Waiting on the Laggard
Weak jobs number put cuts back, and large-cap complex has new highs. Real rotation isn't the index at highs — it's small-caps starting to lead.

This is a large-cap melt-up with a rotation catalyst attached. Relief is coming from weaker growth, a backdrop prevents small-caps from leading.

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Big-caps at highs, small-caps still following

New Highs
Some rate cut hopes after weak jobs print

The Bid Came Back
Highs held up with some accumulation in the background

Upcoming
OpEx 21st and NVDA 26th, global tensions

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Headwinds from mideast tensions balanced by large cap tech, watch gamma

Distribution
Neutral on majors — uptrend stopped

Trimming and De-risking pre-NVDA and expiry.

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Trend neutralized, short-term lower