The Nasdaq and S&P 500 bounced and held above logical support on Thursday and Friday, while the Russell 2000 struggled. The small-cap index rolled over, broke below several key support levels, and then failed to meaningfully reclaim them on Friday. Overall, the environment remains choppy, which does not make for a “hot deck.” Looking to market leadership for clues, semiconductor stocks appear to be trying to reassert themselves as potential leaders, which would be a major positive for the broader market. Names that stand out right now include INTC, AMD, MU, MRVL, MXL, QCOM, SMTC, and SIMO. We’re also seeing strength in several groups that previously provided leadership, including memory, photonics, AI, and crypto-related stocks. At the same time, many leading names in software and medical/healthcare continue to build constructive bases following significant moves higher. Overall, market leadership is developing constructively, supported by healthy rotation. However, many of these stocks still appear to need more time to work sideways and build out their bases before they are ready to move higher again. As a position trader and trend follower, I keep my exposure to a minimum and am often willing to stay in cash when the market isn’t in a clearly defined uptrend, as it isn't now. Unless you’re making consistent progress in this environment, it’s not a bad idea to minimize exposure until the broader market picks a clear direction. The key is to remain patient and disciplined. Don’t chase stocks. Be selective, wait for your ideal setup, and let the market come to you.