This is the one book in this batch that did not get a lift from the September 4 tape — 20 of 22 names lost RSI ground this cycle, and the drawdown reaches the trailing year for a real minority: MSI, RCAT, AXON, DRSHF, AVAV, KTOS, and NOC are all negative on the trailing 12 months, not just the week. The one outlier is DPRO, up 20 RSI points and +37% over 7 days on no confirmed catalyst this session. Planet Labs beat and raised guidance on September 3 and still traded down the next day on nearly 5x average volume — a genuine disconnect between the print and the tape.

Data as-of the 2026-09-04 close for 21 of 22 names; AVEX carries no 200-day comparison (too-young regime). Comparison baseline is the August 28 scan.

This cohort moved opposite the broader tape's September 4 bounce. Twenty of 22 names lost RSI ground this cycle, and the losses aren't confined to the week: MSI (-2.21% over the trailing year), RCAT (-1.65%), AXON (-29.38%), DRSHF (-38.54%), AVAV (-36.21%), KTOS (-24.8%), and NOC (-11.17%) are all negative on a 12-month basis. Seventeen of 22 names sit below their 200-day. This is not a short-window read — the horizon check confirms real damage in a meaningful chunk of this book.

But the book splits cleanly once alpha1y is checked against the headline: names like RTX (+26.54% 1y, +7.89 alpha), LASR (+35.66% 1y, +17.01 alpha, thesis rated intact), KRKNF (+47.81% 1y, +29.16 alpha), ESLT (+46.66% 1y, +28.01 alpha), UMAC (+156.31% 1y, +137.66 alpha), EOPSF (+49.1% 1y, +30.45 alpha), AMPX (+42.71% 1y, +24.06 alpha), ONDS (+42.96% 1y, +24.31 alpha), and PL (+180.5% 1y, +161.84 alpha despite its "broken" thesis tag and 33% below its 200-day) are all still solidly ahead of the benchmark over the trailing year even with this cycle's collapse or downtrend regime tags — that reads as a violent pullback inside a trend that hasn't actually broken, not a new breakdown. The other half — MSI, RCAT, AXON, DRSHF, AVAV, KTOS, NOC, and even TDY (+11.64% 1y but -7.02 alpha), LMT (+14.98% 1y but -3.67 alpha), ITA (+13.65% 1y but -5.01 alpha), and DFEN (+4.63% 1y but -14.02 alpha) — have either an outright negative trailing year or a positive headline return that still trails the benchmark. That negative-alpha group is the more durable warning: these names have underperformed even when their own 12-month chart looks flat-to-up.

DPRO is this cycle's clear outlier — RSI jumped from 49.1 to 69.6, the highest reading in the book, on a 37.14% 7-day and 40.37% 30-day move. Its own news receipt (fetched 2026-09-04) carries nothing beyond a September 4 board-slate announcement — "Draganfly Refreshes Board Slate With Public Safety-Focused Nominee Ahead of 2026 AGM" — which is a governance headline, not a scale-appropriate driver for a move of this size. A September 1 SEC 6-K filing is on file but unread; no confirmed cause attaches to the magnitude of this rally. Its own August 10 earnings print was a miss (EPS -$0.26 vs -$0.20 est.), which argues against reading this as post-earnings momentum.

Planet Labs is the session's clearest disconnect between fundamentals and price. It reported Q2 FY27 results on September 3 beating on both revenue ($116.05M vs $103.34M expected) and adjusted EPS ($0.02 vs -$0.02 expected), raised full-year revenue guidance to $430-441M, and traded up roughly 4% after-hours (latest, TheStreet recap). The next day's close is down 1.25% on 4.96x average volume — the after-hours pop faded and then some, on real volume. PL's thesis is rated broken by the desk despite the beat, and it remains 33% below its 200-day.

Beyond the individual names, this week's capture corpus carries several Pentagon-adjacent headlines worth flagging as background context without claiming direct causality on any single ticker: a Bloomberg piece on Commerce Secretary Lutnick reviewing Pentagon deals tied to Cerberus-linked companies (2026-09-04), a Semafor report on Army Secretary Driscoll's departure leaving "another hole at Pentagon" (2026-09-02), and a Semafor piece on Congress rejecting a Pentagon office's equity powers (2026-09-03). None of these name a specific ticker in this book, and most of the individual names' own news receipts (LMT, RTX, NOC, KTOS, LASR) are stale — fetched in July or mid-August, well before this session — so no cause is asserted for the group's multi-week drawdown beyond what's confirmed above; this is "news not pulled for this move," not evidence of no cause.

• DPRO: RSI 49.1 → 69.6 (+20.5), the largest move in the book; regime relabeled collapse → downtrend; no confirmed catalyst behind the size of the move.
• MSI: RSI 67.5 → 50.9 (-16.6), the largest decline; still golden-cross and above its 200-day, but trailing year turned negative (-2.21%).
• RTX: RSI 47.9 → 34.8 (-13.1); regime relabeled uptrend → pullback.
• LMT: RSI 46.7 → 33.5 (-13.2).
• AXON: RSI 52.6 → 40.7 (-11.9).
• NOC: RSI 45.0 → 34.0 (-11.0); regime relabeled pullback → downtrend.
• KTOS: RSI 42.5 → 35.7 (-6.8).
• ITA: RSI 37.4 → 33.4 (-4.0); regime relabeled uptrend → basing — the label finally catching down to the price action flagged as lagging last cycle.
• PL: RSI 32.1 → 28.6 (-3.5), despite a Q2 beat-and-raise the day before; now the weakest reading in the book.
• AMPX: RSI 41.2 → 43.1 (+1.9); DRSHF: RSI 38.8 → 40.5 (+1.7); ESLT: RSI 32.0 → 33.2 (+1.2) — the only other names besides DPRO to gain RSI ground.

This is the one book in this batch genuinely working against the tape, and the horizon check does not soften that read — a real minority of names (MSI, RCAT, AXON, DRSHF, AVAV, KTOS, NOC) are negative over the trailing year, and another block (TDY, LMT, ITA, DFEN) has gone negative on alpha1y even with a still-positive headline return. That negative-alpha group deserves more weight than its 1-year percentage alone suggests. The other half of the book — RTX, LASR, KRKNF, ESLT, UMAC, EOPSF, AMPX, ONDS, PL — remains strongly ahead of the benchmark over 12 months despite this cycle's weak regime tags, which argues those are pullbacks inside intact trends rather than fresh breaks. DPRO's rally has no confirmed driver at this size and should not be read as a fundamental signal until one surfaces. PL's beat-and-fade is the sharpest example in this book of a name whose fundamentals moved one way and its tape moved the other — worth tracking, not yet resolved.

Tier A — RSI 50+ (3): DPRO (unexplained rally), EOPSF, MSI (1y now negative).

Tier B — Mid-book, RSI 40-50 (7): UMAC, ONDS, AMPX, RCAT, AVEX (too-young), AXON, DRSHF.

Tier C — Weak, RSI 33-40 (10): AVAV, KTOS, RTX, TDY, NOC, LASR (thesis intact), KRKNF, LMT, ITA, ESLT.

Tier D — Weakest, RSI <33 (2): DFEN, PL (thesis broken, weakest reading in the book).

• Tape data (price/RSI/SMA/returns/1-year, SMA200, volume): full-scan pre-computed summaries as of the 2026-09-04 close — drone-defense.
• DPRO earnings history: 2026-08-10-dpro-earnings; DPRO filing: 2026-09-01-dpro-6-k-0001493152-26-040947; DPRO news: latest.
• PL earnings: latest (TheStreet, 2026-09-03).
• Pentagon-adjacent background: 2026-09-04-bloomberg-lutnick-to-review-pentagon-deals-involving-cerberus-companie-tkss0wkk3nya00, 2026-09-02-semafor-driscoll-s-departure-leaves-another-hole-at-pentagon-hole-at-pentagon, 2026-09-03-semafor-congress-rejected-pentagon-office-s-equity-power-ces-equity-power.