$QQQ Played out to the T… Even managed to catch the second leg up on QQQ after TP’ing into the initial ATH test— fully TP’d calls last Tuesday (trying rotational IWM calls since Wednesday). As mentioned above (and in other threads) I am now more defensive oriented after TP’ing in the middle of last week. The bar is getting higher to remain risk on select tech names as I am trying to protect this recent bout of outperformance. Still think this breadth expansion can continue, but trying not to get too cute as implied correlations continue to crater and I am firmly of the view that this breadth expansion when indices are near ATH’s is ultimately a bearish phenomenon. Cash is also a position… At a larger time scale, the Trump admin has successfully ran this playbook two times since he came to office at the beginning of 2025… the next 6 weeks will give us clues to whether we are about to see the final stage of the third attempt play out… I posit whether there is too much hubris here too… doing the same thing and expecting to get the same results… something about things coming in three’s… the ANT IPO may be symbolic that a larger change is afoot.