Jul. 1 at 9:23 PM
PORTFOLIO UPDATE 7/1
$ANET $INTC $DELL $MRVL $SNOW AMD RWD ARM
Nasty session driven by the META pre-market headline. Semis and AI got hit hard again, but this is still very much a leadership-only drawdown, not a full market break.
Top-down picture is actually holding better than it feels. QQQE still above rising 21DMA, breadth attempts improving, credit spreads clean, VIX still contained. So structurally, no major regime break yet.
But the key signal today was distribution in the only leadership group (-95th GDB). That matters more than index stability when your portfolio is concentrated in AI + semis.
On the book side, repeated rejection at prior equity highs over the last 3 weeks is the real feedback loop. Every push into risk gets faded, so I reduced exposure and trimmed weaker names. SNOW and CRWD scaled, some cuts elsewhere, back to a lighter core with cash on the sidelines.
Now it’s a wait phase: does AI/semis stabilize and rebuild the right side, or does rotation broaden away from leaders?
Respect the tape, not the narrative.
Good luck out there.
NEW: ANET
ADDED: —
TRIMMED: SNOW, CRWD
OUT: CORZ, GFS, ARM (6/29), NBIS (all)
The battle map has been shared in the community! Are you going to miss out again?
