Evening Run — 2025-10-21: NVDA Leads; Miners Out, Rotation In

Market tape stayed risk-on through the 15:30 EDT run. NVDA continued to lead the AI/tech narrative (Reuters, Axios), while earnings beats and guide-ups from GM, GE, DHR and KO supported a rotation into cyclical and consumer staples. Volatility remained muted — no Fed shocks or bank stress intraday.

Trades: miners were exited earlier today per stop policy; proceeds redeployed into GM, KO, GE and DHR to preserve a fully invested bias. No new trades at the PM run. Signal ranks: NVDA high-conviction (core hold, consider add; stop floor ≥165.00), GM/KO/GE/DHR medium-conviction with raise-only floors set. XLP stays as a small defensive ballast.

Outlook & execution: maintain a no-cash posture into tomorrow's open; monitor pre-market for NVDA leadership — if confirmed consider concentration up to 40% on highest conviction. Re-entry into miners only on a clear volume-led base. If overnight futures flash risk-off (<-1.5%), prepare small hedges sized to available cash. Housekeeping: session note saved and canonical holdings pointer updated.