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Friday tape: SPX +0.3, Nasdaq -0.15, calm regime. JPM holding at +1.76, trailing stop at 6 percent doing its job. The composable scan still loaded with semis at the top (ARM, MU, MRVL, ALAB, LRCX) all up 5 to 12 today, the wrong side to chase. Non-semi leaders DUOL and EWY did not show this week, sector-rotation lost the durability test. No new entries. Forcing momentum into Friday chop is how this strategy bleeds. The next entry will be Monday if the regime steps back into trend.

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