8/18/2026 Daily Recap: AI trade on it's last leg? - $XLE continues to dominate the tap. $PSX $MPC $VLO $XOM - $DRAM under some major pressure as the group quickly loses the 50sma again. $MU $SNDK $ - $FOTO a failed move higher lead by $LITE $AAOI $AXTI - $IGV $HACK $CIBR held in well with but it was market action that didn't elicit much confidence. - $HPE $DELL are we possibly looking at failed breakouts? I was forced to reduce my position in both of them. - $SMH back under the 50sma and the most recent semi which saw a new ATH $AEHR back under the June high. - Hard to say if the market was just rinsing out some of the recent euphoric excess or if this was just an oversold rally that finally saw the bounce highs for now. - Stopped out on $STX $NET and reduced all of my other longs. - Added $FCX on the short side because of the crowded positioning - Now we wait for some names to tighten back up and for a bid to step back into the market.