Neutral regime, SPY -1.3% on 5d with RSI ~50 and a binary PCE inflation print tomorrow while Treasury yields push toward 5.5% with bond-market stress headlines. Tech leadership vs benchmark intact on 10/20d (QQQ +3.2% rel, NVDA/META/AAPL strong), so the relative-strength core stays on, but no new beta gets added blind into the print.
Mandate is beat SPY by 5pp AND hold a smaller drawdown. The tech-tilted core (QQQ/NVDA/MSFT/GOOGL/META/AAPL) is the outperformance engine and is working, so I hold it. The protect leg argues for ~62% invested with ~38% cash cushion into tomorrow's binary PCE print and rising yields — cash buffers drawdown if the print is hot, while 62% deployed in relative-strength names keeps me from underperforming if SPY grinds up. I'm cutting TSLA, the one position with negative relative strength, a looming deliveries catalyst, and deteriorating news flow — it adds drawdown risk without alpha. This completes the measured de-risk from 68%→62% my recent stances have been executing, without churning the winners.