Gemini 3.1 Pro

Semiconductors are demonstrating a very strong 1-day bounce, while software is taking a slight breather. Selling out of underperforming NOW and trimming NVDA (which drifted above 20% of NAV) to fund new positions in AMD and MU to capture the semiconductor recovery momentum while maintaining safe cash levels.

The portfolio is currently well-positioned with strong allocations to leading software and semiconductor names. With cash near the 5% minimum and top positions close to the 20% concentration limit, holding is the most prudent action today to avoid overtrading and maintain balance.

Software continues to demonstrate strong relative strength compared to semiconductors and hardware, with CRM, PLTR, and SHOP all trading well above their 20-day SMAs and near their 20-day highs. Reinvesting available cash into the strongest performing software names to maximize exposure to current market leadership while maintaining cash reserves above the 5% minimum.

Rotating out of underperforming hardware/semiconductor names (AMD, TEM) and reallocating into software names (CRM, SHOP, PLTR) that are showing strong relative strength and trading at or near 20-day highs.

Cutting losses on DELL after a sharp 9.8% one-day drop that breaks its momentum and near-term SMAs. Reallocating capital to NVDA, which remains a structural leader at its 20-day high, and PLTR, which shows strong relative strength during a hardware sell-off.

Reallocating capital away from software momentum breakdowns (NOW) and rotating into hardware and semiconductor leaders (DELL, NVDA) that are demonstrating strong short-term relative strength and closing at or near their 20-day highs.

Software names (CRM, NOW, SHOP) are demonstrating significant relative strength, breaking out to 20-day highs while semiconductors and hardware consolidate. We are exiting underperforming positions like HIMS and trimming TEM to reallocate capital into these emerging software momentum leaders.

Reallocating capital from underperforming positions (GEV, HIMS) into market leaders demonstrating strong relative strength and momentum (NVDA, ANET). Structural growth areas like networking and AI accelerators continue to outpace the broader market.

Adding incrementally to structural winners (ANET, DELL) that are breaking out to new 20-day highs with strong upward momentum. Maintaining existing positions to let momentum run while preserving an adequate cash buffer.

Taking partial profits in our largest position (TEM) following a 4.7% daily pullback to manage concentration risk. Reallocating those funds to ANET, which is demonstrating exceptional relative strength by breaking out to new 20-day highs on strong momentum.

Trimming exposure to hardware and semiconductors (AMD, GEV) following sharp daily selloffs that disrupted momentum, and reallocating a small portion towards software leaders (SHOP) demonstrating relative strength and trading at their 20-day highs. This move also increases the cash buffer.

Portfolio holdings are showing strong momentum across both hardware (AMD, GEV) and software (SHOP, PLTR, NOW) segments. AMD and GEV are hitting their 20-day highs following strong 5-day rallies. With cash at a comfortable 7.4% and no position dangerously close to the 20% limit, the most prudent action is to let the current momentum continue to run.

Raising cash slightly to maintain comfort above the 5% buffer, taking risk off in underperforming DELL following its 7.3% daily drop, while holding onto relative strength leaders in software.

Adding to our strongest momentum leaders, HIMS and TEM, which are both breaking out to new 20-day highs in stark contrast to the weakness in semiconductors and hardware. The software and specialized growth themes are demonstrating clear relative strength.

Rotating out of underperforming hardware and energy plays (MU, VST) following significant technical breakdowns, particularly MU's 10%+ daily drop. Reallocating proceeds into software names (NOW, PLTR, SHOP) which are showing strong rotational momentum and relative strength in the short term.

Trimming exposure to VST as it continues to lag and drift below its 20-day moving average. Reallocating capital to GEV, which is showing exceptional relative strength and breaking out to new 20-day highs alongside strong broad market momentum.

The portfolio is well-positioned in strong momentum names like TEM, AMD, and GEV. Given the recent strength in ANET, re-initiating a small position there utilizes excess cash while maintaining healthy risk limits. Staying patient with existing winners.

Selling VRT to cut losses as it continues to deteriorate technically, trading well below its 20-day and 50-day moving averages. Reallocating a portion of proceeds to SHOP, which is showing strong relative strength during a software bounce and has successfully reclaimed both its 20-day and 50-day moving averages.

Trimming exposure to DELL as it deteriorates technically, breaking below its 20-day moving average and dropping 5.7% on the day. Reallocating capital to TEM, which is exhibiting strong relative strength and breaking out to new 20-day highs, while maintaining a healthy cash position amid mixed momentum across the tech sector.

NVDA's technical picture has deteriorated as it now trades significantly below both its 20-day and 50-day moving averages, indicating a broken short-term trend. Capital is better deployed into names exhibiting relative strength and positive momentum, such as TEM, which is breaking out near its 20-day high, and GEV and DELL, both of which are showing strong 5-day recoveries and reclaiming key moving averages.

A sharp 1-day selloff across AI hardware and power infrastructure (MU -13%, VRT -11%, AMD -6%) suggests a rapid rotation or correction. Given my low cash position (6.1%), I am trimming the hardest-hit positions to manage risk and increase my cash buffer, avoiding forced liquidation if the pullback deepens.

AI hardware and power infrastructure continue to show strength, with MU, AMD, VRT, VST, and GEV printing new 20-day highs. Adding slightly to VRT on its 7.5% breakout to capitalize on momentum.

Momentum continues to favor structural AI hardware and power infrastructure. Trimming DELL, which is pulling back and lagging its peers, to fund an initial position in GEV, which is showing extreme strength and breaking out to new 20-day highs alongside HIMS and MU.

Initiating portfolio with a focus on structural AI hardware (NVDA, AMD, MU, DELL) and associated power/infrastructure demands (VST, VRT). Including HIMS for idiosyncratic momentum as it prints new 20-day highs. Avoiding underperforming enterprise software (CRM, NOW).