3.9
      Tracked ETFs HRTS
    26. Watchlist +3.6
    27. Faang +3.6
    28. Mag7 +3.5
      Tracked ETFs MAGS
    29. Tech Insider Buys +3.3
    30. Trace Lng Liquefaction Shipping And Regasification +2.9
    31. Memory +2.5
      Tracked ETFs DRAMEWYDISK
    32. Thebuildout Rare Earth Miners Processors +2.2
    Rotating out RS vs SPY
    1. Airlines -19.5
      Tracked ETFs JETS
    2. Thebuildout Etch Equipment -15.8
    3. WFE Test Metrology -14.6
    4. Neoclouds -13.7
    5. Thebuildout Semiconductor Ip Licensors -12.8
    6. Optical Supply Chain -12.5
      Tracked ETFs LAZR
    7. Thebuildout Advanced Packaging Equipment -12.5
    8. Thebuildout Deposition Equipment -12.3
    9. Thebuildout Lithography Equipment -12.1
    10. Thebuildout Glass Core Panel Level Packaging -11.8
    11. Drone Defense -11.3
      Tracked ETFs ITA
    12. China Tech -11.2
      Tracked ETFs KWEBFXIASHR
    13. Thebuildout Semiconductor Test Burn In Equipment -11.0
    14. Thebuildout Power Supplies Psu Power Shelves -10.9
    15. Grid Buildout -10.9
      Tracked ETFs GRID
    16. Thebuildout Data Center Power Semiconductors -10.8
    17. Thebuildout Co Packaged Optics CPO -10.7
    18. Thebuildout Data Center Networking Silicon -10.3
    19. Thebuildout Trailing Edge Logic Specialty Foundries -10.2
    20. Defense Contractors -10.0
      Tracked ETFs ITAPPA
    21. Thebuildout Cmp Slurries Consumables -9.8
    22. CPU Shortage Supply Chain -9.6
      Tracked ETFs SMH
    23. Thebuildout Industrial Robotics Automation -9.5
    24. Robotics -9.5
      Tracked ETFs BOTZROBO
    25. Thebuildout HBM Memory -9.4
    26. AI Power -9.3
      Tracked ETFs WGMI
    27. Semis -9.2
      Tracked ETFs SMHSOXX
    28. Thebuildout Advanced Packaging 2d3d Leaders -8.5
    29. Thebuildout Power Distribution Pdus Busways -8.2
    30. Thebuildout Package Substrate Interposer Ecosystem -8.1
    31. Thebuildout Ups Energy Storage Data Centers -8.1
    32. Spacex S1 Supply Chain -8.1
      Tracked ETFs ARKX
    33. Thebuildout Ems Contract Electronics Manufacturing -8.1
    34. Thebuildout Metrology Inspection -7.9
    35. Quantum Computing -7.8
      Tracked ETFs CQTMQTUM
    36. Thebuildout Natural Gas Turbines Dc Power -7.8
    37. Thebuildout Semiconductor Bonding Interconnect Materials -7.8
    38. Thebuildout Semiconductor Fab Construction Engineering -7.7
    39. Thebuildout Data Center Fiber High Speed Cabling -7.6
    40. AI Infrastructure -7.3
      Tracked ETFs AIQSMH
    41. Electricity -7.3
      Tracked ETFs GRID
    42. Thebuildout Fuel Cells Alternative Dc Power -7.3
    43. Thebuildout Transformers Grid Interconnect -7.1
    44. Thebuildout Data Center Thermal Management -7.1
    45. Thebuildout AI Data Center Operators Neoclouds -6.9
    46. Thebuildout Custom AI Silicon Hyperscaler Asics -6.9
    47. EV Clean Energy -6.9
      Tracked ETFs LITDRIVKARSTANICLN
    48. Thebuildout Humanoid Robots Embodied AI -6.7
    49. Humanoid Robotics -6.7
      Tracked ETFs BOTZ
    50. War Sensitivity -6.5
      Tracked ETFs COPXJETSUAEITBINDA
    51. Thebuildout Autonomous Vehicles Self Driving -6.5
    52. Thebuildout Connector High Speed Interconnect -6.4
    53. Cultural Thesis -6.4
    54. Thebuildout Racks Chassis Mechanical Infrastructure -6.2
    55. Thebuildout Optical Transceivers Modules -6.1
    56. Thebuildout China AI Semiconductor Stack -6.1
    57. Thebuildout Photoresists Lithography Materials -6.0
    58. Thebuildout High Speed Pcbs Server Networking -5.9
    59. Nearline Storage -5.9
      Tracked ETFs DISK
    60. Web Cloud -5.8
      Tracked ETFs SKYY
    61. Energy -5.8
      Tracked ETFs XLEXOP
    62. Thebuildout AI Sensors Perception Hardware -5.7
    63. Thebuildout Grid Infrastructure Transmission -5.0
    64. Thebuildout Eda Software -4.9
    65. Thebuildout Data Center Switch Nic Vendors -4.7
    66. Retail -4.7
      Tracked ETFs XRT
    67. Supply Chain Traces -4.6
    68. Livestock Disease -4.3
    69. AI Infra -4.2
      Tracked ETFs AIQSMH
    70. Thebuildout Nuclear Energy Data Centers -3.8
    71. Thebuildout Renewable Energy Hyperscaler Ppas -3.7
    72. Thebuildout Dram Memory -3.5
    73. Consumer -3.2
      Tracked ETFs XLY
    74. Travel Leisure -3.1
      Tracked ETFs JETS
    75. Cybersec -2.9
      Tracked ETFs HACKBUGCIBR
    76. Space -2.8
      Tracked ETFs ARKX
    77. Defensive -2.6
      Tracked ETFs XLPXLU

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-03 by design; the dated strip of these cards is the climate history.

  30. Market Conditions — 2026-09-02
    Indexes · 7d
    SPY-0.1%QQQ-0.3%IWM-1.6%RSP-1.6%
    Volatility
    VIX 15.2CALM · 1d -7.0%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    34 in / 70 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-1.0%LQD-1.3%IEF-1.2%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-4.4%USO+10.8%COPX-5.8%Gold · oil · copper miners
    Rotation board Show all 104 themes
    Rotating in RS vs SPY
    1. Hard Assets +19.6
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    2. Crypto +18.8
      Tracked ETFs IBITGBTCETHEBITOBITQ
    3. Food Security +16.2
      Tracked ETFs MOO
    4. Thebuildout Lithium Battery Metals +15.1
    5. Thebuildout Nand Flash Memory +14.3
    6. IBB +13.1
    7. Copper +12.3
      Tracked ETFs COPXCPER
    8. Government Compute +12.0
    9. Biotech +11.3
      Tracked ETFs XBIIBB
    10. Biotech +10.9
      Tracked ETFs XBIIBBIBBQ
    11. Adtech +9.9
    12. Ark +9.2
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    13. Thebuildout Rare Earth Miners Processors +9.1
    14. Canadian OG +8.6
      Tracked ETFs EWCXLE
    15. Volume Setups +8.5
    16. Cloud SAAS +8.5
      Tracked ETFs CLOUSKYY
    17. Memory +8.2
      Tracked ETFs DRAMEWYDISK
    18. Watching +7.6
    19. Geopolitical +7.4
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    20. Trace Iran War Second And Third Order Effects +7.3
    21. Cloud ETFS +6.0
      Tracked ETFs IGVCLOUSKYY
    22. Healthcare +5.5
      Tracked ETFs XLV
    23. Biotech Capital Cycle +5.3
      Tracked ETFs XBI
    24. Escalation +5.2
      Tracked ETFs FCGEWTEWYEWS
    25. Healthcare +5.2
      Tracked ETFs XLV
    26. Macro Commodities +4.8
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    27. Trace Lng Liquefaction Shipping And Regasification +4.7
    28. Thebuildout Specialty Electronic Gases +3.9
    29. Thebuildout Specialty Gases Process Chemicals +3.9
    30. Trace Glp1 Manufacturing +3.4
    31. Tech Insider Buys +2.7
    32. Thebuildout Dram Memory +2.6
    33. Thebuildout AI Storage Data Pipeline +2.2
    34. Peptide Economy +2.1
      Tracked ETFs HRTS
    Rotating out RS vs SPY
    1. Airlines -17.4
      Tracked ETFs JETS
    2. Neoclouds -16.8
    3. Grid Buildout -11.2
      Tracked ETFs GRID
    4. China Tech -10.9
      Tracked ETFs KWEBFXIASHR
    5. Robotics -10.6
      Tracked ETFs BOTZROBO
    6. Thebuildout Power Supplies Psu Power Shelves -10.5
    7. AI Power -10.1
      Tracked ETFs WGMI
    8. Defense Contractors -9.7
      Tracked ETFs ITAPPA
    9. Drone Defense -9.3
      Tracked ETFs ITA
    10. Thebuildout Semiconductor Ip Licensors -9.1
    11. Thebuildout Data Center Power Semiconductors -8.8
    12. Thebuildout Power Distribution Pdus Busways -8.7
    13. Thebuildout Etch Equipment -8.6
    14. Humanoid Robotics -8.0
      Tracked ETFs BOTZ
    15. Thebuildout Industrial Robotics Automation -7.9
    16. Thebuildout Transformers Grid Interconnect -7.2
    17. EV Clean Energy -7.2
      Tracked ETFs LITDRIVKARSTANICLN
    18. WFE Test Metrology -7.2
    19. Thebuildout Trailing Edge Logic Specialty Foundries -7.0
    20. Quantum Computing -7.0
      Tracked ETFs CQTMQTUM
    21. Optical Supply Chain -7.0
      Tracked ETFs LAZR
    22. Thebuildout Data Center Thermal Management -7.0
    23. Cultural Thesis -6.9
    24. Electricity -6.7
      Tracked ETFs GRID
    25. Thebuildout Renewable Energy Hyperscaler Ppas -6.5
    26. Thebuildout Lithography Equipment -6.5
    27. Thebuildout Co Packaged Optics CPO -6.2
    28. Thebuildout Advanced Packaging Equipment -6.2
    29. Thebuildout Racks Chassis Mechanical Infrastructure -6.1
    30. Thebuildout Deposition Equipment -6.0
    31. Thebuildout Semiconductor Fab Construction Engineering -5.9
    32. Consumer -5.9
      Tracked ETFs XLY
    33. Thebuildout AI Data Center Operators Neoclouds -5.8
    34. Thebuildout Cmp Slurries Consumables -5.8
    35. Thebuildout Natural Gas Turbines Dc Power -5.5
    36. Thebuildout Ups Energy Storage Data Centers -5.5
    37. Thebuildout Fuel Cells Alternative Dc Power -5.5
    38. Retail -5.5
      Tracked ETFs XRT
    39. Thebuildout Ems Contract Electronics Manufacturing -5.4
    40. Thebuildout Data Center Networking Silicon -5.4
    41. Thebuildout Glass Core Panel Level Packaging -5.4
    42. Thebuildout Nuclear Energy Data Centers -5.3
    43. Thebuildout Grid Infrastructure Transmission -5.2
    44. Spacex S1 Supply Chain -5.2
      Tracked ETFs ARKX
    45. Thebuildout Humanoid Robots Embodied AI -5.0
    46. AI Infrastructure -5.0
      Tracked ETFs AIQSMH
    47. Travel Leisure -4.9
      Tracked ETFs JETS
    48. Energy -4.8
      Tracked ETFs XLEXOP
    49. Web Cloud -4.5
      Tracked ETFs SKYY
    50. Thebuildout Semiconductor Test Burn In Equipment -4.3
    51. CPU Shortage Supply Chain -4.3
      Tracked ETFs SMH
    52. Thebuildout HBM Memory -4.3
    53. Thebuildout Autonomous Vehicles Self Driving -4.2
    54. Thebuildout AI Sensors Perception Hardware -4.1
    55. Thebuildout Semiconductor Bonding Interconnect Materials -4.0
    56. Nearline Storage -3.9
      Tracked ETFs DISK
    57. Thebuildout High Speed Pcbs Server Networking -3.9
    58. Livestock Disease -3.8
    59. Thebuildout Connector High Speed Interconnect -3.4
    60. Thebuildout Optical Transceivers Modules -3.4
    61. War Sensitivity -3.4
      Tracked ETFs COPXJETSUAEITBINDA
    62. Thebuildout Package Substrate Interposer Ecosystem -3.1
    63. Lazarus -2.9
    64. Thebuildout Advanced Packaging 2d3d Leaders -2.9
    65. Thebuildout Data Center Fiber High Speed Cabling -2.8
    66. Space -2.8
      Tracked ETFs ARKX
    67. Defensive -2.6
      Tracked ETFs XLPXLU
    68. Semis -2.5
      Tracked ETFs SMHSOXX
    69. Thebuildout Metrology Inspection -2.4
    70. Thebuildout Custom AI Silicon Hyperscaler Asics -2.0

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-02 by design; the dated strip of these cards is the climate history.

  31. Market Conditions — 2026-09-01
    Indexes · 7d
    SPY-0.5%QQQ-0.4%IWM-2.9%RSP-1.9%
    Volatility
    VIX 16.34NORMAL · 1d +9.5%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    38 in / 60 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-1.0%LQD-1.5%IEF-1.5%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-7.3%USO+11.7%COPX-7.3%Gold · oil · copper miners
    Rotation board Show all 98 themes
    Rotating in RS vs SPY
    1. Hard Assets +20.2
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    2. Crypto +19.3
      Tracked ETFs IBITGBTCETHEBITOBITQ
    3. Government Compute +14.9
    4. Cloud SAAS +13.8
      Tracked ETFs CLOUSKYY
    5. Thebuildout Lithium Battery Metals +13.3
    6. IBB +11.8
    7. Copper +11.2
      Tracked ETFs COPXCPER
    8. Adtech +11.0
    9. Ark +10.4
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    10. Cloud ETFS +10.3
      Tracked ETFs IGVCLOUSKYY
    11. Thebuildout Nand Flash Memory +10.2
    12. Food Security +9.2
      Tracked ETFs MOO
    13. Biotech +9.2
      Tracked ETFs XBIIBB
    14. Thebuildout Rare Earth Miners Processors +8.8
    15. Memory +7.7
      Tracked ETFs DRAMEWYDISK
    16. Biotech +7.2
      Tracked ETFs XBIIBBIBBQ
    17. Tech Insider Buys +6.7
    18. Canadian OG +6.6
      Tracked ETFs EWCXLE
    19. Cybersec +6.3
      Tracked ETFs HACKBUGCIBR
    20. Volume Setups +6.2
    21. Biotech Capital Cycle +5.1
      Tracked ETFs XBI
    22. Geopolitical +4.8
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    23. Thebuildout AI Storage Data Pipeline +4.2
    24. Healthcare +4.2
      Tracked ETFs XLV
    25. Healthcare +3.7
      Tracked ETFs XLV
    26. Watchlist +3.3
    27. Escalation +3.2
      Tracked ETFs FCGEWTEWYEWS
    28. Alt Managers +2.9
      Tracked ETFs PSP
    29. Thebuildout Data Center Switch Nic Vendors +2.9
    30. Thebuildout Space Data Centers Orbital Compute +2.9
    31. Macro Commodities +2.7
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    32. Mag7 +2.6
      Tracked ETFs MAGS
    33. Bargain Bin +2.6
    34. AI +2.5
      Tracked ETFs SMHBOTZROBOAIQ
    35. Trace Glp1 Manufacturing +2.4
    36. Tech +2.4
      Tracked ETFs XLK
    37. Peptide Economy +2.2
      Tracked ETFs HRTS
    38. Watching +2.2
    Rotating out RS vs SPY
    1. Airlines -16.0
      Tracked ETFs JETS
    2. Neoclouds -14.2
    3. Travel Leisure -12.2
      Tracked ETFs JETS
    4. Grid Buildout -11.2
      Tracked ETFs GRID
    5. China Tech -10.7
      Tracked ETFs KWEBFXIASHR
    6. Thebuildout Industrial Robotics Automation -9.9
    7. Thebuildout Data Center Power Semiconductors -9.5
    8. WFE Test Metrology -9.4
    9. Thebuildout Etch Equipment -9.1
    10. AI Power -9.0
      Tracked ETFs WGMI
    11. Robotics -8.4
      Tracked ETFs BOTZROBO
    12. Thebuildout Humanoid Robots Embodied AI -8.3
    13. Thebuildout Trailing Edge Logic Specialty Foundries -8.3
    14. Thebuildout Autonomous Vehicles Self Driving -8.1
    15. Thebuildout Power Supplies Psu Power Shelves -8.0
    16. Thebuildout Transformers Grid Interconnect -8.0
    17. Thebuildout Power Distribution Pdus Busways -8.0
    18. Electricity -7.9
      Tracked ETFs GRID
    19. Thebuildout Deposition Equipment -7.9
    20. Thebuildout AI Sensors Perception Hardware -7.7
    21. Thebuildout Renewable Energy Hyperscaler Ppas -7.5
    22. Thebuildout Grid Infrastructure Transmission -7.3
    23. Thebuildout Advanced Packaging Equipment -7.2
    24. Thebuildout Semiconductor Fab Construction Engineering -7.0
    25. Energy -6.9
      Tracked ETFs XLEXOP
    26. Defense Contractors -6.8
      Tracked ETFs ITAPPA
    27. Thebuildout Data Center Thermal Management -6.6
    28. Thebuildout Natural Gas Turbines Dc Power -6.3
    29. Thebuildout Ups Energy Storage Data Centers -6.3
    30. Humanoid Robotics -6.3
      Tracked ETFs BOTZ
    31. Thebuildout Semiconductor Test Burn In Equipment -6.3
    32. Thebuildout Nuclear Energy Data Centers -6.2
    33. Thebuildout Fuel Cells Alternative Dc Power -6.2
    34. Livestock Disease -5.9
    35. Retail -5.6
      Tracked ETFs XRT
    36. Thebuildout Cmp Slurries Consumables -5.4
    37. Thebuildout Racks Chassis Mechanical Infrastructure -5.3
    38. Thebuildout Semiconductor Ip Licensors -4.9
    39. Spacex S1 Supply Chain -4.9
      Tracked ETFs ARKX
    40. Drone Defense -4.6
      Tracked ETFs ITA
    41. Nearline Storage -4.5
      Tracked ETFs DISK
    42. EV Clean Energy -4.2
      Tracked ETFs LITDRIVKARSTANICLN
    43. Thebuildout Ems Contract Electronics Manufacturing -4.0
    44. Consumer -4.0
      Tracked ETFs XLY
    45. Semis -3.7
      Tracked ETFs SMHSOXX
    46. AI Infrastructure -3.5
      Tracked ETFs AIQSMH
    47. Cultural Thesis -3.4
    48. Thebuildout AI Data Center Operators Neoclouds -3.3
    49. Thebuildout Glass Core Panel Level Packaging -3.3
    50. Thebuildout Co Packaged Optics CPO -3.3
    51. War Sensitivity -3.2
      Tracked ETFs COPXJETSUAEITBINDA
    52. Defensive -3.2
      Tracked ETFs XLPXLU
    53. Thebuildout Custom AI Silicon Hyperscaler Asics -2.9
    54. Thebuildout HBM Memory -2.9
    55. Thebuildout Advanced Packaging 2d3d Leaders -2.9
    56. Optical Supply Chain -2.8
      Tracked ETFs LAZR
    57. Thebuildout Data Center Networking Silicon -2.7
    58. Thebuildout Semiconductor Bonding Interconnect Materials -2.5
    59. Thebuildout Package Substrate Interposer Ecosystem -2.4
    60. CPU Shortage Supply Chain -2.1
      Tracked ETFs SMH

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-09-01 by design; the dated strip of these cards is the climate history.

  32. Market Conditions — 2026-08-31
    Indexes · 7d
    SPY+0.5%QQQ+1.5%IWM-1.4%RSP-1.2%
    Volatility
    VIX 14.43CALM · 1d -0.5%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    42 in / 52 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG+0.1%LQD+0.0%IEF-0.3%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-4.3%USO+1.2%COPX-1.8%Gold · oil · copper miners
    Rotation board Show all 94 themes
    Rotating in RS vs SPY
    1. Hard Assets +22.6
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    2. Crypto +22.0
      Tracked ETFs IBITGBTCETHEBITOBITQ
    3. Cloud SAAS +18.6
      Tracked ETFs CLOUSKYY
    4. Government Compute +15.2
    5. Copper +15.1
      Tracked ETFs COPXCPER
    6. Cloud ETFS +13.3
      Tracked ETFs IGVCLOUSKYY
    7. Ark +13.2
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    8. Cybersec +12.2
      Tracked ETFs HACKBUGCIBR
    9. Thebuildout Lithium Battery Metals +12.1
    10. Thebuildout Rare Earth Miners Processors +11.9
    11. Thebuildout Nand Flash Memory +11.8
    12. Adtech +11.0
    13. Memory +10.4
      Tracked ETFs DRAMEWYDISK
    14. IBB +9.7
    15. Tech Insider Buys +8.8
    16. Biotech +8.2
      Tracked ETFs XBIIBB
    17. Biotech +7.9
      Tracked ETFs XBIIBBIBBQ
    18. Thebuildout AI Storage Data Pipeline +7.2
    19. Web Cloud +6.7
      Tracked ETFs SKYY
    20. Biotech Capital Cycle +6.4
      Tracked ETFs XBI
    21. Watching +6.1
    22. Thebuildout Data Center Switch Nic Vendors +5.8
    23. Alt Managers +5.8
      Tracked ETFs PSP
    24. Food Security +4.9
      Tracked ETFs MOO
    25. Trace Glp1 Manufacturing +4.8
    26. Thebuildout Space Data Centers Orbital Compute +4.1
    27. Healthcare +4.0
      Tracked ETFs XLV
    28. AI +4.0
      Tracked ETFs SMHBOTZROBOAIQ
    29. Healthcare +3.7
      Tracked ETFs XLV
    30. Bargain Bin +3.1
    31. Canadian OG +2.6
      Tracked ETFs EWCXLE
    32. Thebuildout Data Center Fiber High Speed Cabling +2.6
    33. Nuclear Fuel Cycle +2.6
      Tracked ETFs NUKXURA
    34. Thebuildout Specialty Electronic Gases +2.3
    35. Escalation +2.3
      Tracked ETFs FCGEWTEWYEWS
    36. Trace Lng Liquefaction Shipping And Regasification +2.3
    37. Thebuildout Specialty Gases Process Chemicals +2.3
    38. Peptide Economy +2.2
      Tracked ETFs HRTS
    39. Thebuildout Dram Memory +2.2
    40. Thebuildout Photoresists Lithography Materials +2.1
    41. Quantum Computing +2.1
      Tracked ETFs CQTMQTUM
    42. Geopolitical +2.0
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    Rotating out RS vs SPY
    1. Airlines -14.2
      Tracked ETFs JETS
    2. Travel Leisure -11.0
      Tracked ETFs JETS
    3. Grid Buildout -10.9
      Tracked ETFs GRID
    4. China Tech -10.3
      Tracked ETFs KWEBFXIASHR
    5. Neoclouds -9.9
    6. AI Power -8.5
      Tracked ETFs WGMI
    7. Thebuildout Semiconductor Fab Construction Engineering -8.4
    8. Thebuildout Data Center Power Semiconductors -8.1
    9. Thebuildout Industrial Robotics Automation -7.9
    10. Thebuildout Humanoid Robots Embodied AI -7.5
    11. Thebuildout Trailing Edge Logic Specialty Foundries -7.5
    12. Thebuildout Renewable Energy Hyperscaler Ppas -7.5
    13. Thebuildout Grid Infrastructure Transmission -7.3
    14. Electricity -7.2
      Tracked ETFs GRID
    15. WFE Test Metrology -7.1
    16. Thebuildout Nuclear Energy Data Centers -7.0
    17. Thebuildout Autonomous Vehicles Self Driving -7.0
    18. Robotics -7.0
      Tracked ETFs BOTZROBO
    19. Thebuildout AI Sensors Perception Hardware -7.0
    20. Thebuildout Etch Equipment -6.9
    21. Thebuildout Power Supplies Psu Power Shelves -6.6
    22. Defense Contractors -6.5
      Tracked ETFs ITAPPA
    23. Thebuildout Transformers Grid Interconnect -6.3
    24. Thebuildout Power Distribution Pdus Busways -6.3
    25. Livestock Disease -6.0
    26. Energy -5.8
      Tracked ETFs XLEXOP
    27. Thebuildout Data Center Thermal Management -5.4
    28. Thebuildout Deposition Equipment -5.3
    29. Thebuildout Cmp Slurries Consumables -5.2
    30. Thebuildout Ems Contract Electronics Manufacturing -4.9
    31. Humanoid Robotics -4.9
      Tracked ETFs BOTZ
    32. Thebuildout Natural Gas Turbines Dc Power -4.8
    33. Thebuildout Ups Energy Storage Data Centers -4.8
    34. Thebuildout Fuel Cells Alternative Dc Power -4.8
    35. Thebuildout Semiconductor Test Burn In Equipment -4.5
    36. Thebuildout Racks Chassis Mechanical Infrastructure -4.3
    37. Nearline Storage -4.3
      Tracked ETFs DISK
    38. Retail -4.2
      Tracked ETFs XRT
    39. Thebuildout Advanced Packaging Equipment -4.0
    40. EV Clean Energy -4.0
      Tracked ETFs LITDRIVKARSTANICLN
    41. Defensive -3.5
      Tracked ETFs XLPXLU
    42. Thebuildout Glass Core Panel Level Packaging -3.4
    43. AI Infrastructure -3.2
      Tracked ETFs AIQSMH
    44. Thebuildout Semiconductor Ip Licensors -3.0
    45. Thebuildout AI Data Center Operators Neoclouds -3.0
    46. Cultural Thesis -3.0
    47. War Sensitivity -2.7
      Tracked ETFs COPXJETSUAEITBINDA
    48. Semis -2.6
      Tracked ETFs SMHSOXX
    49. Spacex S1 Supply Chain -2.5
      Tracked ETFs ARKX
    50. Consumer -2.3
      Tracked ETFs XLY
    51. Consumer Staples -2.2
      Tracked ETFs XLP
    52. Drone Defense -2.1
      Tracked ETFs ITA

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-08-31 by design; the dated strip of these cards is the climate history.

  33. Market Conditions — 2026-08-28
    Indexes · 7d
    SPY+0.5%QQQ+0.4%IWM-1.4%RSP-0.4%
    Volatility
    VIX 14.43CALM · 1d -0.5%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    62 in / 29 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG+0.1%LQD+0.4%IEF+0.0%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-3.5%USO-3.7%COPX-0.2%Gold · oil · copper miners
    Rotation board Show all 91 themes
    Rotating in RS vs SPY
    1. Thebuildout Nand Flash Memory +21.5
    2. Memory +19.3
      Tracked ETFs DRAMEWYDISK
    3. Copper +18.5
      Tracked ETFs COPXCPER
    4. Hard Assets +16.0
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    5. Crypto +15.7
      Tracked ETFs IBITGBTCETHEBITOBITQ
    6. Cloud SAAS +15.0
      Tracked ETFs CLOUSKYY
    7. Cloud ETFS +13.4
      Tracked ETFs IGVCLOUSKYY
    8. Thebuildout Rare Earth Miners Processors +13.1
    9. Tech Insider Buys +12.4
    10. Thebuildout High Speed Pcbs Server Networking +11.1
    11. Thebuildout Semiconductor Test Burn In Equipment +11.0
    12. Thebuildout Lithium Battery Metals +10.9
    13. Government Compute +10.8
    14. Thebuildout Dram Memory +10.6
    15. Optical Supply Chain +10.5
      Tracked ETFs LAZR
    16. Thebuildout Data Center Fiber High Speed Cabling +10.5
    17. Thebuildout AI Storage Data Pipeline +10.5
    18. CPU Shortage Supply Chain +10.4
      Tracked ETFs SMH
    19. Cybersec +10.4
      Tracked ETFs HACKBUGCIBR
    20. Thebuildout HBM Memory +9.8
    21. Ark +9.5
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    22. Thebuildout Data Center Switch Nic Vendors +9.1
    23. Thebuildout Data Center Networking Silicon +9.1
    24. Thebuildout Optical Transceivers Modules +9.1
    25. Watchlist +9.0
    26. Thebuildout Lithography Equipment +8.4
    27. Thebuildout Connector High Speed Interconnect +8.4
    28. Supply Chain Traces +7.8
    29. AI Infra +7.5
      Tracked ETFs AIQSMH
    30. Mag7 +7.0
      Tracked ETFs MAGS
    31. Adtech +6.9
    32. IBB +6.8
    33. Quantum Computing +6.6
      Tracked ETFs CQTMQTUM
    34. Thebuildout Co Packaged Optics CPO +6.6
    35. Thebuildout Package Substrate Interposer Ecosystem +6.6
    36. Thebuildout Glass Core Panel Level Packaging +6.0
    37. Thebuildout Custom AI Silicon Hyperscaler Asics +6.0
    38. Web Cloud +5.9
      Tracked ETFs SKYY
    39. Biotech +5.4
      Tracked ETFs XBIIBB
    40. Thebuildout Advanced Packaging 2d3d Leaders +5.1
    41. Thebuildout China AI Semiconductor Stack +4.9
    42. Nuclear Fuel Cycle +4.6
      Tracked ETFs NUKXURA
    43. Alt Managers +4.6
      Tracked ETFs PSP
    44. Watching +4.6
    45. ETF Ideas +4.4
      Tracked ETFs QQQMVOOVTISMHIWMXBIGDXJEPQJEPISCHDVYMQYLDXYLDDOGGVGTXLKFTECCLOUSKYYIGVTANICLNURAJETSKWEBDRAMRONBEWZFXIINDAHYGLQDQTUMRAMSPCHSSPCSPCQMRVUMVLLCDNGFOMGENTLCQTMDISKLAZRIBB
    46. Spacex S1 Supply Chain +4.3
      Tracked ETFs ARKX
    47. Biotech +4.2
      Tracked ETFs XBIIBBIBBQ
    48. AI +4.2
      Tracked ETFs SMHBOTZROBOAIQ
    49. Space +4.1
      Tracked ETFs ARKX
    50. Thebuildout Space Data Centers Orbital Compute +3.8
    51. Thebuildout Racks Chassis Mechanical Infrastructure +3.7
    52. Thebuildout Metrology Inspection +3.2
    53. Thebuildout Eda Software +3.1
    54. Biotech Capital Cycle +2.7
      Tracked ETFs XBI
    55. Semis +2.6
      Tracked ETFs SMHSOXX
    56. Thebuildout Semiconductor Fab Construction Engineering +2.6
    57. WFE Test Metrology +2.6
    58. Thebuildout Power Supplies Psu Power Shelves +2.6
    59. Thebuildout Specialty Electronic Gases +2.0
    60. Thebuildout Photoresists Lithography Materials +2.0
    61. Thebuildout Specialty Gases Process Chemicals +2.0
    62. Bargain Bin +2.0
    Rotating out RS vs SPY
    1. Airlines -13.0
      Tracked ETFs JETS
    2. Travel Leisure -11.3
      Tracked ETFs JETS
    3. Thebuildout Grid Infrastructure Transmission -10.8
    4. Thebuildout Renewable Energy Hyperscaler Ppas -9.6
    5. China Tech -9.6
      Tracked ETFs KWEBFXIASHR
    6. Retail -8.3
      Tracked ETFs XRT
    7. Livestock Disease -8.0
    8. Defensive -7.9
      Tracked ETFs XLPXLU
    9. Humanoid Robotics -7.8
      Tracked ETFs BOTZ
    10. Consumer Staples -7.1
      Tracked ETFs XLP
    11. Defense Contractors -6.9
      Tracked ETFs ITAPPA
    12. Thebuildout Nuclear Energy Data Centers -6.3
    13. Electricity -6.2
      Tracked ETFs GRID
    14. Cultural Thesis -6.1
    15. War Sensitivity -4.9
      Tracked ETFs COPXJETSUAEITBINDA
    16. Peptide Economy -4.6
      Tracked ETFs HRTS
    17. Chemicals -4.4
      Tracked ETFs XLB
    18. Thebuildout Fuel Cells Alternative Dc Power -4.2
    19. Consumer -4.0
      Tracked ETFs XLY
    20. Grid Buildout -3.9
      Tracked ETFs GRID
    21. Thebuildout Autonomous Vehicles Self Driving -3.4
    22. AI Power -3.4
      Tracked ETFs WGMI
    23. Thebuildout Humanoid Robots Embodied AI -3.4
    24. Thebuildout Trailing Edge Logic Specialty Foundries -3.3
    25. Thebuildout Data Center Power Semiconductors -3.1
    26. Faang -2.5
    27. Trace Glp1 Manufacturing -2.4
    28. Drone Defense -2.1
      Tracked ETFs ITA
    29. Financials -2.0
      Tracked ETFs XLFKRE

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-08-28 by design; the dated strip of these cards is the climate history.

  34. Market Conditions — 2026-08-27
    Indexes · 7d
    SPY+1.1%QQQ+1.4%IWM+0.7%RSP+0.5%
    Volatility
    VIX 14.51CALM · 1d -4.6%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    66 in / 32 outEach side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG+0.4%LQD+0.6%IEF+0.2%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD+1.8%USO-3.4%COPX+7.3%Gold · oil · copper miners
    Rotation board Show all 98 themes
    Rotating in RS vs SPY
    1. Copper +22.0
      Tracked ETFs COPXCPER
    2. Crypto +21.1
      Tracked ETFs IBITGBTCETHEBITOBITQ
    3. Hard Assets +21.1
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    4. Thebuildout Nand Flash Memory +20.1
    5. Cloud SAAS +18.6
      Tracked ETFs CLOUSKYY
    6. Cloud ETFS +16.4
      Tracked ETFs IGVCLOUSKYY
    7. Thebuildout Semiconductor Test Burn In Equipment +16.4
    8. Thebuildout Lithium Battery Metals +15.9
    9. Tech Insider Buys +15.2
    10. Web Cloud +14.4
      Tracked ETFs SKYY
    11. Cybersec +13.6
      Tracked ETFs HACKBUGCIBR
    12. Thebuildout Rare Earth Miners Processors +13.0
    13. Memory +13.0
      Tracked ETFs DRAMEWYDISK
    14. Thebuildout AI Storage Data Pipeline +12.2
    15. Thebuildout Data Center Fiber High Speed Cabling +12.2
    16. Government Compute +11.9
    17. IBB +11.9
    18. Thebuildout Data Center Switch Nic Vendors +11.6
    19. Thebuildout Lithography Equipment +11.2
    20. Ark +11.1
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    21. Supply Chain Traces +10.9
    22. Thebuildout High Speed Pcbs Server Networking +10.7
    23. Optical Supply Chain +10.3
      Tracked ETFs LAZR
    24. Thebuildout HBM Memory +10.2
    25. CPU Shortage Supply Chain +10.0
      Tracked ETFs SMH
    26. Adtech +9.5
    27. Thebuildout Connector High Speed Interconnect +9.4
    28. Thebuildout Optical Transceivers Modules +9.1
    29. Thebuildout Data Center Networking Silicon +8.6
    30. Nuclear Fuel Cycle +8.2
      Tracked ETFs NUKXURA
    31. Biotech +8.2
      Tracked ETFs XBIIBB
    32. Thebuildout Eda Software +8.0
    33. Quantum Computing +8.0
      Tracked ETFs CQTMQTUM
    34. Watching +7.6
    35. Thebuildout Co Packaged Optics CPO +7.2
    36. Biotech +7.1
      Tracked ETFs XBIIBBIBBQ
    37. Watchlist +6.9
    38. AI +6.9
      Tracked ETFs SMHBOTZROBOAIQ
    39. Thebuildout Space Data Centers Orbital Compute +6.3
    40. AI Infra +6.2
      Tracked ETFs AIQSMH
    41. Thebuildout Package Substrate Interposer Ecosystem +5.8
    42. Biotech Capital Cycle +5.7
      Tracked ETFs XBI
    43. Thebuildout Custom AI Silicon Hyperscaler Asics +5.5
    44. Mag7 +5.5
      Tracked ETFs MAGS
    45. Thebuildout Metrology Inspection +5.3
    46. Thebuildout China AI Semiconductor Stack +5.2
    47. Thebuildout Advanced Packaging 2d3d Leaders +5.0
    48. Thebuildout Glass Core Panel Level Packaging +4.8
    49. ETF Ideas +4.8
      Tracked ETFs QQQMVOOVTISMHIWMXBIGDXJEPQJEPISCHDVYMQYLDXYLDDOGGVGTXLKFTECCLOUSKYYIGVTANICLNURAJETSKWEBDRAMRONBEWZFXIINDAHYGLQDQTUMRAMSPCHSSPCSPCQMRVUMVLLCDNGFOMGENTLCQTMDISKLAZRIBB
    50. Thebuildout Dram Memory +4.8
    51. Canadian OG +4.5
      Tracked ETFs EWCXLE
    52. Trace Glp1 Manufacturing +4.3
    53. Bargain Bin +3.9
    54. Spacex S1 Supply Chain +3.5
      Tracked ETFs ARKX
    55. Alt Managers +3.5
      Tracked ETFs PSP
    56. Space +3.3
      Tracked ETFs ARKX
    57. Volume Setups +3.1
    58. Thebuildout Semiconductor Fab Construction Engineering +3.0
    59. WFE Test Metrology +2.4
    60. Geopolitical +2.4
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    61. Macro Commodities +2.4
      Tracked ETFs COPXURAGDXGDXJSILXHBITBVGKEWGEWZINDAEWJFXIEEMVUGVTVMTUMQUALRSP
    62. Tech +2.1
      Tracked ETFs XLK
    63. Thebuildout Photoresists Lithography Materials +2.1
    64. Nearline Storage +2.1
      Tracked ETFs DISK
    65. Trace Lng Liquefaction Shipping And Regasification +2.0
    66. Thebuildout AI Data Center Operators Neoclouds +2.0
    Rotating out RS vs SPY
    1. Airlines -14.0
      Tracked ETFs JETS
    2. Humanoid Robotics -13.6
      Tracked ETFs BOTZ
    3. Travel Leisure -11.8
      Tracked ETFs JETS
    4. Thebuildout Renewable Energy Hyperscaler Ppas -10.3
    5. Thebuildout Grid Infrastructure Transmission -10.2
    6. Retail -9.1
      Tracked ETFs XRT
    7. Cultural Thesis -8.9
    8. Defense Contractors -7.4
      Tracked ETFs ITAPPA
    9. Defensive -7.4
      Tracked ETFs XLPXLU
    10. Livestock Disease -6.8
    11. China Tech -6.5
      Tracked ETFs KWEBFXIASHR
    12. Thebuildout Nuclear Energy Data Centers -6.3
    13. Electricity -5.5
      Tracked ETFs GRID
    14. Consumer Staples -5.2
      Tracked ETFs XLP
    15. Food Security -5.1
      Tracked ETFs MOO
    16. Thebuildout Fuel Cells Alternative Dc Power -4.2
    17. Neoclouds -4.1
    18. AI Power -4.0
      Tracked ETFs WGMI
    19. Thebuildout Deposition Equipment -3.4
    20. Thebuildout Power Distribution Pdus Busways -3.1
    21. Thebuildout Trailing Edge Logic Specialty Foundries -3.0
    22. Thebuildout Autonomous Vehicles Self Driving -3.0
    23. Chemicals -3.0
      Tracked ETFs XLB
    24. Grid Buildout -3.0
      Tracked ETFs GRID
    25. Financials -2.9
      Tracked ETFs XLFKRE
    26. Thebuildout AI Sensors Perception Hardware -2.9
    27. Thebuildout Cmp Slurries Consumables -2.8
    28. Thebuildout Advanced Packaging Equipment -2.8
    29. Thebuildout Humanoid Robots Embodied AI -2.7
    30. Drone Defense -2.6
      Tracked ETFs ITA
    31. War Sensitivity -2.6
      Tracked ETFs COPXJETSUAEITBINDA
    32. Thebuildout Data Center Thermal Management -2.0

    Each side counts the desk's tracked theme watchlists (124 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-08-27 by design; the dated strip of these cards is the climate history.

  35. Market Conditions — 2026-08-26
    Indexes · 7d
    SPY-0.4%QQQ-0.7%IWM-0.9%RSP+0.0%
    Volatility
    VIX 15.21CALM · 1d -1.5%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    36 in / 46 outEach side counts the desk's tracked theme watchlists (123 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG+0.3%LQD+0.2%IEF-0.1%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD+1.8%USO-2.7%COPX+8.2%Gold · oil · copper miners
    Rotation board Show all 82 themes
    Rotating in RS vs SPY
    1. Copper +19.0
      Tracked ETFs COPXCPER
    2. Crypto +17.2
      Tracked ETFs IBITGBTCETHEBITOBITQ
    3. Hard Assets +17.2
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    4. Government Compute +15.0
    5. IBB +13.4
    6. Cloud ETFS +12.8
      Tracked ETFs IGVCLOUSKYY
    7. Adtech +12.6
    8. Cloud SAAS +11.9
      Tracked ETFs CLOUSKYY
    9. Web Cloud +11.9
      Tracked ETFs SKYY
    10. Biotech +10.6
      Tracked ETFs XBIIBB
    11. Thebuildout Lithium Battery Metals +10.2
    12. Biotech +9.4
      Tracked ETFs XBIIBBIBBQ
    13. Ark +9.0
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    14. Biotech Capital Cycle +8.2
      Tracked ETFs XBI
    15. Tech Insider Buys +8.0
    16. Thebuildout Nand Flash Memory +6.8
    17. Healthcare +6.2
      Tracked ETFs XLV
    18. Healthcare +6.2
      Tracked ETFs XLV
    19. Thebuildout Rare Earth Miners Processors +6.1
    20. Trace Glp1 Manufacturing +6.0
    21. Thebuildout Semiconductor Test Burn In Equipment +5.3
    22. Volume Setups +4.8
    23. Thebuildout Metrology Inspection +4.7
    24. Alt Managers +4.4
      Tracked ETFs PSP
    25. Thebuildout AI Storage Data Pipeline +4.0
    26. Thebuildout Data Center Switch Nic Vendors +3.4
    27. Lazarus +3.4
    28. Canadian OG +3.3
      Tracked ETFs EWCXLE
    29. Mag7 +3.3
      Tracked ETFs MAGS
    30. Watchlist +3.0
    31. AI Infra +3.0
      Tracked ETFs AIQSMH
    32. Thebuildout Data Center Fiber High Speed Cabling +3.0
    33. Nuclear Fuel Cycle +3.0
      Tracked ETFs NUKXURA
    34. Optical Supply Chain +2.9
      Tracked ETFs LAZR
    35. Thebuildout Space Data Centers Orbital Compute +2.8
    36. Memory +2.2
      Tracked ETFs DRAMEWYDISK
    Rotating out RS vs SPY
    1. Thebuildout Deposition Equipment -10.0
    2. Airlines -9.7
      Tracked ETFs JETS
    3. Thebuildout Renewable Energy Hyperscaler Ppas -9.5
    4. Thebuildout Semiconductor Ip Licensors -9.4
    5. AI Power -9.2
      Tracked ETFs WGMI
    6. Thebuildout Advanced Packaging Equipment -9.2
    7. WFE Test Metrology -9.1
    8. Thebuildout Grid Infrastructure Transmission -8.8
    9. Grid Buildout -8.8
      Tracked ETFs GRID
    10. Thebuildout Etch Equipment -8.8
    11. Thebuildout Humanoid Robots Embodied AI -8.7
    12. Thebuildout Data Center Power Semiconductors -8.1
    13. Thebuildout Fuel Cells Alternative Dc Power -8.0
    14. Travel Leisure -7.6
      Tracked ETFs JETS
    15. Thebuildout Trailing Edge Logic Specialty Foundries -7.5
    16. Thebuildout Glass Core Panel Level Packaging -7.4
    17. Thebuildout Autonomous Vehicles Self Driving -7.4
    18. Thebuildout Power Supplies Psu Power Shelves -7.3
    19. Thebuildout Ems Contract Electronics Manufacturing -7.3
    20. Thebuildout Nuclear Energy Data Centers -6.6
    21. Semis -6.5
      Tracked ETFs SMHSOXX
    22. Thebuildout AI Sensors Perception Hardware -6.4
    23. Defense Contractors -6.1
      Tracked ETFs ITAPPA
    24. Thebuildout Power Distribution Pdus Busways -6.1
    25. Humanoid Robotics -5.7
      Tracked ETFs BOTZ
    26. Thebuildout High Speed Pcbs Server Networking -5.3
    27. Cultural Thesis -5.0
    28. Thebuildout Dram Memory -4.9
    29. China Tech -4.6
      Tracked ETFs KWEBFXIASHR
    30. Retail -4.6
      Tracked ETFs XRT
    31. Neoclouds -4.4
    32. Drone Defense -4.0
      Tracked ETFs ITA
    33. Thebuildout Transformers Grid Interconnect -3.4
    34. Consumer -3.4
      Tracked ETFs XLY
    35. Defensive -3.2
      Tracked ETFs XLPXLU
    36. Energy -3.1
      Tracked ETFs XLEXOP
    37. EV Clean Energy -3.1
      Tracked ETFs LITDRIVKARSTANICLN
    38. Thebuildout Data Center Thermal Management -3.0
    39. Robotics -3.0
      Tracked ETFs BOTZROBO
    40. Thebuildout Semiconductor Bonding Interconnect Materials -2.7
    41. AI Infrastructure -2.7
      Tracked ETFs AIQSMH
    42. Thebuildout Package Substrate Interposer Ecosystem -2.7
    43. Thebuildout Cmp Slurries Consumables -2.7
    44. Livestock Disease -2.5
    45. Thebuildout Advanced Packaging 2d3d Leaders -2.2
    46. Consumer Staples -2.0
      Tracked ETFs XLP

    Each side counts the desk's tracked theme watchlists (123 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-08-26 by design; the dated strip of these cards is the climate history.

  36. Market Conditions — 2026-08-25
    Indexes · 7d
    SPY-0.2%QQQ-1.0%IWM-0.3%RSP+0.9%
    Volatility
    VIX 15.45CALM · 1d -2.5%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    34 in / 50 outEach side counts the desk's tracked theme watchlists (123 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG+0.5%LQD+1.0%IEF+0.6%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD+7.4%USO-3.5%COPX+12.6%Gold · oil · copper miners
    Rotation board Show all 84 themes
    Rotating in RS vs SPY
    1. Copper +20.3
      Tracked ETFs COPXCPER
    2. Government Compute +19.2
    3. Crypto +19.0
      Tracked ETFs IBITGBTCETHEBITOBITQ
    4. Hard Assets +18.1
      Tracked ETFs IBITGBTCGDXGDXJSILTLTIEF
    5. Cloud SAAS +16.8
      Tracked ETFs CLOUSKYY
    6. Cloud ETFS +16.0
      Tracked ETFs IGVCLOUSKYY
    7. Adtech +15.7
    8. Thebuildout Rare Earth Miners Processors +14.6
    9. Ark +12.3
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    10. Thebuildout Lithium Battery Metals +12.3
    11. Biotech +11.7
      Tracked ETFs XBIIBB
    12. IBB +11.7
    13. Quantum Computing +11.3
      Tracked ETFs CQTMQTUM
    14. Nuclear Fuel Cycle +10.7
      Tracked ETFs NUKXURA
    15. Web Cloud +10.0
      Tracked ETFs SKYY
    16. Biotech +8.9
      Tracked ETFs XBIIBBIBBQ
    17. Tech Insider Buys +8.5
    18. Biotech Capital Cycle +8.1
      Tracked ETFs XBI
    19. Trace Glp1 Manufacturing +7.0
    20. Lazarus +6.9
    21. Healthcare +6.7
      Tracked ETFs XLV
    22. Healthcare +6.7
      Tracked ETFs XLV
    23. Alt Managers +6.3
      Tracked ETFs PSP
    24. Peptide Economy +4.9
      Tracked ETFs HRTS
    25. Watchlist +4.9
    26. Faang +4.9
    27. Thebuildout Space Data Centers Orbital Compute +4.8
    28. Mag7 +4.1
      Tracked ETFs MAGS
    29. Thebuildout AI Data Center Operators Neoclouds +3.4
    30. Space +3.3
      Tracked ETFs ARKX
    31. Trace Iran War Second And Third Order Effects +3.2
    32. AI +2.3
      Tracked ETFs SMHBOTZROBOAIQ
    33. Tech +2.3
      Tracked ETFs XLK
    34. Volume Setups +2.0
    Rotating out RS vs SPY
    1. Thebuildout Etch Equipment -13.6
    2. Thebuildout Deposition Equipment -13.5
    3. Thebuildout Advanced Packaging Equipment -12.8
    4. Grid Buildout -12.3
      Tracked ETFs GRID
    5. Thebuildout Fuel Cells Alternative Dc Power -12.3
    6. Thebuildout High Speed Pcbs Server Networking -12.0
    7. Thebuildout Power Supplies Psu Power Shelves -11.5
    8. Thebuildout Ems Contract Electronics Manufacturing -11.5
    9. Thebuildout Renewable Energy Hyperscaler Ppas -10.4
    10. Thebuildout Data Center Power Semiconductors -10.1
    11. Thebuildout Semiconductor Ip Licensors -10.1
    12. Thebuildout Grid Infrastructure Transmission -9.9
    13. Semis -9.6
      Tracked ETFs SMHSOXX
    14. AI Power -9.3
      Tracked ETFs WGMI
    15. Thebuildout Trailing Edge Logic Specialty Foundries -9.2
    16. Thebuildout Glass Core Panel Level Packaging -8.9
    17. Thebuildout Nuclear Energy Data Centers -7.9
    18. Thebuildout Transformers Grid Interconnect -7.7
    19. Thebuildout Humanoid Robots Embodied AI -7.6
    20. Thebuildout AI Sensors Perception Hardware -7.5
    21. WFE Test Metrology -7.3
    22. Thebuildout Natural Gas Turbines Dc Power -7.2
    23. Airlines -6.3
      Tracked ETFs JETS
    24. Defense Contractors -6.3
      Tracked ETFs ITAPPA
    25. Thebuildout Power Distribution Pdus Busways -6.3
    26. Thebuildout Dram Memory -6.2
    27. Thebuildout Data Center Networking Silicon -5.4
    28. Humanoid Robotics -4.7
      Tracked ETFs BOTZ
    29. CPU Shortage Supply Chain -4.6
      Tracked ETFs SMH
    30. Neoclouds -4.4
    31. Thebuildout Semiconductor Fab Construction Engineering -4.3
    32. Thebuildout Optical Transceivers Modules -4.2
    33. AI Infrastructure -4.0
      Tracked ETFs AIQSMH
    34. Thebuildout Data Center Thermal Management -3.9
    35. Travel Leisure -3.7
      Tracked ETFs JETS
    36. Thebuildout Connector High Speed Interconnect -3.6
    37. Thebuildout Racks Chassis Mechanical Infrastructure -3.4
    38. Food Security -3.4
      Tracked ETFs MOO
    39. Thebuildout Autonomous Vehicles Self Driving -3.2
    40. Optical Supply Chain -3.1
      Tracked ETFs LAZR
    41. Thebuildout Co Packaged Optics CPO -3.1
    42. Thebuildout Lithography Equipment -3.0
    43. Thebuildout Semiconductor Bonding Interconnect Materials -2.9
    44. Thebuildout Data Center Fiber High Speed Cabling -2.8
    45. Thebuildout Advanced Packaging 2d3d Leaders -2.5
    46. Thebuildout Package Substrate Interposer Ecosystem -2.5
    47. Thebuildout Custom AI Silicon Hyperscaler Asics -2.3
    48. Geopolitical -2.3
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    49. Drone Defense -2.3
      Tracked ETFs ITA
    50. Thebuildout China AI Semiconductor Stack -2.1

    Each side counts the desk's tracked theme watchlists (123 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-08-25 by design; the dated strip of these cards is the climate history.

  37. Market Conditions — 2026-08-24
    Indexes · 7d
    SPY-1.2%QQQ-3.2%IWM-2.0%RSP+0.5%
    Volatility
    VIX 15.85CALM · 1d +4.8%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    36 in / 57 outEach side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG+0.1%LQD+0.5%IEF+0.2%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD+5.2%USO+1.4%COPX+8.3%Gold · oil · copper miners
    Rotation board Show all 93 themes
    Rotating in RS vs SPY
    1. Government Compute +21.9
    2. Cloud SAAS +19.9
      Tracked ETFs CLOUSKYY
    3. Crypto +19.2
      Tracked ETFs IBITGBTCETHEBITOBITQ
    4. Copper +18.3
      Tracked ETFs COPXCPER
    5. Cloud ETFS +16.9
      Tracked ETFs IGVCLOUSKYY
    6. Adtech +15.4
    7. Thebuildout Rare Earth Miners Processors +12.9
    8. Thebuildout Lithium Battery Metals +12.7
    9. Ark +10.3
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    10. IBB +10.2
    11. Web Cloud +10.0
      Tracked ETFs SKYY
    12. Biotech +9.6
      Tracked ETFs XBIIBB
    13. Quantum Computing +8.8
      Tracked ETFs CQTMQTUM
    14. Biotech +7.9
      Tracked ETFs XBIIBBIBBQ
    15. Healthcare +7.8
      Tracked ETFs XLV
    16. Tech Insider Buys +7.6
    17. Healthcare +7.4
      Tracked ETFs XLV
    18. Trace Glp1 Manufacturing +7.3
    19. Lazarus +7.0
    20. Biotech Capital Cycle +6.5
      Tracked ETFs XBI
    21. Alt Managers +6.3
      Tracked ETFs PSP
    22. Watchlist +5.5
    23. Faang +5.5
    24. Trace Iran War Second And Third Order Effects +5.0
    25. Thebuildout Space Data Centers Orbital Compute +4.6
    26. Mag7 +4.3
      Tracked ETFs MAGS
    27. Bargain Bin +4.1
    28. Peptide Economy +3.9
      Tracked ETFs HRTS
    29. Space +3.5
      Tracked ETFs ARKX
    30. Thebuildout AI Data Center Operators Neoclouds +3.2
    31. AI +3.1
      Tracked ETFs SMHBOTZROBOAIQ
    32. Nuclear Fuel Cycle +3.0
      Tracked ETFs NUKXURA
    33. Volume Setups +2.6
    34. Canadian OG +2.5
      Tracked ETFs EWCXLE
    35. Tech +2.3
      Tracked ETFs XLK
    36. Cybersec +2.1
      Tracked ETFs HACKBUGCIBR
    Rotating out RS vs SPY
    1. Thebuildout High Speed Pcbs Server Networking -14.4
    2. Thebuildout Ems Contract Electronics Manufacturing -13.3
    3. Thebuildout Power Supplies Psu Power Shelves -13.3
    4. Thebuildout Etch Equipment -13.0
    5. Thebuildout Semiconductor Ip Licensors -11.5
    6. Thebuildout Renewable Energy Hyperscaler Ppas -11.1
    7. Thebuildout Deposition Equipment -10.8
    8. Grid Buildout -10.5
      Tracked ETFs GRID
    9. Thebuildout Fuel Cells Alternative Dc Power -10.5
    10. Thebuildout Grid Infrastructure Transmission -9.9
    11. AI Power -9.8
      Tracked ETFs WGMI
    12. Thebuildout Nuclear Energy Data Centers -9.4
    13. Thebuildout Data Center Power Semiconductors -9.2
    14. Semis -9.1
      Tracked ETFs SMHSOXX
    15. Thebuildout Humanoid Robots Embodied AI -8.7
    16. Thebuildout Trailing Edge Logic Specialty Foundries -8.6
    17. Thebuildout Dram Memory -8.5
    18. Thebuildout Glass Core Panel Level Packaging -8.5
    19. Thebuildout Advanced Packaging Equipment -8.5
    20. Airlines -8.2
      Tracked ETFs JETS
    21. Thebuildout AI Sensors Perception Hardware -7.9
    22. WFE Test Metrology -7.8
    23. Thebuildout Data Center Networking Silicon -7.7
    24. Neoclouds -7.3
    25. Thebuildout Optical Transceivers Modules -6.3
    26. Defense Contractors -6.1
      Tracked ETFs ITAPPA
    27. Thebuildout Transformers Grid Interconnect -6.0
    28. CPU Shortage Supply Chain -5.9
      Tracked ETFs SMH
    29. Thebuildout Co Packaged Optics CPO -5.8
    30. Optical Supply Chain -5.8
      Tracked ETFs LAZR
    31. Thebuildout Power Distribution Pdus Busways -5.4
    32. Thebuildout Lithography Equipment -5.0
    33. Humanoid Robotics -4.9
      Tracked ETFs BOTZ
    34. Thebuildout Data Center Fiber High Speed Cabling -4.9
    35. Thebuildout Natural Gas Turbines Dc Power -4.8
    36. Thebuildout Custom AI Silicon Hyperscaler Asics -4.5
    37. AI Infrastructure -4.4
      Tracked ETFs AIQSMH
    38. Thebuildout China AI Semiconductor Stack -4.4
    39. Thebuildout Data Center Switch Nic Vendors -4.3
    40. Thebuildout Advanced Packaging 2d3d Leaders -4.3
    41. Thebuildout Package Substrate Interposer Ecosystem -4.1
    42. Thebuildout HBM Memory -3.6
    43. Memory -3.6
      Tracked ETFs DRAMEWYDISK
    44. Thebuildout Data Center Thermal Management -3.6
    45. Thebuildout Autonomous Vehicles Self Driving -3.5
    46. Travel Leisure -3.5
      Tracked ETFs JETS
    47. Thebuildout Racks Chassis Mechanical Infrastructure -3.5
    48. Robotics -3.3
      Tracked ETFs BOTZROBO
    49. Thebuildout Eda Software -3.0
    50. Thebuildout Connector High Speed Interconnect -2.9
    51. Energy -2.8
      Tracked ETFs XLEXOP
    52. Thebuildout Nand Flash Memory -2.8
    53. Thebuildout Industrial Robotics Automation -2.6
    54. Thebuildout Ups Energy Storage Data Centers -2.4
    55. Thebuildout Semiconductor Bonding Interconnect Materials -2.4
    56. Spacex S1 Supply Chain -2.3
      Tracked ETFs ARKX
    57. Food Security -2.1
      Tracked ETFs MOO

    Each side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-08-24 by design; the dated strip of these cards is the climate history.

  38. Market Conditions — 2026-08-21
    Indexes · 7d
    SPY-1.4%QQQ-2.4%IWM-1.7%RSP-0.5%
    Volatility
    VIX 15.13CALM · 1d -5.5%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    33 in / 58 outEach side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.1%LQD-0.2%IEF-0.2%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD+5.5%USO+6.4%COPX+10.4%Gold · oil · copper miners
    Rotation board Show all 91 themes
    Rotating in RS vs SPY
    1. Government Compute +29.6
    2. Cloud SAAS +23.7
      Tracked ETFs CLOUSKYY
    3. Cloud ETFS +18.6
      Tracked ETFs IGVCLOUSKYY
    4. Web Cloud +18.6
      Tracked ETFs SKYY
    5. Copper +15.8
      Tracked ETFs COPXCPER
    6. Crypto +15.5
      Tracked ETFs IBITGBTCETHEBITOBITQ
    7. Adtech +13.7
    8. Biotech +12.9
      Tracked ETFs XBIIBB
    9. Biotech Capital Cycle +12.5
      Tracked ETFs XBI
    10. Thebuildout Lithium Battery Metals +12.3
    11. IBB +12.0
    12. Biotech +11.3
      Tracked ETFs XBIIBBIBBQ
    13. Alt Managers +10.7
      Tracked ETFs PSP
    14. Trace Glp1 Manufacturing +10.5
    15. Quantum Computing +10.3
      Tracked ETFs CQTMQTUM
    16. Healthcare +10.2
      Tracked ETFs XLV
    17. Healthcare +10.2
      Tracked ETFs XLV
    18. Thebuildout Rare Earth Miners Processors +9.1
    19. Lazarus +8.6
    20. Ark +7.9
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    21. Trace Iran War Second And Third Order Effects +6.9
    22. Canadian OG +5.0
      Tracked ETFs EWCXLE
    23. Space +5.0
      Tracked ETFs ARKX
    24. Tech Insider Buys +4.9
    25. Geopolitical +4.5
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    26. Peptide Economy +4.1
      Tracked ETFs HRTS
    27. Cybersec +3.7
      Tracked ETFs HACKBUGCIBR
    28. Thebuildout Space Data Centers Orbital Compute +3.7
    29. Drone Defense +3.6
      Tracked ETFs ITA
    30. Bargain Bin +3.3
    31. Consumer Staples +3.3
      Tracked ETFs XLP
    32. Volume Setups +3.1
    33. Thebuildout Cmp Slurries Consumables +2.0
    Rotating out RS vs SPY
    1. Thebuildout High Speed Pcbs Server Networking -15.6
    2. Thebuildout Ems Contract Electronics Manufacturing -15.5
    3. Thebuildout Semiconductor Ip Licensors -14.6
    4. Thebuildout Deposition Equipment -14.2
    5. Thebuildout Glass Core Panel Level Packaging -13.6
    6. Thebuildout Advanced Packaging Equipment -13.6
    7. Thebuildout Trailing Edge Logic Specialty Foundries -13.1
    8. Thebuildout Etch Equipment -13.0
    9. Thebuildout Data Center Power Semiconductors -12.6
    10. Thebuildout Power Supplies Psu Power Shelves -12.4
    11. CPU Shortage Supply Chain -12.3
      Tracked ETFs SMH
    12. AI Power -11.9
      Tracked ETFs WGMI
    13. Semis -11.8
      Tracked ETFs SMHSOXX
    14. WFE Test Metrology -10.9
    15. Neoclouds -10.5
    16. Thebuildout Renewable Energy Hyperscaler Ppas -10.2
    17. Thebuildout AI Sensors Perception Hardware -9.7
    18. Thebuildout Data Center Networking Silicon -9.7
    19. Thebuildout Fuel Cells Alternative Dc Power -9.4
    20. Thebuildout Humanoid Robots Embodied AI -9.3
    21. Thebuildout Dram Memory -9.1
    22. Thebuildout Grid Infrastructure Transmission -8.8
    23. Thebuildout Package Substrate Interposer Ecosystem -7.8
    24. Airlines -7.5
      Tracked ETFs JETS
    25. Thebuildout Lithography Equipment -7.1
    26. Thebuildout Advanced Packaging 2d3d Leaders -6.5
    27. Thebuildout Autonomous Vehicles Self Driving -6.0
    28. Thebuildout Natural Gas Turbines Dc Power -5.9
    29. Thebuildout Co Packaged Optics CPO -5.9
    30. Thebuildout Power Distribution Pdus Busways -5.6
    31. Grid Buildout -5.3
      Tracked ETFs GRID
    32. Thebuildout Nuclear Energy Data Centers -5.3
    33. Supply Chain Traces -5.3
    34. Energy -5.1
      Tracked ETFs XLEXOP
    35. Optical Supply Chain -4.8
      Tracked ETFs LAZR
    36. Thebuildout Data Center Fiber High Speed Cabling -4.6
    37. Thebuildout Transformers Grid Interconnect -4.6
    38. Thebuildout Custom AI Silicon Hyperscaler Asics -4.6
    39. Thebuildout Eda Software -4.3
    40. Thebuildout China AI Semiconductor Stack -4.3
    41. EV Clean Energy -4.3
      Tracked ETFs LITDRIVKARSTANICLN
    42. Humanoid Robotics -4.1
      Tracked ETFs BOTZ
    43. Thebuildout Connector High Speed Interconnect -4.0
    44. Thebuildout Racks Chassis Mechanical Infrastructure -4.0
    45. Thebuildout HBM Memory -3.8
    46. Thebuildout Metrology Inspection -3.8
    47. Thebuildout Optical Transceivers Modules -3.8
    48. Robotics -3.8
      Tracked ETFs BOTZROBO
    49. Thebuildout Semiconductor Bonding Interconnect Materials -3.3
    50. Thebuildout Ups Energy Storage Data Centers -3.3
    51. Memory -3.3
      Tracked ETFs DRAMEWYDISK
    52. AI Infrastructure -3.1
      Tracked ETFs AIQSMH
    53. Thebuildout Data Center Thermal Management -3.0
    54. Nearline Storage -3.0
      Tracked ETFs DISK
    55. Spacex S1 Supply Chain -2.9
      Tracked ETFs ARKX
    56. Thebuildout Data Center Switch Nic Vendors -2.8
    57. Thebuildout Nand Flash Memory -2.6
    58. Cultural Thesis -2.5

    Each side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-08-21 by design; the dated strip of these cards is the climate history.

  39. Market Conditions — 2026-08-21
    Indexes · 7d
    SPY-1.4%QQQ-2.4%IWM-1.7%RSP-0.5%
    Volatility
    VIX 15.13CALM · 1d -5.5%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    33 in / 58 outEach side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.1%LQD-0.2%IEF-0.2%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD+5.5%USO+6.4%COPX+10.4%Gold · oil · copper miners
    Rotation board Show all 91 themes
    Rotating in RS vs SPY
    1. Government Compute +29.6
    2. Cloud SAAS +23.7
      Tracked ETFs CLOUSKYY
    3. Cloud ETFS +18.6
      Tracked ETFs IGVCLOUSKYY
    4. Web Cloud +18.6
      Tracked ETFs SKYY
    5. Copper +15.8
      Tracked ETFs COPXCPER
    6. Crypto +15.5
      Tracked ETFs IBITGBTCETHEBITOBITQ
    7. Adtech +13.7
    8. Biotech +12.9
      Tracked ETFs XBIIBB
    9. Biotech Capital Cycle +12.5
      Tracked ETFs XBI
    10. Thebuildout Lithium Battery Metals +12.3
    11. IBB +12.0
    12. Biotech +11.3
      Tracked ETFs XBIIBBIBBQ
    13. Alt Managers +10.7
      Tracked ETFs PSP
    14. Trace Glp1 Manufacturing +10.5
    15. Quantum Computing +10.3
      Tracked ETFs CQTMQTUM
    16. Healthcare +10.2
      Tracked ETFs XLV
    17. Healthcare +10.2
      Tracked ETFs XLV
    18. Thebuildout Rare Earth Miners Processors +9.1
    19. Lazarus +8.6
    20. Ark +7.9
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    21. Trace Iran War Second And Third Order Effects +6.9
    22. Canadian OG +5.0
      Tracked ETFs EWCXLE
    23. Space +5.0
      Tracked ETFs ARKX
    24. Tech Insider Buys +4.9
    25. Geopolitical +4.5
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    26. Peptide Economy +4.1
      Tracked ETFs HRTS
    27. Cybersec +3.7
      Tracked ETFs HACKBUGCIBR
    28. Thebuildout Space Data Centers Orbital Compute +3.7
    29. Drone Defense +3.6
      Tracked ETFs ITA
    30. Bargain Bin +3.3
    31. Consumer Staples +3.3
      Tracked ETFs XLP
    32. Volume Setups +3.1
    33. Thebuildout Cmp Slurries Consumables +2.0
    Rotating out RS vs SPY
    1. Thebuildout High Speed Pcbs Server Networking -15.6
    2. Thebuildout Ems Contract Electronics Manufacturing -15.5
    3. Thebuildout Semiconductor Ip Licensors -14.6
    4. Thebuildout Deposition Equipment -14.2
    5. Thebuildout Glass Core Panel Level Packaging -13.6
    6. Thebuildout Advanced Packaging Equipment -13.6
    7. Thebuildout Trailing Edge Logic Specialty Foundries -13.1
    8. Thebuildout Etch Equipment -13.0
    9. Thebuildout Data Center Power Semiconductors -12.6
    10. Thebuildout Power Supplies Psu Power Shelves -12.4
    11. CPU Shortage Supply Chain -12.3
      Tracked ETFs SMH
    12. AI Power -11.9
      Tracked ETFs WGMI
    13. Semis -11.8
      Tracked ETFs SMHSOXX
    14. WFE Test Metrology -10.9
    15. Neoclouds -10.5
    16. Thebuildout Renewable Energy Hyperscaler Ppas -10.2
    17. Thebuildout AI Sensors Perception Hardware -9.7
    18. Thebuildout Data Center Networking Silicon -9.7
    19. Thebuildout Fuel Cells Alternative Dc Power -9.4
    20. Thebuildout Humanoid Robots Embodied AI -9.3
    21. Thebuildout Dram Memory -9.1
    22. Thebuildout Grid Infrastructure Transmission -8.8
    23. Thebuildout Package Substrate Interposer Ecosystem -7.8
    24. Airlines -7.5
      Tracked ETFs JETS
    25. Thebuildout Lithography Equipment -7.1
    26. Thebuildout Advanced Packaging 2d3d Leaders -6.5
    27. Thebuildout Autonomous Vehicles Self Driving -6.0
    28. Thebuildout Natural Gas Turbines Dc Power -5.9
    29. Thebuildout Co Packaged Optics CPO -5.9
    30. Thebuildout Power Distribution Pdus Busways -5.6
    31. Grid Buildout -5.3
      Tracked ETFs GRID
    32. Thebuildout Nuclear Energy Data Centers -5.3
    33. Supply Chain Traces -5.3
    34. Energy -5.1
      Tracked ETFs XLEXOP
    35. Optical Supply Chain -4.8
      Tracked ETFs LAZR
    36. Thebuildout Data Center Fiber High Speed Cabling -4.6
    37. Thebuildout Transformers Grid Interconnect -4.6
    38. Thebuildout Custom AI Silicon Hyperscaler Asics -4.6
    39. Thebuildout Eda Software -4.3
    40. Thebuildout China AI Semiconductor Stack -4.3
    41. EV Clean Energy -4.3
      Tracked ETFs LITDRIVKARSTANICLN
    42. Humanoid Robotics -4.1
      Tracked ETFs BOTZ
    43. Thebuildout Connector High Speed Interconnect -4.0
    44. Thebuildout Racks Chassis Mechanical Infrastructure -4.0
    45. Thebuildout HBM Memory -3.8
    46. Thebuildout Metrology Inspection -3.8
    47. Thebuildout Optical Transceivers Modules -3.8
    48. Robotics -3.8
      Tracked ETFs BOTZROBO
    49. Thebuildout Semiconductor Bonding Interconnect Materials -3.3
    50. Thebuildout Ups Energy Storage Data Centers -3.3
    51. Memory -3.3
      Tracked ETFs DRAMEWYDISK
    52. AI Infrastructure -3.1
      Tracked ETFs AIQSMH
    53. Thebuildout Data Center Thermal Management -3.0
    54. Nearline Storage -3.0
      Tracked ETFs DISK
    55. Spacex S1 Supply Chain -2.9
      Tracked ETFs ARKX
    56. Thebuildout Data Center Switch Nic Vendors -2.8
    57. Thebuildout Nand Flash Memory -2.6
    58. Cultural Thesis -2.5

    Each side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-08-21 by design; the dated strip of these cards is the climate history.

  40. Market Conditions — 2026-08-20
    Indexes · 7d
    SPY-1.9%QQQ-2.9%IWM-1.9%RSP-1.1%
    Volatility
    VIX 16.01NORMAL · 1d +7.5%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    31 in / 68 outEach side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG-0.3%LQD-0.5%IEF-0.3%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD+4.1%USO+7.6%COPX+5.2%Gold · oil · copper miners
    Rotation board Show all 99 themes
    Rotating in RS vs SPY
    1. Government Compute +28.0
    2. Cloud SAAS +16.7
      Tracked ETFs CLOUSKYY
    3. Cloud ETFS +14.6
      Tracked ETFs IGVCLOUSKYY
    4. Copper +13.0
      Tracked ETFs COPXCPER
    5. Adtech +11.4
    6. Thebuildout Lithium Battery Metals +11.2
    7. Biotech +9.5
      Tracked ETFs XBIIBB
    8. Trace Glp1 Manufacturing +9.4
    9. Healthcare +9.2
      Tracked ETFs XLV
    10. IBB +8.8
    11. Biotech Capital Cycle +8.8
      Tracked ETFs XBI
    12. Alt Managers +8.7
      Tracked ETFs PSP
    13. Healthcare +8.3
      Tracked ETFs XLV
    14. Biotech +8.0
      Tracked ETFs XBIIBBIBBQ
    15. Trace Iran War Second And Third Order Effects +7.9
    16. Crypto +7.8
      Tracked ETFs IBITGBTCETHEBITOBITQ
    17. Web Cloud +7.6
      Tracked ETFs SKYY
    18. Lazarus +7.4
    19. Canadian OG +7.1
      Tracked ETFs EWCXLE
    20. Geopolitical +6.7
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    21. Drone Defense +6.6
      Tracked ETFs ITA
    22. Volume Setups +5.7
    23. Thebuildout Space Data Centers Orbital Compute +4.6
    24. Consumer Staples +4.0
      Tracked ETFs XLP
    25. Thebuildout AI Storage Data Pipeline +4.0
    26. Space +3.6
      Tracked ETFs ARKX
    27. Ark +3.5
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    28. Bargain Bin +3.2
    29. Tech Insider Buys +2.9
    30. Chemicals +2.7
      Tracked ETFs XLB
    31. Quantum Computing +2.0
      Tracked ETFs CQTMQTUM
    Rotating out RS vs SPY
    1. Thebuildout Ems Contract Electronics Manufacturing -15.0
    2. Thebuildout High Speed Pcbs Server Networking -15.0
    3. Thebuildout Semiconductor Ip Licensors -14.8
    4. Thebuildout Deposition Equipment -13.1
    5. Thebuildout Glass Core Panel Level Packaging -12.2
    6. Thebuildout Advanced Packaging Equipment -12.2
    7. Thebuildout Trailing Edge Logic Specialty Foundries -11.8
    8. Grid Buildout -11.7
      Tracked ETFs GRID
    9. Thebuildout Fuel Cells Alternative Dc Power -11.5
    10. AI Power -11.4
      Tracked ETFs WGMI
    11. Thebuildout Dram Memory -10.9
    12. CPU Shortage Supply Chain -10.7
      Tracked ETFs SMH
    13. Thebuildout Humanoid Robots Embodied AI -10.6
    14. Thebuildout Data Center Power Semiconductors -10.5
    15. Airlines -10.2
      Tracked ETFs JETS
    16. Thebuildout Etch Equipment -9.8
    17. Semis -9.8
      Tracked ETFs SMHSOXX
    18. WFE Test Metrology -9.5
    19. Thebuildout AI Sensors Perception Hardware -9.3
    20. Thebuildout Package Substrate Interposer Ecosystem -8.7
    21. Thebuildout Data Center Networking Silicon -8.6
    22. Neoclouds -8.1
    23. Thebuildout Co Packaged Optics CPO -7.7
    24. Thebuildout Lithography Equipment -7.6
    25. Thebuildout Advanced Packaging 2d3d Leaders -7.4
    26. Thebuildout Power Supplies Psu Power Shelves -7.2
    27. EV Clean Energy -7.0
      Tracked ETFs LITDRIVKARSTANICLN
    28. Thebuildout Data Center Fiber High Speed Cabling -6.8
    29. Cultural Thesis -6.4
    30. Thebuildout HBM Memory -6.3
    31. Thebuildout China AI Semiconductor Stack -6.3
    32. Thebuildout Optical Transceivers Modules -6.2
    33. Thebuildout Natural Gas Turbines Dc Power -6.0
    34. Thebuildout Power Distribution Pdus Busways -6.0
    35. Thebuildout Renewable Energy Hyperscaler Ppas -5.9
    36. Thebuildout Connector High Speed Interconnect -5.8
    37. Energy -5.5
      Tracked ETFs XLEXOP
    38. Thebuildout Custom AI Silicon Hyperscaler Asics -5.5
    39. Memory -5.3
      Tracked ETFs DRAMEWYDISK
    40. Thebuildout Grid Infrastructure Transmission -5.3
    41. Thebuildout Nuclear Energy Data Centers -5.2
    42. Thebuildout Autonomous Vehicles Self Driving -5.2
    43. Robotics -5.2
      Tracked ETFs BOTZROBO
    44. Thebuildout Eda Software -5.0
    45. Humanoid Robotics -5.0
      Tracked ETFs BOTZ
    46. Thebuildout Transformers Grid Interconnect -4.9
    47. Supply Chain Traces -4.7
    48. Optical Supply Chain -4.5
      Tracked ETFs LAZR
    49. Thebuildout Racks Chassis Mechanical Infrastructure -4.5
    50. AI Infrastructure -4.4
      Tracked ETFs AIQSMH
    51. Thebuildout Data Center Switch Nic Vendors -4.2
    52. Thebuildout Ups Energy Storage Data Centers -4.1
    53. Thebuildout Data Center Thermal Management -3.9
    54. Faang -3.8
    55. Spacex S1 Supply Chain -3.8
      Tracked ETFs ARKX
    56. Watchlist -3.8
    57. Watching -3.7
    58. China Tech -3.6
      Tracked ETFs KWEBFXIASHR
    59. Thebuildout Semiconductor Bonding Interconnect Materials -3.5
    60. Nearline Storage -3.4
      Tracked ETFs DISK
    61. Thebuildout Metrology Inspection -3.3
    62. War Sensitivity -3.0
      Tracked ETFs COPXJETSUAEITBINDA
    63. Mag7 -2.9
      Tracked ETFs MAGS
    64. Thebuildout Photoresists Lithography Materials -2.3
    65. Consumer -2.3
      Tracked ETFs XLY
    66. Tech -2.2
      Tracked ETFs XLK
    67. Peptide Economy -2.1
      Tracked ETFs HRTS
    68. Travel Leisure -2.0
      Tracked ETFs JETS

    Each side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-08-20 by design; the dated strip of these cards is the climate history.

  41. Market Conditions — 2026-08-19
    Indexes · 7d
    SPY-0.5%QQQ-1.0%IWM-0.3%RSP+0.5%
    Volatility
    VIX 14.89CALM · 1d -6.0%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    41 in / 53 outEach side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    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+2.2%USO+2.9%COPX-0.1%Gold · oil · copper miners
    Rotation board Show all 94 themes
    Rotating in RS vs SPY
    1. Government Compute +24.6
    2. Copper +15.9
      Tracked ETFs COPXCPER
    3. Cloud SAAS +14.6
      Tracked ETFs CLOUSKYY
    4. Biotech +12.7
      Tracked ETFs XBIIBB
    5. Web Cloud +11.9
      Tracked ETFs SKYY
    6. Nuclear Fuel Cycle +11.8
      Tracked ETFs NUKXURA
    7. Cloud ETFS +11.8
      Tracked ETFs IGVCLOUSKYY
    8. IBB +11.8
    9. Space +11.7
      Tracked ETFs ARKX
    10. Biotech +11.1
      Tracked ETFs XBIIBBIBBQ
    11. Drone Defense +10.8
      Tracked ETFs ITA
    12. Thebuildout Lithium Battery Metals +10.0
    13. Alt Managers +9.9
      Tracked ETFs PSP
    14. Trace Iran War Second And Third Order Effects +9.2
    15. Healthcare +9.0
      Tracked ETFs XLV
    16. Biotech Capital Cycle +8.7
      Tracked ETFs XBI
    17. Healthcare +8.5
      Tracked ETFs XLV
    18. Adtech +8.3
    19. Thebuildout Semiconductor Test Burn In Equipment +7.8
    20. Thebuildout AI Storage Data Pipeline +7.2
    21. Trace Glp1 Manufacturing +6.8
    22. Lazarus +6.6
    23. Canadian OG +6.1
      Tracked ETFs EWCXLE
    24. Geopolitical +6.1
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    25. Quantum Computing +6.1
      Tracked ETFs CQTMQTUM
    26. Thebuildout Space Data Centers Orbital Compute +6.0
    27. Trace Lng Liquefaction Shipping And Regasification +5.6
    28. Ark +5.6
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    29. Thebuildout Semiconductor Fab Construction Engineering +4.7
    30. Thebuildout Nand Flash Memory +4.7
    31. Thebuildout Cmp Slurries Consumables +4.3
    32. Tech Insider Buys +4.0
    33. Volume Setups +3.5
    34. Defense Contractors +3.3
      Tracked ETFs ITAPPA
    35. AI +2.9
      Tracked ETFs SMHBOTZROBOAIQ
    36. Thebuildout AI Data Center Operators Neoclouds +2.9
    37. Thebuildout Rare Earth Miners Processors +2.8
    38. AI Infra +2.7
      Tracked ETFs AIQSMH
    39. Bargain Bin +2.7
    40. Consumer Staples +2.2
      Tracked ETFs XLP
    41. Optical Supply Chain +2.0
      Tracked ETFs LAZR
    Rotating out RS vs SPY
    1. Grid Buildout -11.4
      Tracked ETFs GRID
    2. Thebuildout Semiconductor Ip Licensors -11.2
    3. AI Power -10.1
      Tracked ETFs WGMI
    4. Airlines -8.9
      Tracked ETFs JETS
    5. Thebuildout Humanoid Robots Embodied AI -8.8
    6. Cultural Thesis -8.6
    7. Thebuildout Fuel Cells Alternative Dc Power -8.5
    8. Thebuildout Trailing Edge Logic Specialty Foundries -8.4
    9. Semis -8.3
      Tracked ETFs SMHSOXX
    10. Thebuildout Deposition Equipment -7.9
    11. Thebuildout Data Center Power Semiconductors -7.9
    12. Thebuildout AI Sensors Perception Hardware -7.5
    13. Thebuildout Ems Contract Electronics Manufacturing -7.3
    14. Thebuildout High Speed Pcbs Server Networking -7.3
    15. Thebuildout Renewable Energy Hyperscaler Ppas -7.1
    16. Thebuildout Glass Core Panel Level Packaging -7.0
    17. Thebuildout Package Substrate Interposer Ecosystem -7.0
    18. CPU Shortage Supply Chain -7.0
      Tracked ETFs SMH
    19. Thebuildout Dram Memory -6.9
    20. Neoclouds -6.7
    21. Thebuildout Advanced Packaging Equipment -6.5
    22. Thebuildout Autonomous Vehicles Self Driving -6.4
    23. Thebuildout Nuclear Energy Data Centers -6.4
    24. Thebuildout Etch Equipment -6.4
    25. Thebuildout Power Supplies Psu Power Shelves -6.3
    26. Thebuildout Grid Infrastructure Transmission -5.8
    27. Food Security -5.8
      Tracked ETFs MOO
    28. Faang -5.7
    29. Watchlist -5.7
    30. Thebuildout Advanced Packaging 2d3d Leaders -5.3
    31. Thebuildout Power Distribution Pdus Busways -5.2
    32. WFE Test Metrology -5.0
    33. Thebuildout Natural Gas Turbines Dc Power -4.8
    34. Mag7 -4.1
      Tracked ETFs MAGS
    35. Thebuildout Data Center Networking Silicon -3.9
    36. Thebuildout Transformers Grid Interconnect -3.9
    37. Thebuildout Ups Energy Storage Data Centers -3.9
    38. China Tech -3.6
      Tracked ETFs KWEBFXIASHR
    39. Thebuildout Co Packaged Optics CPO -3.6
    40. Thebuildout Custom AI Silicon Hyperscaler Asics -3.5
    41. EV Clean Energy -3.4
      Tracked ETFs LITDRIVKARSTANICLN
    42. Thebuildout Optical Transceivers Modules -3.3
    43. Thebuildout Data Center Fiber High Speed Cabling -3.2
    44. Thebuildout China AI Semiconductor Stack -3.1
    45. Thebuildout Lithography Equipment -2.8
    46. Thebuildout Connector High Speed Interconnect -2.8
    47. Retail -2.6
      Tracked ETFs XRT
    48. Consumer -2.5
      Tracked ETFs XLY
    49. Tech -2.4
      Tracked ETFs XLK
    50. Thebuildout Eda Software -2.4
    51. Thebuildout HBM Memory -2.4
    52. Watching -2.3
    53. Thebuildout Semiconductor Bonding Interconnect Materials -2.1

    Each side counts the desk's tracked theme watchlists (122 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-08-19 by design; the dated strip of these cards is the climate history.

  42. Market Conditions — 2026-08-18
    Indexes · 7d
    SPY-0.4%QQQ-0.1%IWM-0.3%RSP-0.4%
    Volatility
    VIX 15.84CALM · 1d +4.3%No fire-sale trigger — needs a ≥30% one-day spike
    Rotation · 30d strength
    28 in / 20 outEach side counts the desk's tracked theme watchlists (70 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    Credit · 7d
    HYG+0.1%LQD-0.1%IEF+0.1%Orderly credit = the selling is positioning, not a credit event
    Hard assets · 7d
    GLD-0.6%USO+2.4%COPX-3.4%Gold · oil · copper miners
    Rotation board Show all 48 themes
    Rotating in RS vs SPY
    1. Government Compute +21.8
    2. Web Cloud +15.3
      Tracked ETFs SKYY
    3. Copper +12.8
      Tracked ETFs COPXCPER
    4. Cloud SAAS +12.4
      Tracked ETFs CLOUSKYY
    5. Space +12.4
      Tracked ETFs ARKX
    6. Cloud ETFS +12.0
      Tracked ETFs IGVCLOUSKYY
    7. Drone Defense +11.8
      Tracked ETFs ITA
    8. Adtech +9.5
    9. Nuclear Fuel Cycle +8.7
      Tracked ETFs NUKXURA
    10. Quantum Computing +7.8
      Tracked ETFs CQTMQTUM
    11. Trace Iran War Second And Third Order Effects +7.7
    12. Optical Supply Chain +7.3
      Tracked ETFs LAZR
    13. Canadian OG +7.2
      Tracked ETFs EWCXLE
    14. Nearline Storage +6.2
      Tracked ETFs DISK
    15. Alt Managers +6.2
      Tracked ETFs PSP
    16. Geopolitical +6.0
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    17. Lazarus +5.6
    18. Tech Insider Buys +5.2
    19. Defense Contractors +5.1
      Tracked ETFs ITAPPA
    20. Trace Lng Liquefaction Shipping And Regasification +4.0
    21. Healthcare +3.7
      Tracked ETFs XLV
    22. Volume Setups +3.6
    23. Ark +3.6
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    24. Trace Glp1 Manufacturing +3.4
    25. Healthcare +3.2
      Tracked ETFs XLV
    26. AI +3.0
      Tracked ETFs SMHBOTZROBOAIQ
    27. Supply Chain Traces +2.7
    28. IBB +2.0
    Rotating out RS vs SPY
    1. Cultural Thesis -10.6
    2. Grid Buildout -8.3
      Tracked ETFs GRID
    3. AI Power -7.0
      Tracked ETFs WGMI
    4. Airlines -6.6
      Tracked ETFs JETS
    5. EV Clean Energy -6.3
      Tracked ETFs LITDRIVKARSTANICLN
    6. Energy -6.1
      Tracked ETFs XLEXOP
    7. Food Security -6.0
      Tracked ETFs MOO
    8. Consumer -5.0
      Tracked ETFs XLY
    9. Livestock Disease -4.5
    10. Faang -4.0
    11. Watchlist -4.0
    12. Peptide Economy -3.8
      Tracked ETFs HRTS
    13. Mag7 -3.7
      Tracked ETFs MAGS
    14. Retail -3.6
      Tracked ETFs XRT
    15. CPU Shortage Supply Chain -3.3
      Tracked ETFs SMH
    16. Crypto -3.3
      Tracked ETFs IBITGBTCETHEBITOBITQ
    17. War Sensitivity -3.0
      Tracked ETFs COPXJETSUAEITBINDA
    18. Defensive -2.8
      Tracked ETFs XLPXLU
    19. Watching -2.6
    20. Robotics -2.4
      Tracked ETFs BOTZROBO

    Each side counts the desk's tracked theme watchlists (70 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

    Frozen snapshot — numbers are as of 2026-08-18 by design; the dated strip of these cards is the climate history.

  43. Market Conditions — 2026-08-17
    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 outEach side counts the desk's tracked theme watchlists (70 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    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
    Rotation board Show all 50 themes
    Rotating in RS vs SPY
    1. Government Compute +20.4
    2. Optical Supply Chain +18.5
      Tracked ETFs LAZR
    3. Web Cloud +15.3
      Tracked ETFs SKYY
    4. Space +14.0
      Tracked ETFs ARKX
    5. Copper +13.8
      Tracked ETFs COPXCPER
    6. Quantum Computing +12.7
      Tracked ETFs CQTMQTUM
    7. Nuclear Fuel Cycle +11.2
      Tracked ETFs NUKXURA
    8. Cloud ETFS +10.9
      Tracked ETFs IGVCLOUSKYY
    9. Cloud SAAS +10.8
      Tracked ETFs CLOUSKYY
    10. Drone Defense +10.3
      Tracked ETFs ITA
    11. Neoclouds +9.2
    12. Memory +9.2
      Tracked ETFs DRAMEWYDISK
    13. Adtech +9.1
    14. Nearline Storage +8.4
      Tracked ETFs DISK
    15. Humanoid Robotics +6.7
      Tracked ETFs BOTZ
    16. Tech Insider Buys +6.5
    17. Alt Managers +6.3
      Tracked ETFs PSP
    18. Ark +5.6
      Tracked ETFs ARKKARKWARKGARKFARKQARKX
    19. AI +5.1
      Tracked ETFs SMHBOTZROBOAIQ
    20. Defense Contractors +4.8
      Tracked ETFs ITAPPA
    21. Geopolitical +4.8
      Tracked ETFs XLEOIHXOPGDXTLTITAPPA
    22. Trace Iran War Second And Third Order Effects +4.6
    23. Spacex S1 Supply Chain +4.3
      Tracked ETFs ARKX
    24. AI Infra +4.2
      Tracked ETFs AIQSMH
    25. Canadian OG +3.5
      Tracked ETFs EWCXLE
    26. AI Infrastructure +3.3
      Tracked ETFs AIQSMH
    27. Supply Chain Traces +3.2
    28. Trace Lng Liquefaction Shipping And Regasification +3.1
    29. WFE Test Metrology +3.1
    30. Lazarus +3.0
    31. Robotics +3.0
      Tracked ETFs BOTZROBO
    32. ETF Ideas +2.9
      Tracked ETFs QQQMVOOVTISMHIWMXBIGDXJEPQJEPISCHDVYMQYLDXYLDDOGGVGTXLKFTECCLOUSKYYIGVTANICLNURAJETSKWEBDRAMRONBEWZFXIINDAHYGLQDQTUMRAMSPCHSSPCSPCQMRVUMVLLCDNGFOMGENTLCQTMDISKLAZRIBB
    33. Volume Setups +2.7
    34. Semis +2.4
      Tracked ETFs SMHSOXX
    35. Biotech +2.2
      Tracked ETFs XBIIBB
    Rotating out RS vs SPY
    1. Cultural Thesis -11.9
    2. Food Security -7.2
      Tracked ETFs MOO
    3. Peptide Economy -7.2
      Tracked ETFs HRTS
    4. Consumer -5.2
      Tracked ETFs XLY
    5. Livestock Disease -4.9
    6. Airlines -4.9
      Tracked ETFs JETS
    7. Faang -4.8
    8. Watchlist -4.8
    9. EV Clean Energy -4.7
      Tracked ETFs LITDRIVKARSTANICLN
    10. Retail -4.6
      Tracked ETFs XRT
    11. Mag7 -4.0
      Tracked ETFs MAGS
    12. Crypto -4.0
      Tracked ETFs IBITGBTCETHEBITOBITQ
    13. Consumer Staples -3.5
      Tracked ETFs XLP
    14. Defensive -2.9
      Tracked ETFs XLPXLU
    15. China Tech -2.3
      Tracked ETFs KWEBFXIASHR

    Each side counts the desk's tracked theme watchlists (70 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

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

  44. Market Conditions — 2026-08-14
    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 outEach side counts the desk's tracked theme watchlists (70 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    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
    Rotation board Show all 10 themes
    Rotating in RS vs SPY
    1. Government Compute +26.8
    2. Web Cloud +17.8
      Tracked ETFs SKYY
    3. Cloud SAAS +15.3
      Tracked ETFs CLOUSKYY
    4. Cloud ETFS +14.8
      Tracked ETFs IGVCLOUSKYY
    5. Alt Managers +10.9
      Tracked ETFs PSP
    Rotating out RS vs SPY
    1. Faang -9.4
    2. Watchlist -9.4
    3. AI Power -8.4
      Tracked ETFs WGMI
    4. Peptide Economy -7.1
      Tracked ETFs HRTS
    5. EV Clean Energy -6.7
      Tracked ETFs LITDRIVKARSTANICLN

    Each side counts the desk's tracked theme watchlists (70 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

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

  45. Market Conditions — 2026-08-14
    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 outEach side counts the desk's tracked theme watchlists (70 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    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
    Rotation board Show all 10 themes
    Rotating in RS vs SPY
    1. Government Compute +26.8
    2. Web Cloud +17.8
      Tracked ETFs SKYY
    3. Cloud SAAS +15.3
      Tracked ETFs CLOUSKYY
    4. Cloud ETFS +14.8
      Tracked ETFs IGVCLOUSKYY
    5. Alt Managers +10.9
      Tracked ETFs PSP
    Rotating out RS vs SPY
    1. Faang -9.4
    2. Watchlist -9.4
    3. AI Power -8.4
      Tracked ETFs WGMI
    4. Peptide Economy -7.1
      Tracked ETFs HRTS
    5. EV Clean Energy -6.7
      Tracked ETFs LITDRIVKARSTANICLN

    Each side counts the desk's tracked theme watchlists (70 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

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

  46. Market Conditions — 2026-08-13
    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 outEach side counts the desk's tracked theme watchlists (70 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    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
    Rotation board Show all 10 themes
    Rotating in RS vs SPY
    1. Government Compute +29.8
    2. Cloud SAAS +17.9
      Tracked ETFs CLOUSKYY
    3. Web Cloud +17.8
      Tracked ETFs SKYY
    4. Cloud ETFS +16.4
      Tracked ETFs IGVCLOUSKYY
    5. Alt Managers +15.2
      Tracked ETFs PSP
    Rotating out RS vs SPY
    1. AI Power -10.3
      Tracked ETFs WGMI
    2. Memory -10.1
      Tracked ETFs DRAMEWYDISK
    3. Supply Chain Traces -8.4
    4. Humanoid Robotics -7.6
      Tracked ETFs BOTZ
    5. Semis -6.5
      Tracked ETFs SMHSOXX

    Each side counts the desk's tracked theme watchlists (70 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

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

  47. Market Conditions — 2026-08-12
    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 outEach side counts the desk's tracked theme watchlists (69 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    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
    Rotation board Show all 10 themes
    Rotating in RS vs SPY
    1. Government Compute +27.7
    2. Copper +15.7
      Tracked ETFs COPXCPER
    3. Alt Managers +13.4
      Tracked ETFs PSP
    4. Web Cloud +13.0
      Tracked ETFs SKYY
    5. Cloud SAAS +12.7
      Tracked ETFs CLOUSKYY
    Rotating out RS vs SPY
    1. CPU Shortage Supply Chain -8.8
      Tracked ETFs SMH
    2. AI Power -7.3
      Tracked ETFs WGMI
    3. Cultural Thesis -6.8
    4. Memory -6.7
      Tracked ETFs DRAMEWYDISK
    5. Supply Chain Traces -6.2

    Each side counts the desk's tracked theme watchlists (69 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

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

  48. Market Conditions — 2026-08-11
    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 outEach side counts the desk's tracked theme watchlists (69 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    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
    Rotation board Show all 10 themes
    Rotating in RS vs SPY
    1. Government Compute +28.1
    2. Copper +16.2
      Tracked ETFs COPXCPER
    3. Alt Managers +14.3
      Tracked ETFs PSP
    4. Cloud SAAS +13.0
      Tracked ETFs CLOUSKYY
    5. Cloud ETFS +12.5
      Tracked ETFs IGVCLOUSKYY
    Rotating out RS vs SPY
    1. Memory -12.1
      Tracked ETFs DRAMEWYDISK
    2. AI Power -10.1
      Tracked ETFs WGMI
    3. CPU Shortage Supply Chain -7.6
      Tracked ETFs SMH
    4. Nearline Storage -7.5
      Tracked ETFs DISK
    5. Semis -7.3
      Tracked ETFs SMHSOXX

    Each side counts the desk's tracked theme watchlists (69 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

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

  49. Market Conditions — 2026-08-10
    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 outEach side counts the desk's tracked theme watchlists (69 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    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
    Rotation board Show all 10 themes
    Rotating in RS vs SPY
    1. Government Compute +26.4
    2. Copper +15.9
      Tracked ETFs COPXCPER
    3. Cloud SAAS +13.0
      Tracked ETFs CLOUSKYY
    4. Cloud ETFS +12.1
      Tracked ETFs IGVCLOUSKYY
    5. Web Cloud +12.1
      Tracked ETFs SKYY
    Rotating out RS vs SPY
    1. Memory -15.5
      Tracked ETFs DRAMEWYDISK
    2. AI Power -11.1
      Tracked ETFs WGMI
    3. CPU Shortage Supply Chain -10.5
      Tracked ETFs SMH
    4. Nearline Storage -10.1
      Tracked ETFs DISK
    5. Humanoid Robotics -9.1
      Tracked ETFs BOTZ

    Each side counts the desk's tracked theme watchlists (69 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

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

  50. Market Conditions — 2026-08-07
    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 outEach side counts the desk's tracked theme watchlists (69 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    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
    Rotation board Show all 10 themes
    Rotating in RS vs SPY
    1. Government Compute +25.3
    2. Copper +16.8
      Tracked ETFs COPXCPER
    3. Cloud SAAS +11.9
      Tracked ETFs CLOUSKYY
    4. Lazarus +10.9
    5. Cloud ETFS +9.9
      Tracked ETFs IGVCLOUSKYY
    Rotating out RS vs SPY
    1. Memory -21.8
      Tracked ETFs DRAMEWYDISK
    2. Grid Buildout -11.3
      Tracked ETFs GRID
    3. Humanoid Robotics -11.1
      Tracked ETFs BOTZ
    4. AI Power -11.0
      Tracked ETFs WGMI
    5. CPU Shortage Supply Chain -10.1
      Tracked ETFs SMH

    Each side counts the desk's tracked theme watchlists (69 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

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

  51. Market Conditions — 2026-08-07
    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 outEach side counts the desk's tracked theme watchlists (69 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    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
    Rotation board Show all 10 themes
    Rotating in RS vs SPY
    1. Government Compute +25.3
    2. Copper +16.8
      Tracked ETFs COPXCPER
    3. Cloud SAAS +11.9
      Tracked ETFs CLOUSKYY
    4. Lazarus +10.9
    5. Cloud ETFS +9.9
      Tracked ETFs IGVCLOUSKYY
    Rotating out RS vs SPY
    1. Memory -21.8
      Tracked ETFs DRAMEWYDISK
    2. Grid Buildout -11.3
      Tracked ETFs GRID
    3. Humanoid Robotics -11.1
      Tracked ETFs BOTZ
    4. AI Power -11.0
      Tracked ETFs WGMI
    5. CPU Shortage Supply Chain -10.1
      Tracked ETFs SMH

    Each side counts the desk's tracked theme watchlists (69 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

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

  52. Market Conditions — 2026-08-05
    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 outEach side counts the desk's tracked theme watchlists (68 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    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
    Rotation board Show all 10 themes
    Rotating in RS vs SPY
    1. Government Compute +13.6
    2. Cloud SAAS +10.8
      Tracked ETFs CLOUSKYY
    3. Cloud ETFS +9.3
      Tracked ETFs IGVCLOUSKYY
    4. Alt Managers +9.2
      Tracked ETFs PSP
    5. Web Cloud +9.1
      Tracked ETFs SKYY
    Rotating out RS vs SPY
    1. Memory -18.0
      Tracked ETFs DRAMEWYDISK
    2. CPU Shortage Supply Chain -17.8
      Tracked ETFs SMH
    3. Space -17.7
      Tracked ETFs ARKX
    4. Humanoid Robotics -14.4
      Tracked ETFs BOTZ
    5. Grid Buildout -14.1
      Tracked ETFs GRID

    Each side counts the desk's tracked theme watchlists (68 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

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

  53. Market Conditions — 2026-08-04
    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 outEach side counts the desk's tracked theme watchlists (68 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    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
    Rotation board Show all 10 themes
    Rotating in RS vs SPY
    1. Government Compute +16.4
    2. Cloud SAAS +10.8
      Tracked ETFs CLOUSKYY
    3. Web Cloud +10.2
      Tracked ETFs SKYY
    4. Alt Managers +9.0
      Tracked ETFs PSP
    5. Cloud ETFS +8.7
      Tracked ETFs IGVCLOUSKYY
    Rotating out RS vs SPY
    1. Memory -15.8
      Tracked ETFs DRAMEWYDISK
    2. Space -15.5
      Tracked ETFs ARKX
    3. Grid Buildout -14.3
      Tracked ETFs GRID
    4. Humanoid Robotics -13.5
      Tracked ETFs BOTZ
    5. CPU Shortage Supply Chain -13.3
      Tracked ETFs SMH

    Each side counts the desk's tracked theme watchlists (68 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

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

  54. Market Conditions — 2026-08-03
    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 outEach side counts the desk's tracked theme watchlists (68 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    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
    Rotation board Show all 10 themes
    Rotating in RS vs SPY
    1. Canadian OG +9.8
      Tracked ETFs EWCXLE
    2. China Tech +9.1
      Tracked ETFs KWEBFXIASHR
    3. Alt Managers +8.1
      Tracked ETFs PSP
    4. Cloud SAAS +8.0
      Tracked ETFs CLOUSKYY
    5. Web Cloud +6.7
      Tracked ETFs SKYY
    Rotating out RS vs SPY
    1. Space -22.1
      Tracked ETFs ARKX
    2. Memory -20.5
      Tracked ETFs DRAMEWYDISK
    3. CPU Shortage Supply Chain -18.6
      Tracked ETFs SMH
    4. Supply Chain Traces -14.6
    5. WFE Test Metrology -14.0

    Each side counts the desk's tracked theme watchlists (68 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

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

  55. Market Conditions — 2026-07-31
    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 outEach side counts the desk's tracked theme watchlists (68 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    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
    Rotation board Show all 10 themes
    Rotating in RS vs SPY
    1. Canadian OG +12.1
      Tracked ETFs EWCXLE
    2. Trace Iran War Second And Third Order Effects +11.8
    3. Government Compute +11.6
    4. China Tech +10.2
      Tracked ETFs KWEBFXIASHR
    5. Cloud SAAS +7.2
      Tracked ETFs CLOUSKYY
    Rotating out RS vs SPY
    1. Space -28.5
      Tracked ETFs ARKX
    2. WFE Test Metrology -27.4
    3. Quantum Computing -24.0
      Tracked ETFs CQTMQTUM
    4. Optical Supply Chain -21.3
      Tracked ETFs LAZR
    5. Humanoid Robotics -21.1
      Tracked ETFs BOTZ

    Each side counts the desk's tracked theme watchlists (68 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

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

  56. Market Conditions — 2026-07-30
    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 outEach side counts the desk's tracked theme watchlists (68 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    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
    Rotation board Show all 10 themes
    Rotating in RS vs SPY
    1. China Tech +15.3
      Tracked ETFs KWEBFXIASHR
    2. Cloud SAAS +10.8
      Tracked ETFs CLOUSKYY
    3. Trace Iran War Second And Third Order Effects +9.7
    4. Financials +8.3
      Tracked ETFs XLF
    5. Alt Managers +8.3
      Tracked ETFs PSP
    Rotating out RS vs SPY
    1. WFE Test Metrology -31.9
    2. Space -30.3
      Tracked ETFs ARKX
    3. Optical Supply Chain -29.2
      Tracked ETFs LAZR
    4. CPU Shortage Supply Chain -25.4
      Tracked ETFs SMH
    5. Quantum Computing -24.4
      Tracked ETFs CQTMQTUM

    Each side counts the desk's tracked theme watchlists (68 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

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

  57. Market Conditions — 2026-07-29
    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 outEach side counts the desk's tracked theme watchlists (68 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    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
    Rotation board Show all 10 themes
    Rotating in RS vs SPY
    1. China Tech +16.3
      Tracked ETFs KWEBFXIASHR
    2. Trace Iran War Second And Third Order Effects +14.5
    3. Cloud SAAS +13.2
      Tracked ETFs CLOUSKYY
    4. Government Compute +11.0
    5. Volume Setups +10.2
    Rotating out RS vs SPY
    1. WFE Test Metrology -37.9
    2. Space -34.1
      Tracked ETFs ARKX
    3. Memory -33.7
      Tracked ETFs DRAMEWYDISK
    4. Optical Supply Chain -33.4
      Tracked ETFs LAZR
    5. CPU Shortage Supply Chain -32.4
      Tracked ETFs SMH

    Each side counts the desk's tracked theme watchlists (68 ranked) by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

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

  58. Market Conditions — 2026-07-23
    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 outEach side counts the desk's tracked theme watchlists by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.
    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
    Rotation board Show all 6 themes
    Rotating in RS vs SPY
    1. Food Security +10.9
    2. Cybersec +8.3
    3. Cloud SAAS +7.3
    Rotating out RS vs SPY
    1. Quantum Computing -26.3
    2. Optical Supply Chain -17.3
    3. Memory -16.6

    Each side counts the desk's tracked theme watchlists by the 30-day median relative strength of their member stocks vs SPY — shown in RS points. Any ETFs listed are trade handles for the theme, not the measurement.

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