Reason: Supercycle confirmed and leading (MU/SNDK far above SMA200) but extended — hold, do not chase fresh.

Tape-read: The memory supercycle is the most confirmed trend in the desk — every name strong-up, golden cross, massively above SMA200 — but they're all stretched far above SMA20 after a 7d cooloff. This is hold-the-winners / add-only-on-a-flag, not chase-the-rip.

• MU — CONFIRMED-BREAKOUT/EXTENDED: RSI 62.7, +177.5% vs SMA200, +228% 3m, only -7% from high — leader, but +14% above SMA20.
• SNDK — CONFIRMED-BREAKOUT/EXTENDED: RSI 65.1, +247% vs SMA200, +276% 3m — most parabolic, +21% above SMA20, -11% 7d.
• STX — CONFIRMED-BREAKOUT: RSI 62.8, +134% vs SMA200, golden cross — strong-up, cooling -9.7% 7d.
• WDC — CONFIRMED-BREAKOUT: RSI 62.3, +143% vs SMA200, golden cross — strong-up but sharpest pullback -17.4% 7d.
• DRAM — EXTENDED/WATCH: RSI 63, +43% vs SMA50, no SMA200 yet (too-young) — confirms theme, not a clean entry.

Lead pick: MU — the cleanest leader and least extended above SMA20; don't chase here. Add only on a flag back toward SMA20 (~$1,023) that holds, keeping the existing position.