CIenemt Aug

14 July 2026: The Path of Max Pain 🪓 Market Commentary: The wheels finally came off in the AI trade, starting with the KOSPI hitting circuit breakers and closing -9% the prior session. The semi space is getting increasingly crowded as evidenced by the wide and loose price action. Sentiment in that space has also remained bullish despite multiple news failures (stocks going down on good news). In dollar land, price seems to be building a flag after backtesting the $100.6 level. Not a friendly look in relation to the precious metals space, as both Gold and Silver resume their Stage 4 downtrends. In crypto land, seeing down days across the majors as they all continue to trade in Stage 4 downtrends. A pretty dangerous technical picture as we seem to be in a transitioning phase (CHOP). Longs and Shorts will be difficult here. Notes: > Too early to long, too late to short. My next step is to: (1) Continue monitoring relative strength, (2) Watch for the next technical development - will be see bear flags in the Semi space? > Software sector a standout, but ideally more right side development to build out nice weekly bases. > Seeing a disproportionate amount of technically damaged charts - it remains to be seen whether earnings season will be the savior. (Key question: AI spend? Show me the ROI)

My internal plan is as follows ⬇️