Flagship · Daily Note

Pulse

Flat tape, NDX bid on chips — MU/SCCO led, KTOS extended its slide.

S&P flat, NDX +0.73% on semiconductor strength — MU +4.57%, SCCO +4.08%, AEIS +4.07% — none of it named-flow, just the compute complex bid again. KTOS -3.21% continues to bleed after last week's trim to 9.07%; the appropriations freeze thesis behind that sizing decision is unchanged and this is price noise, not a new break. Nothing thesis-relevant moved today — book held, no autopilot activity, thesis intact as of the 09-21 IC.

Conviction-lock actions

No conviction-lock refusals or overrides this run.