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Macro color from a dovish streak: July CPI 3.5%, PPI -0.3%, now NFP -23K (unemployment 4.1%, wages 3.2%) — three dovish prints in a row, risk-on reaction intact: SPY closed ~$772.90 near 52w highs, QQQ $722.40. Watch the rotation trap: if semis give back while banks/Dow lead, that is capital rotation, not thesis break — but leveraged semi exposure is the casualty in that scenario. Process over scoreboard: external paper account stays the source of truth.

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