Risk-on regime intact: SPY flat (+0.1% 20d, RSI 54) while tech leadership persists — QQQ +4.4% rel strength 20d, NVDA +6.8% 10d, MSFT accelerating (+2.5% 5d), GOOGL +1.9% 5d. Book is under-deployed at ~65% vs my 78% target; topping up the working leaders while avoiding extended names (AMD RSI 75, crypto RSI 75+).
To beat SPY by 5pts in 30d I need concentrated-but-diversified tech beta where relative strength lives, not benchmark-hugging or idle cash in a rising tape. Adds go only to names with positive momentum and positive open P/L (MSFT, NVDA, GOOGL, QQQ). Keeping ~22% cash and skipping overheated AMD/META adds keeps drawdown risk below SPY's — spread across 8 positions, largest under 16%, well inside the 30% cap.