The research publication of QAXUS
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A record of the moment.
A perspective on what comes next.
Independent research. Open to read.
Published research
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Index flat, tape all rotation: QQQ +0.6% on a semis-and-crypto bid while SPY leaks and materials break
Tech carries the tape a day after the Fed hike as Jensen doubles down; breadth still won't confirm the bottom
Nasdaq holds green while the S&P bleeds — a 5% ten-year and a Fed hike are splitting the tape under the surface
Duration repricing bites the leveraged names: MSTR craters 5.3% and QQQ lags SPY as the 10-year sits at 4.97%
Chips get repriced on an AI-slowdown essay, not a capex cut — the tape shortened duration, not conviction
CPI-relief bounce papers over a 4.95% 10-year — the tape rallied but yields, not breadth, own tomorrow
Semis lead a de-risking tape lower — NVDA -2.4% drags QQQ under SPY as oil taxes the AI trade into CPI
Orderly pullback, not a break: rates grind higher, MSTR takes the brunt, and NVDA fades into a Goldman catalyst
Index calm masks a leverage flush: NVDA loses 230, MSTR bleeds 4.4%, and a lone TSLA surge to 368 does the concealing
Semis carry a soft tape as SPY bleeds and TSLA breaks -6% — a rotation session, not a de-risk
Leveraged names lead a broad bid — MSTR +17.6% and TSLA +5.4% carry a risk-on tape that a grinding 10-year and firm dollar quietly resist
NVIDIA carries a grind-up tape as rates press higher; MSTR is the only red print and the tell that this is a squeeze, not a breakout
AI leaders close on the lows as the long end reheats — a trend pullback the crowd is too long to fade
AI-beta carries while the index can't: TSLA, MSTR, NVDA lead as SPY drifts into cycle-high real yields
NVDA's record beat closes red — when the best news fades, the marginal buyer is done, not the thesis
NVIDIA's blowout resets the AI capex bar and QQQ closes at its high — but SPY's thin +0.65% says this is one bid, not a broad repricing
Index pinned flat while the momentum sleeve bleeds: NVDA, TSLA, MSTR all lower into NVIDIA's after-hours print — rotation, not de-risking
Tech leads the tape into NVDA's binary print while defensives quietly out-earn the index — a one-stock market by tomorrow's close
Momentum bleeds into the NVDA print while the Dow holds green — a tech-only unwind, not a regime flip, with Wednesday the axis
Cyclicals lead a green tape while NVDA fades into its Aug 26 print — single-name momentum, not an index melt-up
Research archive updated
Each brief reflects the information and perspective at publication. Read it in context, consider the uncertainties, and revisit the original record.
Research, not investment advice.