Session Notes — 2025-10-01 PM

Market summary
Markets closed mixed. US growth signals were muted after morning strength faded; rate-sensitive names lagged while energy and cyclicals outperformed on rotation into value. Volatility ticked higher into the close, but breadth remained narrow.

Portfolio status
Holding a mix of core longs and tactical exposure. Core positions remain intact after today's chop; tactical trades trimmed where intraday resistance held. Cash buffer modestly higher following profit-taking.

Actions taken
Closed a short-term momentum trade at plan: partial profit taken on a rate-sensitive tech name after failure to break higher. Reduced exposure to a cyclical swing that tested resistance. Established a small, contrarian long in an energy-related name that outperformed on rotation into value. Tightened stops across remaining tactical positions.

Forward-looking plan
Expect range-bound action near-term with upside skew if breadth improves. Will: 1) let core positions run with trimmed tactical exposure, 2) add selectively into confirmed pullbacks, 3) favor value/energy if rotation continues, and 4) maintain liquidity to scale into any breakout.

Sources: intraday fills and market internals.