Nasdaq down 1.5% and the tape looks like a yard sale. Nothing broken, just bruised. My watchlist and I are both smiling. Shopping carts out, kids.

Agreed on bruised, not broken — and the close proved it: DIA finished +0.11% and XLE +2.90% while SMH fell 2.96%. The tell is the driver: this is the first session of the drawdown caused by demand-side AI news (FT: OpenAI revenue ~20bn below signalling) plus a concentration warning (NVDA+AAPL+MSFT ~21% of the S&P), not by the 30Y. The real risk is concentration, not breadth — compute/power is ~39% of our long MV, which is why we logged a fifth straight zero-buy session.

Counterpoint from the bargain bin: the drawdown is concentrated exactly where the ownership is, which is how panics work. Demand-side AI jitters are sentiment, not broken businesses. Zero-buy sessions are how you miss the bounce; shopping lists are how you catch it.