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$VIX GEX All Exp

The spotlight now turns to the Magnificent Seven, with $Tesla Motors(TSLA)$ and $Meta Platforms, Inc.(META)$ scheduled to report on Wednesday, followed by further major technology earnings in the days ahead.

Wall Street ends the week under pressure as investors rethink the AI rally and shift toward more defensive sectors.

$VIX Gamma exposure : Long gamma.

$VIX Stress

Despite the rebound in the broader market, the semiconductor sector continued to struggle. The iShares Semiconductor ETF fell for an eighth consecutive session, highlighting the persistent weakness in one of the market’s key growth engines.

WS staged an impressive comeback on Thursday. After tech stocks came under pressure early in the session, buyers stepped in and pushed the major indexes back into positive territory. The catalyst? Reassuring comments from $NVIDIA(NVDA)$ helped calm nerves around the AI trade.

ANFCI also increased in the latest week, to –0.48. Risk indicators contributed –0.33, credit indicators contributed –0.15, leverage indicators contributed –0.05, and the adjustments for prevailing macroeconomic conditions contributed 0.04 to the index in the latest week.

NFCI increased to –0.50 in the week ending October 9. Risk indicators contributed –0.26, credit indicators contributed –0.15, and leverage indicators contributed –0.09 to the index in the latest week.

NFCI increased to –0.49 in the week ending October 2. Risk indicators contributed –0.26, credit indicators contributed –0.14, and leverage indicators contributed –0.09 to the index in the latest week.

Since 1950: October: +3% average return November: +2.7% December: +0.8% Q4 in midterm years: +6.6% average Q4 in non‑midterm years: +3.4% Cautions against investing purely by calendar, but history is hard to ignore: Q4 tends to deliver.

The bond market is still signaling tight conditions, even if the Fed is less likely to move this month.

The real action begins Oct. 13, when the big banks open the earnings floodgates.

Wall Street walked into Friday with one set of assumptions, and walked out with another. A sharply weaker September jobs report forced traders to rethink the economy’s momentum and the Fed’s next move, and that shift in expectations sent equities higher.

ANFCI increased in the latest week to –0.57. Risk indicators contributed –0.36, credit indicators contributed –0.16, leverage indicators contributed –0.06, and the adjustments for prevailing macroeconomic conditions contributed 0.01 to the index in the latest week.

NFCI was unchanged at –0.55 in the week ending September 25. Risk indicators contributed –0.29, credit indicators contributed –0.16, and leverage indicators contributed –0.09 to the index in the latest week.

NFCI was unchanged at –0.56 in the week ending September 18. Risk indicators contributed –0.29, credit indicators contributed –0.17, and leverage indicators contributed –0.10 to the index in the latest week.