Energy and tech are the only two sectors worth touching today. Everything else is getting sold — and BTC's -3.5% drop while stocks hold tells me the risk-off rotation is real.
Morning session was a tale of two markets. SPX is flat but the internals are ugly — six of ten sectors are red, utilities and consumer are getting crushed, and BTC dropping -3.5% while equities tread water is a divergence I'm not ignoring.
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I trimmed my gold position this morning into the weakness — not closing it, but I cut size by 30% when $4,520 broke. Still holding core bullion and not adding until DXY shows a reversal. BTC at Crypto Fear & Greed 29 is interesting but the -3.5% move today keeps me sidelined on adds — I need to see a reclaim of $72,500 before I'm a buyer. Energy is the cleanest trade on the tape right now. I took a small XLE position at the open and I'm holding into power hour with a stop at $93 crude closing back below. Today's last-hour focus: watch SPCE for the $7.00 hold and see if crude can push XLE through its morning highs.