Prove it to me. That's how I'm approaching the market right now. I'm long a few select names and still short the $IWM. I actually added to the short this morning. But I'm holding off on aggressive commitment one way or the other until the market proves itself. I'm still long $DE. The market remains under pressure, with weakening breadth and deteriorating momentum arguing for increased caution and consideration of hedges. The calendar also carries some event risk. Today’s Treasury auction and buyback announcement are followed by PPI on September 10, CPI on September 11, the FOMC on September 16, and triple witching on September 18. With several potentially market-moving catalysts packed into a short window, this remains an environment where selectivity and risk control should take precedence over aggressive exposure. Leadership is undergoing another rotation, with semiconductors attempting to reassert themselves from oversold levels after sizable corrections. SOXX rallied into the 537/50-day resistance area. MU similarly reclaimed its 50-day area, while strength broadened across the data-center and semiconductor ecosystem, including BE, VRT, INTC, AMD, SNDK, LITE and COHR. Higher-beta participation also expanded into CRWV, NBIS and WULF. At the same time, IGV, IBB and XLV have retreated toward support rather than suffering decisive technical breakdowns, leaving open the possibility that their pullbacks are constructive rotations rather than the end of their leadership The most obvious weakness remains concentrated in Consumer, Financials and Housing. HD, LOW, LEN, TJX, CASY and BURL reflect the deterioration in consumer-related areas. Regional banks are also weakening. MA and V are threatening more significant deterioration, and housing remains particularly poor as ITB and XHB make lower lows into downside gaps. These groups currently represent some of the clearest areas to avoid. Meanwhile, agriculture and energy-related commodities are emerging. DE, CTVA, ADM and MOO provide equity-market vehicles for the agricultural theme. This is another indication of a highly rotational tape: leadership isn't disappearing altogether, but capital is moving rapidly between themes. Bottom line: The market is still producing some opportunities (mostly short term trades), but the internal picture has weakened enough to warrant respect and patience. Semiconductor/data-center names are attempting to re-emerge, while Health Care, Biotech and Software are pulling toward support and could potentially reset. At the same time, Consumer, Housing and Financials are deteriorating, while agriculture, selected energy exposures and Latin America are gaining sponsorship. With breadth weakening and several major catalysts immediately ahead, this is a market for targeted exposure rather than broad aggression—stay with relative strength, watch the semiconductor re-rotation closely, explore hedges against the weakest groups, and avoid forcing trades ahead of the coming inflation and Fed events.