FM FolioMind
data through 2026-09-18 close - generated 2026-09-20 11:59
FolioMind · Theme & Leadership

A rate shock, not a growth scare.

8Leading themes
0Emerging themes
5Mixed / watch themes
6Breaking-down themes

Market Read

Where the market stands right now — the regime backdrop the rest of this issue reads against.

One fact drives the whole chain. A geopolitical crude shock — US-Iran conflict since late February, a de facto Strait of Hormuz closure, Brent above $100, diesel at a record $6.06/gal — produced the inflation that produced the Fed's 25bp hike to 3.75%-4.00% on 2026-09-16.

First hike since 2023, 12-0, with more priced into 2027. That repricing of real rates is breaking every asset financed by promises far from revenue.

What leads is short-duration and cash-generative with pricing power right now: refining margins, mining margins, subscription security, drug cash flows. What breaks is long-duration and capital-hungry: nuclear developers (OKLO -80.4% off its high, SMR -85.6%), solar (TAN -24.63% over three months, worst ETF in the sample), homebuilders (ITB -24.16% off high), REITs, utilities at a fresh 52-week low, and wafer-fab equipment (KLAC -31.81% over three months).

The single piece of evidence that separates rates from recession is that defensives are not being bought. Staples are -0.60% over three months and below their 50dma.

Real estate is -3.03%. In a genuine growth scare those groups lead.

They don't. That's why the right posture is rotation, not de-risking.

Two corrections to the consensus framing. First, the "narrowing market" is four to six weeks old, not a regime.

Over one month QQQ +0.55% beat RSP -3.41% and IWM -5.37%. But over three months equal-weight beat cap-weight (RSP +1.11% vs QQQ -2.59%), and year-to-date small caps actually lead (IWM +15.41% vs SPY +11.70%).

Saying "narrowing" without naming the horizon inverts the fact. Second, the index-level calm is false.

SPY is only -2.27% off its high and last week was roughly flat at -0.1%. That flat week concealed 240 basis points of Nasdaq-versus-Dow dispersion.

Violent rotation under a stable surface. One condition invalidates most of this structure: an Iran ceasefire or a Hormuz reopening.

It would break refining, relieve the inflation impulse, and probably reflate the broken long-duration complex. Friday already hinted at it.

WTI settled $100.30, down 1.6%, as Saudi supply fears eased. The whole energy complex fell.

Gold caught a bid on inflation expectations fading, not rising.

Theme Radar

Every theme in one scan — its state, breadth, durability, the best current read, and what would break it.

ThemeStateBreadthRSSustainabilityBest read / kill condition
Copper — AI / Electrificationdurability-leaning — broad participation, 6/6 qualifying names self-funding/profitableLeadingBasing⚡3 buyableImproving76breadth88median RSUnproven, and carried on continuity rather than promoted. COPX is -12.71% off its own 52-week high against an all-time-high metal. FCX is -10.84%...TECKCloses below the 50-DMA, or RS percentile drops below 75.AI Compute / Semiconductorsdurability-leaning — broad participation, 29/43 qualifying names self-funding/profitableLeadingBasing⚡3 buyableImproving68breadth90median RSRolling over, with one honest counterpoint. The equipment layer is in a full bear market: KLAC -31.81% 3m and -42.42% off high, AMAT -27.96% and...AMDRS percentile drops below 80, or price closes below the 50-DMA.AI Memory / HBM Super-Cycledurability-leaning — broad participation, 6/8 qualifying names self-funding/profitableLeadingBasing⚡2 buyableNew63breadth96median RSRolling over, with one honest counterpoint. The equipment layer is in a full bear market: KLAC -31.81% 3m and -42.42% off high, AMAT -27.96% and...MUTheme breadth turns deteriorating, or MU closes below its 50-DMA.Gold & Precious Metalsdurability-leaning — broad participation, 14/21 qualifying names self-funding/profitableLeadingBasing⚡1 buyableNew63breadth85median RSEarly by construction, which is the appeal. GDX at 95.48 sits +8.53% over its 50dma (87.97) and +5.30% over its 200dma (90.67), while that 50dma is...CGAUCloses below the 50-DMA, or RS percentile drops below 80.Biotech Laggard-to-Leader (small/mid-cap)story-leaning — 80/117 cash-burning, 28/117 qualifying names self-funding/profitableLeadingBasing⚡12 buyableNewCandidate63breadth91median RSstory-leaning — 80/117 cash-burning, 28/117 qualifying names self-funding/profitableXERSRS percentile drops below 70, or next earnings breaks the self-funding trend.Cybersecuritydurability-leaning — broad participation, 23/35 qualifying names self-funding/profitableLeadingBasing⚡12 buyableNew60breadth82median RSStructurally sustainable, tactically vulnerable on price. These are subscription-funded, cash-generative, balance-sheet-insensitive businesses — the...FTNTCloses below the 50-DMA, or RS percentile drops below 80.Selective Medtech / Device Breakoutsdurability-leaning — broad participation, 9/13 qualifying names self-funding/profitableLeadingPulling back⚡3 buyableNew54breadth88median RSUnproven, and conviction is low by construction. IHI is still 16.2% below its high and below its 200-DMA at 56.34. Much of the move is...DXCMRS percentile drops below 70, or price closes below the 50-DMA.Managed Care / Health-Plan Turnmixed — 4/8 qualifying names self-funding/profitableLeadingPulling back⚡4 buyableNew51breadth89median RSGenuinely early and the least-crowded of the 'defensive' trio, so more runway than utilities or gold. But it is a recovery bet, not a secular growth...ELVTheme breadth turns deteriorating, or next earnings misses consensus.GLP-1 / Obesity & Large-Cap Pharmamixed — 9/11 qualifying names self-funding/profitableMixed / WatchExtended⚡1 buyableNew57breadth79median RSSustainable and asymmetric — turning up off a base is a better setup than the AI-power names correcting from tops. The defensive bid persists if...LLYRS percentile drops below 70, or closes below the 50-DMA.Data-Center Physical Buildout — Cooling & Electricalsmixed — 6/6 qualifying names self-funding/profitableMixed / WatchBasing⚡2 buyableImprovingCandidate57breadth74median RSmixed — 6/6 qualifying names self-funding/profitableNVTRS drops below 75, or a weekly close below the 50-DMA.AI Networking / Optical Interconnectmixed — 4/5 qualifying names self-funding/profitableMixed / WatchPulling backNewCandidate51breadth87median RSmixed — 4/5 qualifying names self-funding/profitableANETCloses below the 50-DMA, or theme breadth shifts from mixed to deteriorating.Energy / Oil & Gas (E&P + Services)mixed — 30/46 qualifying names self-funding/profitableMixed / WatchBasing⚡6 buyableNewCandidate51breadth78median RSmixed — 30/46 qualifying names self-funding/profitableAPARS percentile drops below 75, or theme breadth turns breaking-down.Financials / Banksmixed — 11/19 qualifying names self-funding/profitableMixed / WatchPulling back⚡4 buyableNew41breadth79median RSReasonably sustainable, because this is spread income rather than a story multiple, but leadership has narrowed sharply. Over the last month only...RYRS percentile drops below 70, or price closes below the 50-DMA.Consumer Staples / Defensive Rotationmixed — 5/6 qualifying names self-funding/profitableFadingBasing⚡3 buyableStable46breadth74median RSFreshest but most fragile. The entire defensive complex was hit hardest on the 07-30 risk-on day (XLP -2.2%, real estate -2.8%). It needs multi-week...FIVECloses below its 50-DMA, or RS percentile falls below 75, before reclaiming the pivot.Neocloud / AI Datacenter Operators (GPU-rental + servers)mixed — 1/2 qualifying names self-funding/profitableFadingBasingImprovingCandidate43breadth64median RSmixed — 1/2 qualifying names self-funding/profitableHPERS falls below 85, or a weekly close below the 50-DMA.Transports / Freight & Logisticsmixed — 5/6 qualifying names self-funding/profitableFadingPulling back⚡1 buyableImprovingCandidate30breadth76median RSmixed — 5/6 qualifying names self-funding/profitableNo durable pickTheme state repair/reversal signal needed.Industrials & Construction / AI-Infrastructure Capexmixed — 17/18 qualifying names self-funding/profitableFadingPulling back⚡1 buyableDeterioratingCandidate24breadth69median RSmixed — 17/18 qualifying names self-funding/profitableFIXCloses below the 50-DMA, or theme breadth falls below 20.Defense / Aerospace & Dronesmixed — 4/8 qualifying names self-funding/profitableFadingPulling backNewCandidate16breadth68median RSmixed — 4/8 qualifying names self-funding/profitableNo durable pickTheme state repair/reversal signal needed.AI Power Generation / IPPs / Uranium & Nuclearstory-leaning — a single name carries the theme (no group confirmation)Breaking DownPulling backStable7breadth29median RSstory-leaning — a single name carries the theme (no group confirmation)No durable pickTheme state repair/reversal signal needed.

Buyable Now

Leading- and emerging-theme leaders currently pulling back to (or reclaiming) a rising key moving average — a timing shortlist, not a buy signal. Grouped by theme, sorted by MA tier then relative strength. The MA is the stop reference; extended and RS-faded leaders are deliberately excluded.

58buyable leaders18themes53pullbacks5reclaims
Energy — Refining & Crack Spreadestablished-leading
TickerTierDirFrom MAStopRiskRSSignal
DK8-EMApullback+0.9%8-EMA3.8%97
PARR8-EMApullback+0.6%8-EMA3.2%95
PBF10-EMApullback+2.1%10-EMA4.9%96
Cybersecurityestablished-leading
TickerTierDirFrom MAStopRiskRSSignal
OKTA8-EMApullback+0.6%8-EMA3.4%97
CRWD8-EMApullback+2.5%8-EMA5.4%96▲ inside bar · 1.9× vol
FTNT8-EMApullback+1.4%8-EMA3.6%95
PANW8-EMApullback+0.3%8-EMA3.1%94
NET8-EMApullback+1.3%8-EMA4.0%92
QLYS8-EMApullback-0.1%8-EMA2.9%91
S8-EMApullback+1.8%8-EMA4.5%90
TENB50-EMApullback+3.0%50-EMA6.5%89
Biotechestablished-leading
TickerTierDirFrom MAStopRiskRSSignal
MRNA8-EMApullback+3.9%8-EMA7.8%99▲ inside bar · 1.1× vol
SYRE8-EMApullback-0.7%8-EMA3.2%98
RVMD50-EMAreclaim-3.0%50-EMA5.2%97
TVTX50-EMA+SMApullback+1.9%50-EMA+SMA3.8%96
VRTX50-EMApullback-0.9%50-EMA2.0%72
Software / AI-applicationsemerging-early
TickerTierDirFrom MAStopRiskRSSignal
RNG8-EMApullback-0.4%8-EMA2.6%96
TEAM8-EMApullback+1.8%8-EMA4.1%96▲ reversal (hammer) · 2.0× vol
FROG8-EMApullback+0.7%8-EMA3.8%94
GTLB8-EMApullback+1.1%8-EMA3.5%94
SNOW8-EMApullback+0.2%8-EMA2.8%93▲ inside bar · 0.8× vol
RDVT8-EMApullback+0.1%8-EMA1.9%93
AMPL8-EMApullback-0.7%8-EMA3.2%93
Semiconductors — AI Computeextended-late
TickerTierDirFrom MAStopRiskRSSignal
INTC100-SMApullback+1.7%100-SMA4.0%97▲ inside bar · 1.6× vol
TER100-SMApullback-0.3%100-SMA2.9%94▲ reclaim bar · 1.4× vol
Copper & Base-Metal Minersestablished-leading
TickerTierDirFrom MAStopRiskRSSignal
ERO50-EMApullback+3.3%50-EMA6.4%90▲ reversal (tweezer_bottom) · 0.7× vol
SCCO50-SMApullback+1.8%50-SMA4.1%87▲ reversal (hammer) · 1.2× vol
TECK50-EMA+SMApullback+0.6%50-EMA+SMA2.4%87▲ reversal (hammer) · 0.5× vol
Financials — Regional Banks & Lendersestablished-leading
TickerTierDirFrom MAStopRiskRSSignal
ALL50-EMAreclaim-1.4%50-EMA2.4%76
JPM50-EMApullback+0.1%50-EMA1.0%72▲ reclaim bar · 2.5× vol
AI Hyperscaler Capex & Cloud Computeestablished-leading
TickerTierDirFrom MAStopRiskRSSignal
GOOGL50-EMApullback+1.0%50-EMA2.1%77
AMZN50-SMApullback-0.8%50-SMA1.9%71
Selective Medtech / Device Breakoutsemerging-early
TickerTierDirFrom MAStopRiskRSSignal
BFLY8-EMApullback+2.8%8-EMA6.4%98▲ inside bar · 0.9× vol
CBLL8-EMApullback-0.4%8-EMA2.1%91
AXGN50-SMApullback-2.1%50-SMA4.8%92
BVS50-SMAreclaim-3.0%50-SMA4.8%90
Healthcareestablished-leading
TickerTierDirFrom MAStopRiskRSSignal
OSCR8-EMApullback-0.5%8-EMA3.3%94▲ doji · 1.9× vol
IQV8-EMApullback+0.2%8-EMA1.4%91
Consumer Staples / Defensive RotationEmerging / early
TickerTierDirFrom MAStopRiskRSSignal
COKE50-EMA+SMApullback+0.9%50-EMA+SMA2.5%82
PM50-EMA+SMApullback-0.3%50-EMA+SMA1.5%72
Real Estate / REITsestablished-leading
TickerTierDirFrom MAStopRiskRSSignal
CBL50-SMAreclaim-2.4%50-SMA3.7%88
Life-Science Tools & Bioprocessingemerging-early
TickerTierDirFrom MAStopRiskRSSignal
AVTR8-EMApullback+1.1%8-EMA2.5%93
Materials & Steelemerging-early
TickerTierDirFrom MAStopRiskRSSignal
GGB8-EMApullback-1.1%8-EMA2.9%90
TX10-EMApullback+0.1%10-EMA1.5%90▲ reversal (hammer) · 0.6× vol
MT50-EMA+SMApullback+0.9%50-EMA+SMA2.3%92
Healthcare / Managed-Care Turnemerging-early
TickerTierDirFrom MAStopRiskRSSignal
CLOV8-EMApullback-2.3%8-EMA4.6%92▲ reversal (hammer) · 1.4× vol
CNC13-EMApullback-1.7%13-EMA3.5%93
HUM50-EMApullback+0.9%50-EMA2.5%92▲ reclaim bar · 1.4× vol
MOH50-EMApullback-0.9%50-EMA2.6%78
AI Compute Hardware & Serversestablished-leading
TickerTierDirFrom MAStopRiskRSSignal
DELL8-EMApullback+3.0%8-EMA5.8%98
Defensive healthcare (ex-biotech)Emerging / early-leading
TickerTierDirFrom MAStopRiskRSSignal
BMY50-SMAreclaim-1.5%50-SMA2.5%77▲ reclaim bar · 3.6× vol
Biotech / life-science tools (M&A + lower-rates bid)established-leading
TickerTierDirFrom MAStopRiskRSSignal
DRTS8-EMApullback+2.0%8-EMA4.1%98▲ inside bar · 1.0× vol
ORKA8-EMApullback+0.5%8-EMA3.1%98
MBX8-EMApullback+1.4%8-EMA3.6%98
RLAY8-EMApullback-0.6%8-EMA2.8%97
ANRO50-SMApullback-2.1%50-SMA5.3%98
CLYM50-SMApullback-1.5%50-SMA5.7%98▲ inside bar · 3.0× vol
NRIX50-SMApullback+1.1%50-SMA3.2%96
Full tiers (21-EMA · 50/100/200 EMA+SMA, confluence flagged) with real per-line rising flags + location-gated candlestick confirmation, from TP shared_panel schema_version 2.

Setup Radar

A tradeability-first swing watchlist across the leadership lifecycle. Scanned across the full US universe and staged: actionable now, coiling (armed, not yet triggered), and reset (former leaders basing back). Every name carries a defined stop and its risk in ATR. Descriptive setups with defined risk, not a buy list.

94on the watchlist35actionable now19coiling40reset watch
Actionable now35
At or reclaiming a rising fast MA, near highs, with a live trigger — the buyable edge of the list.
TickerThemeRS6-moOff highADRStop · riskTrigger
OSCRManaged Care / Health-Plan Turn9497-7%5.7%8-EMA · 0.6Rdoji
DELLAI Compute / Semiconductors9898-5%5.7%8-EMA · 1.0Rpullback
OKTACybersecurity9796-5%5.6%8-EMA · 0.6Rpullback
PANWCybersecurity9496-9%5.6%8-EMA · 0.6Rpullback
PLSE—9897-8%7.7%8-EMA · 0.9Rreclaim bar
FIVNCybersecurity9396-8%5.3%8-EMA · 0.7Rpullback
CRWDCybersecurity9696-5%5.8%8-EMA · 0.9Rinside bar
HNGE—9596-2%4.7%8-EMA · 0.9Rpullback
NSIT—9396-8%3.6%13-EMA · 1.0Rdoji
TVTX—9696-9%3.8%50-EMA+SMA · 1.0Rpullback
FTNTCybersecurity9595-4%4.3%8-EMA · 0.8Rpullback
GEO—9094-4%3.4%8-EMA · 0.6Rpullback
RNG—9694-8%4.4%8-EMA · 0.6Rpullback
LFST—9595-7%3.6%8-EMA · 1.0Rreversal
TWLO—9595-6%4.1%8-EMA · 1.0Rpullback
PAYC—9193-8%3.3%8-EMA · 0.6Rreclaim bar
DK—9793-5%5.8%8-EMA · 0.7Rpullback
ZETA—9393-8%4.7%8-EMA · 0.7Rpullback
HPQ—9294-5%4.9%8-EMA · 1.0Rpullback
TGTX—9294-4%4.6%8-EMA · 1.0Rinside bar
CXW—9293-4%3.4%8-EMA · 0.8Rpullback
NRIX—9693-10%4.0%50-SMA · 0.8Rpullback
SNX—9193-10%2.8%8-EMA · 1.0Rdoji
CON—9191-3%2.3%8-EMA · 0.6Rpullback
BWLP—9291-3%3.4%8-EMA · 0.8Rpullback
FRO—9591-6%3.5%8-EMA · 0.8Rpullback
S—9091-7%5.4%8-EMA · 0.8Rpullback
EWTX—9590-7%4.4%8-EMA · 0.7Rpullback
TX—9089-2%2.8%10-EMA · 0.5Rreversal
TBBBConsumer Staples / Defensive Rotation9290-2%2.9%8-EMA · 0.8Rreversal
MATX—9389-3%2.3%8-EMA · 0.6Rpullback
PBF—9690-7%5.6%10-EMA · 0.9Rpullback
NETCybersecurity9289-4%5.3%8-EMA · 0.7Rpullback
GGB—9089-5%3.7%8-EMA · 0.8Rpullback
LILA—9291-6%2.7%21-EMA · 1.3Rreclaim
Coiling19
Leaders pulled back to a rising 21/50, base tightening, defined risk — armed, not yet triggered.
TickerThemeRS6-moOff highADRStop · riskTrigger
FROG—9496-12%6.2%21-EMA · 0.2Rcoil
SNOW—9395-14%5.2%21-EMA · 0.3Rcoil
KNSA—9492-7%3.1%50-SMA · 1.3Rcoil
ANETAI Networking / Optical Interconnect8789-7%3.8%21-EMA · 0.8Rpivot
EROCopper — AI / Electrification9087-16%6.1%50-EMA · 0.5Rcoil
KYMR—9389-10%4.2%50-EMA · 1.0Rcoil
MSGE—8785-13%2.7%21-EMA · 0.2Rreclaim
NEU—7887-9%2.6%50-EMA · 1.0Rcoil
SENEA—8781-12%3.8%50-EMA · 0.2Rreclaim
MRKGLP-1 / Obesity & Large-Cap Pharma8980-6%2.3%21-EMA · 0.4Rcoil
RACE—6580-19%2.0%50-SMA · 0.6Rcoil
FSMGold & Precious Metals8677-14%4.2%21-EMA · 0.5Rcoil
TEO—9076-16%4.0%50-SMA · 0.4Rpivot
NEMGold & Precious Metals8580-9%3.5%50-EMA · 1.5Rcoil
FRHC—7174-7%3.8%21-EMA · 0.1Rcoil
INVX—8573-15%4.1%50-SMA · 0.1Rcoil
TDW—8273-15%4.4%50-SMA · 0.2Rcoil
WFG—6872-7%2.8%21-EMA · 0.9Rcoil
GOOGL—7770-14%2.2%50-EMA · 0.5Rpivot
Reset watch40
Former leaders (strong 6-mo RS) basing or reclaiming after a deep pullback — tactical, defined-risk, not an investment call.
TickerThemeRS6-moOff highADRStop · riskTrigger
AEHRAI Memory / HBM Super-Cycle9698-37%8.3%50-SMA · 0.1Rreversal
HUMManaged Care / Health-Plan Turn9296-10%3.3%50-EMA · 0.3Rreclaim
MXLAI Compute / Semiconductors9999-37%6.0%ADR-stop · 1.5Rreclaim
MRVLAI Compute / Semiconductors9798-26%5.6%21-EMA · 1.3Rreversal
HUT—9596-30%7.8%21-EMA · 1.2Rreclaim
ALAB—9197-39%6.3%ADR-stop · 1.5Rreclaim
INTCAI Compute / Semiconductors9797-24%4.7%ADR-stop · 1.5Rbase
INBX—9793-30%8.4%50-EMA · 0.6Rreclaim
VRNS—9195-26%4.2%21-EMA · 1.1Rreversal
NBISNeocloud / AI Datacenter Operators (GPU-rental + servers)9494-25%6.4%50-SMA · 0.9Rreversal
ARM—9296-39%5.2%ADR-stop · 1.5Rreclaim
DFTX—9796-22%5.4%ADR-stop · 1.5Rreclaim
STXAI Memory / HBM Super-Cycle9796-25%5.3%ADR-stop · 1.5Rreclaim
PI—8994-27%5.0%21-EMA · 1.1Rbase
PGNY—8289-18%2.7%21-EMA · 0.1Rreversal
COHU—9495-23%5.8%50-EMA · 1.7Rreclaim
PK—7988-8%2.7%50-EMA · 0.1Rreclaim
CLF—8691-25%4.7%21-EMA · 0.9Rbase
WKC—8790-13%2.5%50-EMA · 0.7Rreclaim
RIOT—8893-22%6.4%ADR-stop · 1.5Rreclaim
VSXY—9493-24%5.4%ADR-stop · 1.5Rreclaim
CTOS—8492-24%3.3%ADR-stop · 1.5Rreversal
HOOD—8992-22%6.1%21-EMA · 1.5Rreclaim
AFRMCybersecurity6991-23%5.2%ADR-stop · 1.5Rreversal
CBRL—6791-25%5.0%ADR-stop · 1.5Rreclaim
GKOSSelective Medtech / Device Breakouts9091-14%3.9%ADR-stop · 1.5Rreclaim
LIND—9091-21%4.8%ADR-stop · 1.5Rreclaim
RHI—8091-20%4.2%ADR-stop · 1.5Rreclaim
SANM—8791-31%4.7%ADR-stop · 1.5Rreclaim
INNV—9286-14%5.2%50-EMA · 0.4Rreclaim
HMY—8388-24%4.6%50-EMA · 1.0Rreclaim
VCTR—8890-14%3.8%ADR-stop · 1.5Rreclaim
CLSK—8090-39%6.6%50-EMA · 1.6Rreclaim
AUGOGold & Precious Metals9587-20%5.2%21-EMA · 0.9Rreversal
RXOTransports / Freight & Logistics7089-32%5.4%ADR-stop · 1.5Rreclaim
UHAL—7489-16%2.3%ADR-stop · 1.5Rreclaim
IESCIndustrials & Construction / AI-Infrastructure Capex8488-21%5.9%ADR-stop · 1.5Rreversal
KN—8488-17%3.1%ADR-stop · 1.5Rreversal
ODC—7988-17%2.8%ADR-stop · 1.5Rreclaim
PEB—8388-10%2.9%ADR-stop · 1.5Rreclaim
Setup Radar gates on tradeability (defined risk on a swing horizon), not durable leadership — it deliberately includes reset candidates the other tabs exclude by design. Descriptive, never a recommendation.

Leading Theme Spotlights

In-depth cards for the leading and emerging themes — the driver, why it’s working now, whether it’s durable, the best read, the stocks, and what would break it.

01

Copper — AI / Electrification

LeadingBasing⚡3 buyableImproving
76 breadth88 median RS100% RS>=80100% >50-DMA

What is driving it

A physical squeeze in the metal. LME three-month copper reached $14,703/t and Comex $6.7270/lb. LME warehouse stocks are down nearly 40% since late May and SHFE inventories -85% from the mid-March peak. CRU's forecast 639kt 2026 surplus has flipped to...

Why now

RS-rich vs pool (rs80 ratio 1.90 ≥ 1.15) + 200-DMA base intact intra-panel RS drift (no log history) Top RS drivers: TGB · RS 93 · SF · +6% to pivot, ERO · RS 90 · SF · +15% to pivot, HBM · RS 89 · SF · +10% to pivot

Sustainability

Breadthdurability-leaning — broad participation, 6/6 qualifying names self-funding/profitable
DurabilityUnproven, and carried on continuity rather than promoted. COPX is -12.71% off its own 52-week high against an all-time-high metal. FCX is -10.84% off its high, SCCO -11.36%. Two plausible explanations, neither verified against miner cost guidance: part of the record price is a US tariff arbitrage (Comex carries a ~$550/t, ~4% premium over LME) that global miners do not realize, and...
EconomicsBetter than the proposal claimed, and two leverage figures were wrong in the miners' favor. FCX is 0.70x net debt/EBITDA, not 2.46x, making it the second-LEAST levered name here, and SCCO is 0.29x, not ~1.0x. SCCO is the best operator in the theme by a distance — 26.2% ROIC, 56.9% operating margin, 49.4% ROE, a 5.06 current ratio — and the most expensive stock, at 16.7x EV/EBITDA and...
Best current readTECKpullback-reentry

All six names are self-funding and above the 50-DMA, so quality is not the differentiator; growth is. Teck pairs 18.6% revenue growth with a large earnings inflection at RS 87 while sitting 9.7% below its high, 10.7% under pivot.

Kill condition: Closes below the 50-DMA, or RS percentile drops below 75.

6 drivers0 pullbacks0 watchlist0 broken excludedfull list in the Deep Dives tab

Leaders to inspect

TickerCapGQSetupWhy it mattersWatch item
TGB$2BGQ SFRS 93 / +6% pivot / -12% high / trendOperating margin 45.9% and expanding; RS jumped 27 to 80 on copper demand.EPS swung -132.5%; shares 29% off the 52-week high, 27.1% from pivot.
ERO$3BGQ SF⚡ 50-EMA pullback · reversal · 6.4% risk / RS 90 / +15% pivot / -16% high / trendRevenue +68.2% and EPS up sharply (base-effect figure excluded) as Tucumã ramps; operating margins expanding to 43.9%.Still 34% below its 52-week high with RS 67 lagging established theme leaders.
HBM$10BGQ SFRS 89 / +10% pivot / -16% high / trendEPS up up sharply (base-effect figure excluded) with operating margin expanding to 32.9%; RS jumped 74→91.Still 20.4% below 52-week high and 25.6% under pivot; FCF yield only 2.5%.
SCCO$159BGQ SF⚡ 50-SMA pullback · reversal · 4.1% risk / RS 87 / +9% pivot / -12% high / trendGroup-leading 54.5% operating margin, still expanding; RS surged 29→80 on copper demand.Remains 21.8% below 52-week high, 16% under pivot; FCF yield modest at 2.9%.
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02

AI Compute / Semiconductors

LeadingBasing⚡3 buyableImproving
68 breadth90 median RS81% RS>=8062% >50-DMA

What is driving it

What is left is company-specific, not thematic. AMD has the Anthropic agreement (up to 2GW of MI450-series in Helios racks, announced 2026-07-22, first gigawatt from 1H2027) and ANET has hyperscaler switching orders. Neither is a rising tide. The defining...

Why now

RS-rich vs pool (rs80 ratio 1.54 ≥ 1.15) + 200-DMA base intact breadth_log Δscore +29.0 (prior 2026-08-03 · overlap 69% · age 46d/1 issues) Top RS drivers: AXTI · RS 99 · CB · +6% to pivot, MXL · RS 99 · M · +10% to pivot, MU · RS 98 · SF · +3% to pivot

Sustainability

Breadthdurability-leaning — broad participation, 29/43 qualifying names self-funding/profitable
DurabilityRolling over, with one honest counterpoint. The equipment layer is in a full bear market: KLAC -31.81% 3m and -42.42% off high, AMAT -27.96% and -39.90%, LRCX -25.94% and -34.30%. All still carry huge YTD gains (AMAT +72.99%, LRCX +68.31%), so this is distribution from a high, not a base. The counterpoint: SMH's one-month return is +0.5%, so the group stopped falling about a month ago...
EconomicsStrong businesses, stretched prices, and the cheapest name has the worst tape. NVDA is 27.9x trailing earnings on +105.9% revenue growth with 75% gross margins — and it is +19.2% YTD against SMH at +59.11%, forty points of underperformance against its own sector ETF. Its cash conversion also deteriorated: operating cash flow was 40% of net income last quarter, DSO rose from 44.9 to...
Best current readAMDdriver-continuation

Theme is leading, with 81% of 48 names at RS>=80. AMD holds RS 98 just 4.3% off its high and sits exactly at its pivot, revenue +34% and EPS +165% on self-funding growth: the most durable compute-levered driver shown.

Kill condition: RS percentile drops below 80, or price closes below the 50-DMA.

37 drivers2 pullbacks4 watchlist2 broken excludedfull list in the Deep Dives tab

Leaders to inspect

TickerCapGQSetupWhy it mattersWatch item
AXTI$3BGQ CBRS 99 / +6% pivot / -51% highRS 99, up from 94, on InP substrate demand for AI optics; margins expanding.Cash-burning with revenue -11.1% and EPS -75.7%; still 45.3% below 52-week high.
MXL$2BGQ MRS 99 / +10% pivot / -37% high / trendRevenue +29.7%, EPS +46.1% recovery with margins expanding on datacenter optical ramp.Still loss-making: -10.9% operating margin, negative ROIC; sits 31.7% below 52-week high.
MU$474BGQ SFRS 98 / +3% pivot / -19% high / trendAI memory upcycle: revenue +85.5%, EPS up sharply (base-effect figure excluded), 67.6% operating margin still expanding.FCF yield only 1% as heavy HBM capex absorbs cash; memory pricing is cyclical.
AMD$400BGQ SFRS 98 / +0% pivot / -4% high / trendAI accelerator demand drives rev +34.3%, eps +164.7%, RS 97, margins expanding.Thin FCF yield 0.01 and ROIC 0.02; intense Nvidia competition, -9.2% off high.
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Recent leaders in pullback

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NVDA$5.2TGQ SFRS 79 / +6% pivot / -6% high / trendRevenue +70.7% at 65.6% op margin, still expanding, with self-funding FCF.RS stalled at 71, -12% off high, as custom-ASIC and China export risks weigh.
QCOM$137BGQ SFRS 73 / +3% pivot / -32% high5.6% FCF yield and 27.5% op margin fund diversification; revenue +10.3%.EPS -47% with contracting margins; RS slid 92 to 76 on handset reliance.

Intact watchlist / exposed names

TickerCapGQSetupWhy it mattersWatch item
SLAB$7BGQ MRS 79 / +1% pivot / -1% high / trendRev +34.3%, EPS +66.5% IoT recovery; RS 79, 1.2% to pivot.Op margin -0.016 and negative ROIC; barely profitable, 0.002 FCF yield.
ADI$193BGQ SFRS 78 / +1% pivot / -16% highRev +29.8%, EPS +83.4%, 38% op margins expanding; self-funding growth.Down 12.8% from high, thin 2.4% FCF yield; cyclical analog demand.
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03

AI Memory / HBM Super-Cycle

LeadingBasing⚡2 buyableNew
63 breadth96 median RS89% RS>=8056% >50-DMA

What is driving it

What is left is company-specific, not thematic. AMD has the Anthropic agreement (up to 2GW of MI450-series in Helios racks, announced 2026-07-22, first gigawatt from 1H2027) and ANET has hyperscaler switching orders. Neither is a rising tide. The defining...

Why now

RS-rich vs pool (rs80 ratio 1.69 ≥ 1.15) + 200-DMA base intact prior 2026-06-25 discarded — membership reconstituted (overlap 39% < 50%): treated as a NEW composition, no trend claim, no hysteresis Top RS drivers: SNDK · RS 99 · M · +1% to pivot, MU · RS 98 · SF · +3% to pivot, STX · RS 97 · SF · +8% to pivot

Sustainability

Breadthdurability-leaning — broad participation, 6/8 qualifying names self-funding/profitable
DurabilityRolling over, with one honest counterpoint. The equipment layer is in a full bear market: KLAC -31.81% 3m and -42.42% off high, AMAT -27.96% and -39.90%, LRCX -25.94% and -34.30%. All still carry huge YTD gains (AMAT +72.99%, LRCX +68.31%), so this is distribution from a high, not a base. The counterpoint: SMH's one-month return is +0.5%, so the group stopped falling about a month ago...
EconomicsStrong businesses, stretched prices, and the cheapest name has the worst tape. NVDA is 27.9x trailing earnings on +105.9% revenue growth with 75% gross margins — and it is +19.2% YTD against SMH at +59.11%, forty points of underperformance against its own sector ETF. Its cash conversion also deteriorated: operating cash flow was 40% of net income last quarter, DSO rose from 44.9 to...
Best current readMUdriver-continuation

MU pairs the theme's strongest fundamentals (revenue +85%, EPS up sharply (base-effect figure excluded), self-funding) with RS 98 and a pivot only 2.6% away while still 19% below its high. Breadth reads durability-leaning, six of eight qualifying names profitable.

Kill condition: Theme breadth turns deteriorating, or MU closes below its 50-DMA.

8 drivers0 pullbacks0 watchlist1 broken excludedfull list in the Deep Dives tab

Leaders to inspect

TickerCapGQSetupWhy it mattersWatch item
SNDK$126BGQ MRS 99 / +1% pivot / -24% high / trendNAND upcycle: 23.6% revenue growth, 35.2% operating margins still expanding, RS 99.EPS comparison of deeply negative (base-effect figure excluded) with FCF and ROIC unreported; cyclical earnings...
MU$474BGQ SFRS 98 / +3% pivot / -19% high / trendAI memory upcycle: revenue +85.5%, EPS up sharply (base-effect figure excluded), 67.6% operating margin still expanding.FCF yield only 1% as heavy HBM capex absorbs cash; memory pricing is cyclical.
STX$110BGQ SF⚡ 100-SMA pullback · reclaim bar · 3.3% risk / RS 97 / +8% pivot / -25% high / trend25.2% revenue growth with expanding margins and 11.9% ROIC on AI storage demand.Cyclical HDD pricing exposure; shares sit 12.5% below their 52-week high.
WDC$116BGQ SFRS 96 / +12% pivot / -45% highAI storage demand: EPS up 192.9%, margins expanding to 31.9%, self-funding growth.Revenue growth only 4.7%; earnings leverage depends on cyclical HDD pricing holding.
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04

Gold & Precious Metals

LeadingBasing⚡1 buyableNew
63 breadth85 median RS87% RS>=80100% >50-DMA

What is driving it

Mining margin and real yields, not debasement. Three narrative angles reached for an inflation or geopolitical-hedge framing and price refuses it: GLD is -21.29% off its high and BELOW its 200dma during an active shooting war with crude over $100. Dated...

Why now

RS-rich vs pool (rs80 ratio 1.65 ≥ 1.15) + 200-DMA base intact prior 2026-06-16 discarded — membership reconstituted (overlap 47% < 50%): treated as a NEW composition, no trend claim, no hysteresis Top RS drivers: AUGO · RS 95 · M · +1% to pivot, CGAU · RS 94 · SF · +3% to pivot, IAUX · RS 90 · CB · +2% to pivot

Sustainability

Breadthdurability-leaning — broad participation, 14/21 qualifying names self-funding/profitable
DurabilityEarly by construction, which is the appeal. GDX at 95.48 sits +8.53% over its 50dma (87.97) and +5.30% over its 200dma (90.67), while that 50dma is still 2.97% BELOW the 200dma. Price has reclaimed a long base from underneath and the death cross has not unwound — mechanically incompatible with being extended. Breadth is 7 of 7 sampled miners positive on 1m and 3m and above their 50dma...
EconomicsSplit between pristine-and-expensive and cheap-and-flawed. WPM and FNV are the cleanest businesses in the readout — FNV has zero debt, 96% EBITDA margins, 99.7% cash conversion and a 12.6% ROIC; WPM has D/E of 0.001 and a 7.8 current ratio. You pay for it: ~33.5x and ~34.8x TTM earnings, ~7.9x and ~6.7x book. Their FCF yields are ~1%, because stream acquisitions run through capex at...
Best current readCGAUdriver-continuation

Highest-RS name that is also self-funding: RS 94, only 6% off its high, 3.2% from pivot, revenue +12% with EPS up sharply. Theme breadth is broad and durability-leaning, so the quality driver, not the burn-rate story, gets the nod.

Kill condition: Closes below the 50-DMA, or RS percentile drops below 80.

18 drivers3 pullbacks0 watchlist0 broken excludedfull list in the Deep Dives tab

Leaders to inspect

TickerCapGQSetupWhy it mattersWatch item
AUGO$9BGQ M⚡ 8-EMA pullback · reversal · 4.2% risk / RS 95 / +1% pivot / -20% highRS 95, revenue +55.1%, margins expanding, price 0.7% from pivot — strongest theme momentum.EPS -152.9% despite revenue growth; FCF yield and ROIC missing, cash conversion unverified.
CGAU$4BGQ SFRS 94 / +3% pivot / -6% high / trendEPS up sharply (base-effect figure excluded) on gold-price strength; operating margins expanding to 22.6%.Revenue growth of 11.9% trails gold peers; ROIC low at 2.5%.
IAUX$1BGQ CBRS 90 / +2% pivot / -20% highRevenue up 77.2% and RS 84 (from 34) amid gold theme strength.Cash-burning: -168.3% op margin, -10.5% FCF yield, -30.4% from 52-week high.
EGO$7BGQ MRS 89 / +6% pivot / -15% highGold strength drives rev +37.9%, eps +78%, op margin 0.458 with expanding margins.Negative FCF yield -0.049 and low ROIC 0.045; trades -33.9% below 52w high.
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Recent leaders in pullback

TickerCapGQSetupWhy it mattersWatch item
AEM$110BGQ SFRS 74 / +5% pivot / -22% highSelf-funding growth: revenue +44.2%, EPS +135%, 55.9% operating margin, margins still expanding.21.8% below 52-week high, RS slipped 86 to 74 — pullback, not leadership.
RGLD$19BGQ MRS 78 / +7% pivot / -18% highRoyalty model carries 59.8% operating margin on 43.9% revenue growth as gold leads.FCF yield negative (-1.2%), ROIC 1.5%, margins contracting, RS fading 83 to 78.
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05

Biotech Laggard-to-Leader (small/mid-cap)

LeadingBasing⚡12 buyableNewCandidate
63 breadth91 median RS82% RS>=8058% >50-DMA

What is driving it

Small/mid-cap biotech turning from a multi-year laggard toward leadership.

Why now

RS-rich vs pool (rs80 ratio 1.55 ≥ 1.15) + 200-DMA base intact prior 2026-07-23 discarded — aged (8 issues / 57d > 2 issues & 10d): fresh classification, trajectory unknown Top RS drivers: MRNA · RS 99 · CB · +2% to pivot, ANL · RS 99 · CB · +3% to pivot, ERAS · RS 98 · CB · +13% to pivot

Sustainability

Breadthstory-leaning — 80/117 cash-burning, 28/117 qualifying names self-funding/profitable
EconomicsComputed stock layer shows 99 drivers, 9 pullbacks, 10 watchlist names; use the GQ badges to separate self-funding growth from story momentum.
Best current readXERSpullback-reentry

Theme leads but 80 of 117 names burn cash. XERS is the highest-RS self-funding name (78), with 43.7% revenue and 97.9% EPS growth, dipping 18.6% off highs and 5% below pivot — durable rather than story-driven.

Kill condition: RS percentile drops below 70, or next earnings breaks the self-funding trend.

99 drivers9 pullbacks10 watchlist3 broken excludedfull list in the Deep Dives tab

Leaders to inspect

TickerCapGQSetupWhy it mattersWatch item
MRNA$20BGQ CB⚡ 8-EMA pullback · inside bar · 7.8% risk / RS 99 / +2% pivot / -13% high / trendRS surged 22 to 78; margins expanding off trough as pipeline advances.Revenue -39.3%, deeply cash-burning (op margin -1.264, FCF yield -0.088).
ANL$349MGQ CB⚡ 8-EMA pullback · reversal · 6.3% risk / RS 99 / +3% pivot / -9% high / trendRS surged 6→99 with EPS up 51%; classic laggard-to-leader momentum reversal.Deeply unprofitable (operating margin −up sharply (base-effect figure excluded)), cash-burning; still −46.7% below...
ERAS$5BGQ CBRS 98 / +13% pivot / -39% highExplosive momentum with RS surging 24 to 98; pipeline optimism drives laggard-to-leader re-rating.Cash-burning with ROIC -0.087 and negative FCF; clinical/financing risk, still -44.8% below high.
SYRE$3BGQ CB⚡ 8-EMA pullback · 3.2% risk / RS 98 / +2% pivot / -18% highPipeline momentum: RS 97, EPS +55.7%, margins expanding, sits near 52w high.Cash-burning clinical stage: op margin -63.2%, negative FCF and ROIC; binary trial risk.
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Recent leaders in pullback

TickerCapGQSetupWhy it mattersWatch item
REGN$78BGQ PRS 76 / +10% pivot / -9% highRS strengthening 65 to 78, sitting 0.2% below pivot; profitable, 22.7% op margin.Revenue growth stalled at 1% and ROIC weak at 2%; 10% below high.
BMRN$10BGQ SF⚡ 50-EMA+SMA pullback · 1.7% risk / RS 71 / +5% pivot / -10% high / trendRevenue +12.9%, self-funding with positive FCF yield 0.065, near pivot (1.5%).EPS -18.2% with margins contracting and lagging RS of 54.
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Intact watchlist / exposed names

TickerCapGQSetupWhy it mattersWatch item
DSGN$750MGQ CBRS 78 / +27% pivot / -29% highRS re-rated 32 to 78 in three months — sharpest laggard-to-leader turn in theme.Cash-burning: ROIC -0.085, FCF yield -0.077, EPS -38.6%, still 26.6% below pivot.
ZVRA$556MGQ SFRS 77 / +6% pivot / -23% highRevenue up up sharply (base-effect figure excluded) with 0.273 op margin; self-funding growth as launches ramp.Tiny $556M cap; RS cooling 85 to 76, sits 16% below pivot.
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06

Cybersecurity

LeadingBasing⚡12 buyableNew
60 breadth82 median RS67% RS>=8079% >50-DMA

What is driving it

A dated catalyst on 2026-09-14: CRWD +12% and PANW +11% after AI-safety warnings from the Anthropic and OpenAI CEOs, with analysts reframing cyber as sticky enterprise spend on securing autonomous agents. The top-down sector lens could not see this theme at...

Why now

RS-rich vs pool (rs80 ratio 1.28 ≥ 1.15) + 200-DMA base intact prior 2026-07-27 discarded — aged (6 issues / 53d > 2 issues & 10d): fresh classification, trajectory unknown Top RS drivers: OKTA · RS 97 · SF · +6% to pivot, CRWD · RS 96 · M · -2% to pivot, FTNT · RS 95 · SF · +1% to pivot

Sustainability

Breadthdurability-leaning — broad participation, 23/35 qualifying names self-funding/profitable
DurabilityStructurally sustainable, tactically vulnerable on price. These are subscription-funded, cash-generative, balance-sheet-insensitive businesses — the structural opposite of the nuclear and hydrogen complex breaking on the same tape. CIBR is only -2.86% off its own 52-week high, better proximity than any theme ETF except the refiners. The one crack, and why this ranks below refining: the...
EconomicsBimodal, and the quality ranking is close to the inverse of the momentum ranking. The genuinely healthy names are FTNT (34% operating margin, 33% ROIC, $3.12B FCF, $3.6B net cash) and FFIV (25% operating margin, 4.0% FCF yield, $1.35B net cash) — and they are the cleanest entries. The stretched names have the best tape: CRWD at ~44x trailing sales with a -2.3% GAAP operating margin...
Best current readFTNTdriver-continuation

FTNT leads at RS 95 in a theme with 67% of names RS>=80 and 79% above the 50-DMA. Self-funding growth, revenue +14.2% with positive EPS, 1.3% from pivot and 3.5% off its high — durable rather than a burn-funded story.

Kill condition: Closes below the 50-DMA, or RS percentile drops below 80.

25 drivers8 pullbacks2 watchlist2 broken excludedfull list in the Deep Dives tab

Leaders to inspect

TickerCapGQSetupWhy it mattersWatch item
OKTA$21BGQ SF⚡ 8-EMA pullback · 3.4% risk / RS 97 / +6% pivot / -5% high / trendEPS up 90.7% as margins expand; 3.1% FCF yield supports self-funding growth.Operating margin still thin at 7.3%; stock 15.7% below high with RS slipping to 89.
CRWD$171BGQ M⚡ 8-EMA pullback · inside bar · 5.4% risk / RS 96 / -2% pivot / -5% high / trendFastest grower in the group at 23.2% revenue, EPS up 72.5%, margins expanding.Negative -2.2% operating margin and thin 0.9% FCF yield; 17.9% below its high.
FTNT$57BGQ SF⚡ 8-EMA pullback · 3.6% risk / RS 95 / +1% pivot / -4% high / trendRevenue up 14.2% on a 32.8% operating margin — self-funding growth 7.8% from high.Margins contracting and EPS growth of 7.5% lags revenue; RS slipped from 94 to 90.
PANW$190BGQ M⚡ 8-EMA pullback · 3.1% risk / RS 94 / +6% pivot / -9% high / trendRevenue up 19.5% at $190B scale as platform consolidation drives the cybersecurity theme.EPS down 34.3% and operating margin negative at -6.1%, with margins contracting.
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Recent leaders in pullback

TickerCapGQSetupWhy it mattersWatch item
XYZ$38BGQ PRS 65 / +6% pivot / -12% highProfitable with FCF yield 0.065, margins expanding, -4.9% from high.Eps -53.7%, flat rev +0.3%, thin ROIC 0.006.
IOT$20BGQ SF⚡ 50-EMA+SMA pullback · 5.5% risk / RS 74 / +9% pivot / -17% highRevenue growth 29.6%, EPS up 144.3%, operating margin now positive at 1.5%.RS fell 90 to 74, 16.7% below high, margins contracting, 1% FCF yield.
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Intact watchlist / exposed names

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ATEN$2BGQ SFRS 75 / +6% pivot / -32% highRevenue up 11% with steady RS 90; trades only 6.1% below its 52-week high.EPS down 13.4% with contracting margins; ROIC of 1.9% is thin.
RDWR$1BGQ SF⚡ 50-EMA pullback · 3.8% risk / RS 74 / +4% pivot / -11% high / trendEPS up 229.3% on expanding margins; cloud-security mix shift now self-funding.RS 69, fading from 72; operating margin still thin at 4.9%.
07

Selective Medtech / Device Breakouts

LeadingPulling back⚡3 buyableNew
54 breadth88 median RS68% RS>=8046% >50-DMA

What is driving it

An intra-sector baton pass. IHI gained 8.46% over the past month against SPY's +1.59% — a 6.9pp spread, the largest group spread found — and the base-then-move shape is verified: IHI went from 49.92 on 2026-05-04 to 49.98 on 2026-07-01 (+0.1% over two...

Why now

RS-rich vs pool (rs80 ratio 1.29 ≥ 1.15) + 200-DMA base intact prior 2026-07-29 discarded — aged (4 issues / 51d > 2 issues & 10d): fresh classification, trajectory unknown Top RS drivers: BFLY · RS 98 · CB · +8% to pivot, BRKR · RS 92 · P · -3% to pivot, AXGN · RS 92 · M · +16% to pivot

Sustainability

Breadthdurability-leaning — broad participation, 9/13 qualifying names self-funding/profitable
DurabilityUnproven, and conviction is low by construction. IHI is still 16.2% below its high and below its 200-DMA at 56.34. Much of the move is mean-reversion off depressed levels — ABT, SYK and MDT are only reclaiming (above their 50-DMAs, below their 200s), and the two heaviest IHI holdings are outright broken (ISRG 37.8% off high below both MAs, BSX 55.8% off). The sector composite is...
EconomicsOne genuinely strong, one speculative, one weak. DXCM is the real business: 13.1% revenue growth, operating margin expanded to 24.3% from 18.4%, 30.5% ROE, 16.6% ROIC, roughly $1.08B of free cash flow, and 0.35x net-debt/EBITDA at about 33x earnings. GKOS is growing 49.5% with an 81.7% gross margin but is unprofitable (-9.3% operating margin, -10.6% ROIC, -$54M FY25 FCF) at 16.5x...
Best current readDXCMdriver-continuation

Best quality-plus-growth blend in the basket: 15.6% revenue and 46.2% EPS growth, graded self-funding growth, and only 3.3% from pivot. Takes the durability side of the tiebreaker over higher-RS BFLY and GKOS, both cash-burning and deeper below their highs.

Kill condition: RS percentile drops below 70, or price closes below the 50-DMA.

9 drivers1 pullbacks4 watchlist0 broken excludedfull list in the Deep Dives tab

Leaders to inspect

TickerCapGQSetupWhy it mattersWatch item
BFLY$1BGQ CB⚡ 8-EMA pullback · inside bar · 6.4% risk / RS 98 / +8% pivot / -22% highRevenue up 19% with expanding margins and EPS up 9.8%; RS strong at 92.Deeply negative operating margin (-61.8%); still cash-burning despite revenue growth.
BRKR$6BGQ PRS 92 / -3% pivot / -6% high / trendProfitable (operating margin 7.8%) with expanding margins across life-science analytical tools.Revenue nearly flat (2.1%) and EPS down 120%; RS slipping from 93 to 89.
AXGN$2BGQ M⚡ 50-SMA pullback · 4.8% risk / RS 92 / +16% pivot / -16% highRevenue up 20.2% with RS-leading 95 and turned FCF-positive (yield 0.4%).Still unprofitable — operating margin -16.3%, EPS -49.2% — amid commercial scaling costs.
INSP$2BGQ MRS 92 / -14% pivot / -48% highRS 92 with expanding margins and 17.1% operating margin — profitable device growth.Trades 13.8% above pivot yet 47.8% below 52-week high; growth-quality mixed, FCF unreported.
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Recent leaders in pullback

TickerCapGQSetupWhy it mattersWatch item
CNMD$1BGQ PRS 69 / +6% pivot / -15% highStrong RS 81 near pivot (4.9% away), margins expanding on surgical-volume recovery.Distorted/negative earnings (eps deeply negative (base-effect figure excluded)), thin op margin 0.098, -23.4% from high.

Intact watchlist / exposed names

TickerCapGQSetupWhy it mattersWatch item
LIVN$3BGQ SFRS 78 / +4% pivot / -9% highSelf-funding 10.7% revenue growth (3.8% FCF yield), only 0.8% below its 52-week high.Reported EPS collapsed (deeply negative (base-effect figure excluded)) and operating margins are contracting.
BWAYGQ -RS 74 / +13% pivot / -22% highStrong RS 90 (from 56); 4.3% to pivot near breakout.Fundamentals not provided; 17.4% below 52-week high.
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08

Managed Care / Health-Plan Turn

LeadingPulling back⚡4 buyableNew
51 breadth89 median RS67% RS>=8044% >50-DMA

What is driving it

An earnings-margin recovery off a beaten-down trough. UNH reclaimed both its 50- and 200-day on its earnings print, dragging the cohort up. All five are recovering off depressed or loss-making 2025 quarters.

Why now

RS-rich vs pool (rs80 ratio 1.26 ≥ 1.15) + 200-DMA base intact prior 2026-07-30 discarded — membership reconstituted (overlap 43% < 50%): treated as a NEW composition, no trend claim, no hysteresis Top RS drivers: OSCR · RS 94 · M · +7% to pivot, CNC · RS 93 · M · +7% to pivot, HUM · RS 92 · M · +8% to pivot

Sustainability

Breadthmixed — 4/8 qualifying names self-funding/profitable
DurabilityGenuinely early and the least-crowded of the 'defensive' trio, so more runway than utilities or gold. But it is a recovery bet, not a secular growth story — the margin turn has to keep proving out, and the 2026 ACA subsidy cliff clouds CNC and others.
EconomicsMixed and recovering off trough. Cheap on sales (CNC 0.22x, MOH 0.50x), but profitability is still depressed (UNH ROE 5%, MOH ~0.3%) and balance sheets vary from net cash (CNC, MOH) to heavy leverage (CVS ~11.8x net-debt/EBITDA). The optically high EV/EBITDA multiples sit on trough earnings, not a permanent condition.
Best current readELVdriver-continuation

Only health plan here graded self-funding growth: 12.6% revenue growth with EPS roughly flat at -1.9% while OSCR and CNC show severe earnings deterioration. RS 82 and 3.9% to pivot keep it inside the leading cohort.

Kill condition: Theme breadth turns deteriorating, or next earnings misses consensus.

5 drivers2 pullbacks1 watchlist0 broken excludedfull list in the Deep Dives tab

Leaders to inspect

TickerCapGQSetupWhy it mattersWatch item
OSCR$4BGQ M⚡ 8-EMA pullback · doji · 3.3% risk / RS 94 / +7% pivot / -7% high / trend27.5% revenue growth and outsized 36.3% FCF yield with RS 93 momentum.Deeply unprofitable: -11.9% operating margin, -22.8% ROIC, EPS collapsing amid contracting margins.
CNC$18BGQ M⚡ 13-EMA pullback · 3.5% risk / RS 93 / +7% pivot / -6% high19.4% revenue growth, 19.5% FCF yield, margins expanding; RS 90 near 52-week high.Still loss-making: -3.5% operating margin and deeply negative (base-effect figure excluded) EPS decline from elevated...
HUM$23BGQ M⚡ 50-EMA pullback · reclaim bar · 2.5% risk / RS 92 / +8% pivot / -10% highRS 93 within 0.6% of 52-week high on 10.1% revenue growth as sentiment turns.Negative -3.2% operating margin and contracting margins show medical-cost pressure persists.
MRK$300BGQ PRS 89 / +4% pivot / -6% high / trendImproving relative strength (RS 80, up from 59) with high operating margins (53.3%).Revenue nearly flat (1.3%) with Keytruda patent cliff approaching late-decade.
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Recent leaders in pullback

TickerCapGQSetupWhy it mattersWatch item
UNH$276BGQ SFRS 72 / +14% pivot / -18% highAt its 52-week high with 11.8% revenue growth and 5.2% FCF yield.EPS down 14.9% with operating margin compressed to 0.3% amid contracting margins.
MOH$8BGQ M⚡ 50-EMA pullback · 2.6% risk / RS 78 / +7% pivot / -18% highRevenue still growing 11.7%; sits within 1.2% of pivot after deep pullback.EPS down 58% with negative operating margin; stock 34.8% below 52-week high.

Intact watchlist / exposed names

TickerCapGQSetupWhy it mattersWatch item
CVS$101BGQ PRS 66 / +14% pivot / -20% high6% FCF yield and steady RS 83, sitting 1.4% below pivot as group recovers.EPS fell 62.3% with margins contracting on a thin 2% operating margin.

Theme Picks

One name per theme — the single best expression of each theme right now, with the case for it and what would break it.

8 active leading/emerging5 watch-state3 only on repair3 no durable pick
TECKDriver
LeadingBasing⚡3 buyableImproving

Copper — AI / Electrification

$27BGQ SF⚡ 50-EMA+SMA pullback · reversal · 2.4% risk / RS 87 / +11% pivot / -10% high / trend

All six names are self-funding and above the 50-DMA, so quality is not the differentiator; growth is. Teck pairs 18.6% revenue growth with a large earnings inflection at RS 87 while sitting 9.7% below its high, 10.7% under pivot.

Breaks if: Closes below the 50-DMA, or RS percentile drops below 75.
AMDDriver
LeadingBasing⚡3 buyableImproving

AI Compute / Semiconductors

$400BGQ SFRS 98 / +0% pivot / -4% high / trend

Theme is leading, with 81% of 48 names at RS>=80. AMD holds RS 98 just 4.3% off its high and sits exactly at its pivot, revenue +34% and EPS +165% on self-funding growth: the most durable compute-levered driver shown.

Breaks if: RS percentile drops below 80, or price closes below the 50-DMA.
MUDriver
LeadingBasing⚡2 buyableNew

AI Memory / HBM Super-Cycle

$474BGQ SFRS 98 / +3% pivot / -19% high / trend

MU pairs the theme's strongest fundamentals (revenue +85%, EPS up sharply (base-effect figure excluded), self-funding) with RS 98 and a pivot only 2.6% away while still 19% below its high. Breadth reads durability-leaning, six of eight qualifying names profitable.

Breaks if: Theme breadth turns deteriorating, or MU closes below its 50-DMA.
CGAUDriver
LeadingBasing⚡1 buyableNew

Gold & Precious Metals

$4BGQ SFRS 94 / +3% pivot / -6% high / trend

Highest-RS name that is also self-funding: RS 94, only 6% off its high, 3.2% from pivot, revenue +12% with EPS up sharply. Theme breadth is broad and durability-leaning, so the quality driver, not the burn-rate story, gets the nod.

Breaks if: Closes below the 50-DMA, or RS percentile drops below 80.
XERSPullback re-entry
LeadingBasing⚡12 buyableNewCandidate

Biotech Laggard-to-Leader (small/mid-cap)

$1BGQ SFRS 78 / +5% pivot / -19% high

Theme leads but 80 of 117 names burn cash. XERS is the highest-RS self-funding name (78), with 43.7% revenue and 97.9% EPS growth, dipping 18.6% off highs and 5% below pivot — durable rather than story-driven.

Breaks if: RS percentile drops below 70, or next earnings breaks the self-funding trend.
FTNTDriver
LeadingBasing⚡12 buyableNew

Cybersecurity

$57BGQ SF⚡ 8-EMA pullback · 3.6% risk / RS 95 / +1% pivot / -4% high / trend

FTNT leads at RS 95 in a theme with 67% of names RS>=80 and 79% above the 50-DMA. Self-funding growth, revenue +14.2% with positive EPS, 1.3% from pivot and 3.5% off its high — durable rather than a burn-funded story.

Breaks if: Closes below the 50-DMA, or RS percentile drops below 80.
DXCMDriver
LeadingPulling back⚡3 buyableNew

Selective Medtech / Device Breakouts

$25BGQ SFRS 81 / +3% pivot / -4% high / trend

Best quality-plus-growth blend in the basket: 15.6% revenue and 46.2% EPS growth, graded self-funding growth, and only 3.3% from pivot. Takes the durability side of the tiebreaker over higher-RS BFLY and GKOS, both cash-burning and deeper below their highs.

Breaks if: RS percentile drops below 70, or price closes below the 50-DMA.
ELVDriver
LeadingPulling back⚡4 buyableNew

Managed Care / Health-Plan Turn

$69BGQ SFRS 82 / +4% pivot / -6% high / trend

Only health plan here graded self-funding growth: 12.6% revenue growth with EPS roughly flat at -1.9% while OSCR and CNC show severe earnings deterioration. RS 82 and 3.9% to pivot keep it inside the leading cohort.

Breaks if: Theme breadth turns deteriorating, or next earnings misses consensus.
LLYWatchlist / exposed
Mixed / WatchExtended⚡1 buyableNew

GLP-1 / Obesity & Large-Cap Pharma

$888BGQ SFRS 79 / +1% pivot / -11% high

Most directly levered to the theme premise and never led: RS 79 with 44.7% revenue and 96% EPS growth, self-funding, 0.8% from pivot, while theme breadth sits at 57 and 61.5% of names hold the 50-DMA.

Breaks if: RS percentile drops below 70, or closes below the 50-DMA.
NVTDriver
Mixed / WatchBasing⚡2 buyableImprovingCandidate

Data-Center Physical Buildout — Cooling & Electricals

$21BGQ SF⚡ 100-SMA pullback · reclaim bar · 3.8% risk / RS 83 / +3% pivot / -14% high / trend

Leading driver at RS 83 with revenue up 29.5% and EPS up 118.4%, self-funding, 3.2% from pivot and only 14.5% off its high. BE carries higher RS but EPS fell 66.7%; ATKR's revenue is shrinking.

Breaks if: RS drops below 75, or a weekly close below the 50-DMA.
ANETDriver
Mixed / WatchPulling backNewCandidate

AI Networking / Optical Interconnect

$186BGQ SFRS 87 / +1% pivot / -7% high / trend

Theme is mixed, only 44% above the 50-DMA, so structure matters more than heat. ANET is the tightest self-funder shown: RS 87, 7.2% off high, 0.6% from pivot, revenue +29%, EPS +24%. LITE needs 10.3% to reclaim its pivot.

Breaks if: Closes below the 50-DMA, or theme breadth shifts from mixed to deteriorating.
APADriver
Mixed / WatchBasing⚡6 buyableNewCandidate

Energy / Oil & Gas (E&P + Services)

$14BGQ SFRS 89 / +6% pivot / -5% high / trend

Theme is mixed, so lean on the strongest self-funding driver: RS 89, 5% off its high, 5.7% to pivot, EPS +76% despite lower revenue. Higher-RS names (CLMT, NESR) carry weaker margins or falling earnings.

Breaks if: RS percentile drops below 75, or theme breadth turns breaking-down.
RYPullback re-entry
Mixed / WatchPulling back⚡4 buyableNew

Financials / Banks

$265BGQ SFRS 79 / +2% pivot / -7% high

RY led recently and still holds RS 79, 7% off its high with 2.3% to pivot. Self-funding growth, revenue +2.1% and EPS +22.5% — the durable profile the mixed-GQ foreign drivers lack, in a theme where only 35% hold the 50-DMA.

Breaks if: RS percentile drops below 70, or price closes below the 50-DMA.
FIVEOnly on repair
FadingBasing⚡3 buyableStable

Consumer Staples / Defensive Rotation

$11BGQ SF⚡ 50-EMA+SMA pullback · 3.2% risk / RS 80 / +8% pivot / -11% high / trend

Only name pairing leading RS (80) with self-funding growth: revenue +25.9%, EPS +66%. TBBB ranks higher on RS but burns cash; TGT is profitable yet shrinking. FIVE sits 7.5% under pivot, 11.3% off highs, so a reclaim is required.

Breaks if: Closes below its 50-DMA, or RS percentile falls below 75, before reclaiming the pivot.
HPEOnly on repair
FadingBasingImprovingCandidate

Neocloud / AI Datacenter Operators (GPU-rental + servers)

$73BGQ SFRS 97 / +2% pivot / -5% high / trend

Highest RS in the theme at 97, only 5.4% off its high and 2.3% from pivot, with revenue up 23.2% and self-funding growth. NBIS grows far faster but is cash-burning and 25.4% below its high; sustainability decides.

Breaks if: RS falls below 85, or a weekly close below the 50-DMA.
No durable pickOnly on repair
FadingPulling back⚡1 buyableImprovingCandidate

Transports / Freight & Logistics

cap n/aGQ --

Theme is breaking down: breadth 29.8, only 18.8% of 16 names above the 50-DMA, and RS>=80 participation (31.2%) trails the pool (52.7%). EXPD sits 1.9% off its high and is profitable, but that is isolated single-name strength inside a deteriorating group, not a theme others are...

Breaks if: Theme must repair before this is actionable.
FIXOnly on repair
FadingPulling back⚡1 buyableDeterioratingCandidate

Industrials & Construction / AI-Infrastructure Capex

$56BGQ SFRS 86 / +3% pivot / -20% high

Theme breadth is breaking down, so quality narrows the field: FIX pairs the highest RS among self-funding names (86) with 29.5% revenue and 97.8% EPS growth, and sits 2.7% below pivot. XMTR's RS 95 comes with cash burn.

Breaks if: Closes below the 50-DMA, or theme breadth falls below 20.
No durable pickOnly on repair
FadingPulling backNewCandidate

Defense / Aerospace & Drones

cap n/aGQ --

Theme is breaking-down: breadth 16, only 17.6% of names RS>=80 against a 52.7% pool, 29.4% above the 50-DMA. The top-RS drivers carry collapsing EPS (RAL deeply negative (base-effect figure excluded)) or cash burn (DCO, VOYG, the latter 31.6% off its high and 26.6% from pivot)...

Breaks if: Theme must repair before this is actionable.
No durable pickOnly on repair
Breaking DownPulling backStable

AI Power Generation / IPPs / Uranium & Nuclear

cap n/aGQ --

No qualifying name. Theme breadth is 7.3 with one of seven names above its 50-DMA and no drivers or intact pullbacks. GEV is the only survivor but has never led, sits at RS 72, and is 21.4% below its high, so any call would rest on a single unconfirmed name.

Breaks if: Theme must repair before this is actionable.

Theme Deep Dives

Every name behind each theme — leaders, pullbacks, and watchlist — each with its setup, tailwind, and key risk.

How to read this: drivers are leading now; pullbacks led recently and are in a dip; watchlist names are exposed and intact but not yet leading. GQ means growth quality: SF self-funding, P profitable, M mixed, CB cash-burning.
Copper — AI / ElectrificationLeadingBasing⚡3 buyableImproving6 drivers · 0 pullbacks · 0 watchlist · 0 broken excluded · ⚡3 setups▾
stock-layer pickTECKAll six names are self-funding and above the 50-DMA, so quality is not the differentiator; growth is. Teck pairs 18.6% revenue growth with a large earnings inflection at RS 87...

Drivers - leading now

TickerCapGQSetupWhy it mattersWatch item
TGB$2BGQ SFRS 93 / +6% pivot / -12% high / trendOperating margin 45.9% and expanding; RS jumped 27 to 80 on copper demand.EPS swung -132.5%; shares 29% off the 52-week high, 27.1% from pivot.
ERO$3BGQ SF⚡ 50-EMA pullback · reversal · 6.4% risk / RS 90 / +15% pivot / -16% high / trendRevenue +68.2% and EPS up sharply (base-effect figure excluded) as Tucumã ramps; operating margins expanding to 43.9%.Still 34% below its 52-week high with RS 67 lagging established theme leaders.
HBM$10BGQ SFRS 89 / +10% pivot / -16% high / trendEPS up up sharply (base-effect figure excluded) with operating margin expanding to 32.9%; RS jumped 74→91.Still 20.4% below 52-week high and 25.6% under pivot; FCF yield only 2.5%.
SCCO$159BGQ SF⚡ 50-SMA pullback · reversal · 4.1% risk / RS 87 / +9% pivot / -12% high / trendGroup-leading 54.5% operating margin, still expanding; RS surged 29→80 on copper demand.Remains 21.8% below 52-week high, 16% under pivot; FCF yield modest at 2.9%.
TECK$27BGQ SF⚡ 50-EMA+SMA pullback · reversal · 2.4% risk / RS 87 / +11% pivot / -10% high / trendEPS up up sharply (base-effect figure excluded) on 18.6% revenue growth with operating margin expanding to 21.3%.Thin cash conversion: 1.6% FCF yield and 1.0% ROIC despite the earnings surge.
FCX$97BGQ SFRS 85 / +10% pivot / -11% high / trendEPS +17.8% with 6.7% FCF yield as AI/electrification copper demand firms; RS 80 rising.Margins contracting on only 2.4% revenue growth; ROIC thin at 1.1%.
AI Compute / SemiconductorsLeadingBasing⚡3 buyableImproving37 drivers · 2 pullbacks · 4 watchlist · 2 broken excluded · ⚡3 setups▾
stock-layer pickAMDTheme is leading, with 81% of 48 names at RS>=80. AMD holds RS 98 just 4.3% off its high and sits exactly at its pivot, revenue +34% and EPS +165% on self-funding growth: the...

Drivers - leading now

TickerCapGQSetupWhy it mattersWatch item
AXTI$3BGQ CBRS 99 / +6% pivot / -51% highRS 99, up from 94, on InP substrate demand for AI optics; margins expanding.Cash-burning with revenue -11.1% and EPS -75.7%; still 45.3% below 52-week high.
MXL$2BGQ MRS 99 / +10% pivot / -37% high / trendRevenue +29.7%, EPS +46.1% recovery with margins expanding on datacenter optical ramp.Still loss-making: -10.9% operating margin, negative ROIC; sits 31.7% below 52-week high.
MU$474BGQ SFRS 98 / +3% pivot / -19% high / trendAI memory upcycle: revenue +85.5%, EPS up sharply (base-effect figure excluded), 67.6% operating margin still expanding.FCF yield only 1% as heavy HBM capex absorbs cash; memory pricing is cyclical.
AMD$400BGQ SFRS 98 / +0% pivot / -4% high / trendAI accelerator demand drives rev +34.3%, eps +164.7%, RS 97, margins expanding.Thin FCF yield 0.01 and ROIC 0.02; intense Nvidia competition, -9.2% off high.
DELL$284BGQ SF⚡ 8-EMA pullback · 5.8% risk / RS 98 / -10% pivot / -5% high / trendAI server demand drives revenue +38.8% and EPS +100.8%.Margins contracting on low-margin AI server mix; 8.3% op margin, 18.7% off high.
UMC$24BGQ PRS 98 / +0% pivot / -15% high / trendRS 98 leadership with op margin 19.8% and margins expanding.EPS -11.4% and very low ROIC 0.016; mature-node foundry trails leading-edge AI demand.
SMTC$8BGQ SFRS 98 / +0% pivot / -0% high / trendAI data-center interconnect demand lifts revenue 15.5% and EPS 83.2%; RS 98 at highs.Margins contracting at 11.2% operating; 0.9% FCF yield leaves little cushion if orders slow.
INTC$312BGQ M⚡ 100-SMA pullback · inside bar · 4.0% risk / RS 97 / -1% pivot / -24% high / trendEPS +98.2% with margins expanding; RS 97 reflects turnaround momentum.Negative FCF yield and ROIC; revenue -0.5% — recovery not yet self-funding.
MRVL$112BGQ SFRS 97 / +4% pivot / -26% high / trendCustom AI silicon and optics ramp: revenue +42.1%, EPS up sharply (base-effect figure excluded).Margins contracting despite ramp — 18.7% operating margin, ROIC just 2.1%, FCF yield 0.6%.
ASX$54BGQ MRS 97 / +0% pivot / -9% high / trendAI advanced-packaging demand lifting results; eps +24.6%, RS 97, margins expanding.Deeply negative FCF yield (-2.345), thin 9.9% op margin and 2.1% ROIC.

Pullbacks - recent leaders in a dip

TickerCapGQSetupWhy it mattersWatch item
NVDA$5.2TGQ SFRS 79 / +6% pivot / -6% high / trendRevenue +70.7% at 65.6% op margin, still expanding, with self-funding FCF.RS stalled at 71, -12% off high, as custom-ASIC and China export risks weigh.
QCOM$137BGQ SFRS 73 / +3% pivot / -32% high5.6% FCF yield and 27.5% op margin fund diversification; revenue +10.3%.EPS -47% with contracting margins; RS slid 92 to 76 on handset reliance.

Watchlist - exposed and intact

TickerCapGQSetupWhy it mattersWatch item
SLAB$7BGQ MRS 79 / +1% pivot / -1% high / trendRev +34.3%, EPS +66.5% IoT recovery; RS 79, 1.2% to pivot.Op margin -0.016 and negative ROIC; barely profitable, 0.002 FCF yield.
ADI$193BGQ SFRS 78 / +1% pivot / -16% highRev +29.8%, EPS +83.4%, 38% op margins expanding; self-funding growth.Down 12.8% from high, thin 2.4% FCF yield; cyclical analog demand.
ENTG$21BGQ P⚡ 100-SMA pullback · reclaim bar · 2.5% risk / RS 74 / +1% pivot / -24% high / trendRS recovering sharply (41→76), positive FCF yield 0.033, 15.5% op margin.Revenue -1.4% and eps -20.2% with contracting margins; -27.1% off highs.
LSCC$15BGQ PRS 72 / +8% pivot / -29% highRevenue back to growth at 2.7% as inventory correction ends; RS recovered 14 to 72.EPS down 95.1%, operating margin 1.5%, ROIC negative; still 29.3% below 52-week high.
AI Memory / HBM Super-CycleLeadingBasing⚡2 buyableNew8 drivers · 0 pullbacks · 0 watchlist · 1 broken excluded · ⚡2 setups▾
stock-layer pickMUMU pairs the theme's strongest fundamentals (revenue +85%, EPS up sharply (base-effect figure excluded), self-funding) with RS 98 and a pivot only 2.6% away while still 19% below...

Drivers - leading now

TickerCapGQSetupWhy it mattersWatch item
SNDK$126BGQ MRS 99 / +1% pivot / -24% high / trendNAND upcycle: 23.6% revenue growth, 35.2% operating margins still expanding, RS 99.EPS comparison of deeply negative (base-effect figure excluded) with FCF and ROIC unreported; cyclical earnings...
MU$474BGQ SFRS 98 / +3% pivot / -19% high / trendAI memory upcycle: revenue +85.5%, EPS up sharply (base-effect figure excluded), 67.6% operating margin still expanding.FCF yield only 1% as heavy HBM capex absorbs cash; memory pricing is cyclical.
STX$110BGQ SF⚡ 100-SMA pullback · reclaim bar · 3.3% risk / RS 97 / +8% pivot / -25% high / trend25.2% revenue growth with expanding margins and 11.9% ROIC on AI storage demand.Cyclical HDD pricing exposure; shares sit 12.5% below their 52-week high.
WDC$116BGQ SFRS 96 / +12% pivot / -45% highAI storage demand: EPS up 192.9%, margins expanding to 31.9%, self-funding growth.Revenue growth only 4.7%; earnings leverage depends on cyclical HDD pricing holding.
AEHR$2BGQ CBRS 96 / +10% pivot / -37% high / trendRS 98 held as AI-processor burn-in orders emerge; margins expanding off trough.Revenue -26.4%, EPS -148.6%, -41% operating margin; cash-burning on EV/SiC slump.
TER$58BGQ SF⚡ 100-SMA pullback · reclaim bar · 2.9% risk / RS 94 / +4% pivot / -24% high / trendHBM test demand momentum: RS jumped 82 to 95 on 13.1% revenue growth.EPS growth of just 4.6% lags revenue; flat margins limit earnings leverage.
LRCX$329BGQ SFRS 86 / +12% pivot / -34% highMemory-capex upcycle: 26.8% revenue and 48.3% EPS growth, RS 96 near highs.Operating margins flat despite growth; memory-capex cyclicality and China export-control exposure.
KLIC$4BGQ PRS 83 / +4% pivot / -39% highRS 95 with margins expanding as HBM-driven advanced-packaging tool demand builds.Revenue still down 1.9% and EPS collapsed (deeply negative (base-effect figure excluded)); recovery not yet in results.
Gold & Precious MetalsLeadingBasing⚡1 buyableNew18 drivers · 3 pullbacks · 0 watchlist · 0 broken excluded · ⚡1 setup▾
stock-layer pickCGAUHighest-RS name that is also self-funding: RS 94, only 6% off its high, 3.2% from pivot, revenue +12% with EPS up sharply. Theme breadth is broad and durability-leaning, so the...

Drivers - leading now

TickerCapGQSetupWhy it mattersWatch item
AUGO$9BGQ M⚡ 8-EMA pullback · reversal · 4.2% risk / RS 95 / +1% pivot / -20% highRS 95, revenue +55.1%, margins expanding, price 0.7% from pivot — strongest theme momentum.EPS -152.9% despite revenue growth; FCF yield and ROIC missing, cash conversion unverified.
CGAU$4BGQ SFRS 94 / +3% pivot / -6% high / trendEPS up sharply (base-effect figure excluded) on gold-price strength; operating margins expanding to 22.6%.Revenue growth of 11.9% trails gold peers; ROIC low at 2.5%.
IAUX$1BGQ CBRS 90 / +2% pivot / -20% highRevenue up 77.2% and RS 84 (from 34) amid gold theme strength.Cash-burning: -168.3% op margin, -10.5% FCF yield, -30.4% from 52-week high.
EGO$7BGQ MRS 89 / +6% pivot / -15% highGold strength drives rev +37.9%, eps +78%, op margin 0.458 with expanding margins.Negative FCF yield -0.049 and low ROIC 0.045; trades -33.9% below 52w high.
ARIS$4BGQ SFRS 89 / +7% pivot / -17% highRevenue up 82.1%, EPS up 153.3%, op margin 42.2%, expanding margins; RS 84.Low 2.9% ROIC and -25.7% from 52-week high; thin 5% FCF yield.
IAG$12BGQ SFRS 88 / +3% pivot / -18% highRevenue up 75.7%, op margin 52.2%, 12.3% FCF yield; RS 84 from 28.EPS down 20.1% and -27.9% from 52-week high despite revenue surge.
SSRM$7BGQ SFRS 86 / +9% pivot / -8% high / trendRevenue +64.5%, EPS +243.1%, 8.6% FCF yield amid gold-price strength.Margins contracting despite growth; shares 29.6% below 52-week high, 22% from pivot.
FSM$3BGQ SFRS 86 / +5% pivot / -14% high / trendMetals prices drive eps +118.9%, op margin 0.446, FCF yield 0.124, RS 60 (was 29).ROIC just 0.037; -30% off high, leveraged to volatile metal prices.
NEM$132BGQ SFRS 85 / +6% pivot / -9% high / trendEPS up 119.5%, op margin 56.1%, 10.5% FCF yield; margins expanding, self-funding.Low 2.8% ROIC and -21.4% from 52-week high; RS 73 lags peers.
BTG$7BGQ SFRS 85 / +4% pivot / -12% highSelf-funding growth: revenue +60.9%, EPS +154.9%, 50.4% operating margin, 4.8% FCF yield.Concentrated West African (Mali) jurisdiction exposure; RS eased 91 to 85, 12.4% off highs.

Pullbacks - recent leaders in a dip

TickerCapGQSetupWhy it mattersWatch item
AEM$110BGQ SFRS 74 / +5% pivot / -22% highSelf-funding growth: revenue +44.2%, EPS +135%, 55.9% operating margin, margins still expanding.21.8% below 52-week high, RS slipped 86 to 74 — pullback, not leadership.
RGLD$19BGQ MRS 78 / +7% pivot / -18% highRoyalty model carries 59.8% operating margin on 43.9% revenue growth as gold leads.FCF yield negative (-1.2%), ROIC 1.5%, margins contracting, RS fading 83 to 78.
CDE$13BGQ SFRS 70 / +12% pivot / -29% highRevenue up 96.4% with expanding margins and 7.1% FCF yield funding growth internally.RS slipped 80 to 70, 28.8% below high; ROIC only 5.8%.
Biotech Laggard-to-Leader (small/mid-cap)LeadingBasing⚡12 buyableNewCandidate99 drivers · 9 pullbacks · 10 watchlist · 3 broken excluded · ⚡12 setups▾
stock-layer pickXERSTheme leads but 80 of 117 names burn cash. XERS is the highest-RS self-funding name (78), with 43.7% revenue and 97.9% EPS growth, dipping 18.6% off highs and 5% below pivot —...

Drivers - leading now

TickerCapGQSetupWhy it mattersWatch item
MRNA$20BGQ CB⚡ 8-EMA pullback · inside bar · 7.8% risk / RS 99 / +2% pivot / -13% high / trendRS surged 22 to 78; margins expanding off trough as pipeline advances.Revenue -39.3%, deeply cash-burning (op margin -1.264, FCF yield -0.088).
ANL$349MGQ CB⚡ 8-EMA pullback · reversal · 6.3% risk / RS 99 / +3% pivot / -9% high / trendRS surged 6→99 with EPS up 51%; classic laggard-to-leader momentum reversal.Deeply unprofitable (operating margin −up sharply (base-effect figure excluded)), cash-burning; still −46.7% below...
ERAS$5BGQ CBRS 98 / +13% pivot / -39% highExplosive momentum with RS surging 24 to 98; pipeline optimism drives laggard-to-leader re-rating.Cash-burning with ROIC -0.087 and negative FCF; clinical/financing risk, still -44.8% below high.
SYRE$3BGQ CB⚡ 8-EMA pullback · 3.2% risk / RS 98 / +2% pivot / -18% highPipeline momentum: RS 97, EPS +55.7%, margins expanding, sits near 52w high.Cash-burning clinical stage: op margin -63.2%, negative FCF and ROIC; binary trial risk.
ORKA$2BGQ CB⚡ 8-EMA pullback · 3.1% risk / RS 98 / +2% pivot / -18% highRS 97 sustained; eps growth 53.7%, just above pivot (-2.1%) signaling breakout.-26.4% below 52-week high; cash-burning with negative ROIC -0.073.
IOVA$1BGQ CBRS 98 / -9% pivot / -7% high / trendCommercial launch scaling: revenue up 60.6% with margins expanding; RS held 98 all quarter.Operating margin -84.7% and negative free cash flow keep financing and dilution risk live.
ABCL$1BGQ CBRS 98 / -0% pivot / -4% high / trendRevenue up 160.6% and RS pinned at 98; platform deals plus internal pipeline progress.Operating margin -63.7%, cash-burning, and milestone-driven revenue is lumpy year to year.
MBX$1BGQ CB⚡ 8-EMA pullback · 3.6% risk / RS 98 / +10% pivot / -13% highRS 98 versus 94 three months ago; Phase 2 PTH prodrug plus obesity candidate.Pre-revenue and cash-burning; binary trial readouts, and 10.5% still needed to reach pivot.
DRTS$984MGQ CB⚡ 8-EMA pullback · inside bar · 4.1% risk / RS 98 / -1% pivot / -4% high / trendTop-decile RS 98, holding within 3.5% of 52-week high and 0.9% under pivot.Cash-burning clinical stage: ROIC -13.4%, FCF yield -2.4%, EPS down 42.8%.
OMER$827MGQ CBRS 98 / +9% pivot / -9% high / trendEPS improving 97.8% alongside RS 98, already 97 three months ago.Deepest burn in group: FCF yield -8.4%, ROIC -10.5%, pivot still 9.4% away.

Pullbacks - recent leaders in a dip

TickerCapGQSetupWhy it mattersWatch item
REGN$78BGQ PRS 76 / +10% pivot / -9% highRS strengthening 65 to 78, sitting 0.2% below pivot; profitable, 22.7% op margin.Revenue growth stalled at 1% and ROIC weak at 2%; 10% below high.
BMRN$10BGQ SF⚡ 50-EMA+SMA pullback · 1.7% risk / RS 71 / +5% pivot / -10% high / trendRevenue +12.9%, self-funding with positive FCF yield 0.065, near pivot (1.5%).EPS -18.2% with margins contracting and lagging RS of 54.
ACAD$4BGQ SF⚡ 50-SMA pullback · 2.6% risk / RS 76 / +4% pivot / -12% highSelf-funding growth: eps +68.4%, positive FCF yield 0.048.Margins contracting, thin ROIC 0.013; RS fading 80 to 72.
ZLAB$2BGQ CBRS 76 / +7% pivot / -26% high / trendRevenue growing 15.3% with EPS loss narrowing 91.4% off a real commercial base.RS slid 93 to 76, still 26% below high, operating margin -54.4%.
SRPT$2BGQ M⚡ 50-EMA pullback · 7.8% risk / RS 75 / +16% pivot / -21% highRevenue up 15.6% with positive 5.1% FCF yield, rare cash generation here.Operating margin -92.9%, EPS deeply negative (base-effect figure excluded), margins contracting, RS fading 81 to 75.
TRVI$2BGQ CBRS 79 / +16% pivot / -26% highRS jumped 26 to 79, the theme's sharpest relative-strength repair.Single-asset clinical risk; cash-burning, ROIC -5.5%, and 26.1% below 52-week high.
ORIC$1BGQ CB⚡ 50-SMA pullback · doji · 4.8% risk / RS 77 / +6% pivot / -14% high / trendClosest to pivot in the group at 5.8%, only 14.3% off highs.RS decayed 93 to 77; heavy burn, FCF yield -9.9%, ROIC -8.8%.
XERS$1BGQ SFRS 78 / +5% pivot / -19% highRevenue up 43.7% with 19.5% operating margin and positive 3.2% FCF yield.Margins contracting despite growth; RS eased 85 to 78, 18.6% below high.

Watchlist - exposed and intact

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DSGN$750MGQ CBRS 78 / +27% pivot / -29% highRS re-rated 32 to 78 in three months — sharpest laggard-to-leader turn in theme.Cash-burning: ROIC -0.085, FCF yield -0.077, EPS -38.6%, still 26.6% below pivot.
ZVRA$556MGQ SFRS 77 / +6% pivot / -23% highRevenue up up sharply (base-effect figure excluded) with 0.273 op margin; self-funding growth as launches ramp.Tiny $556M cap; RS cooling 85 to 76, sits 16% below pivot.
ABUS$811MGQ CBRS 76 / +4% pivot / -8% high / trendRevenue +128.2%, EPS +53.3% with margins expanding; RS rising to 61.Cash-burning at $811M cap; -7.27 op margin, -0.086 ROIC.
MDGL$12BGQ CB⚡ 50-EMA pullback · inside bar · 2.3% risk / RS 75 / +4% pivot / -14% highRevenue up up sharply (base-effect figure excluded) on Rezdiffra ramp, eps growing 41.8%.Margins contracting, still cash-burning (op margin -0.186); 18.7% off high.
AUPH$2BGQ SFRS 73 / -3% pivot / -12% high / trendSelf-funding, margins expanding, op margin 0.431, FCF yield 0.076; RS surged 37 to 78.Single-product concentration; -18.9% from high, far 23.3% below pivot.
VCEL$2BGQ SFRS 72 / +9% pivot / -19% highSelf-funding growth, eps +65.7% and 16.5% revenue on expanding 24.1% margins.RS slipped to 69 from 79; modest ROIC 0.048 and FCF yield 0.027.
VRTX$111BGQ SF⚡ 50-EMA pullback · 2.0% risk / RS 72 / +3% pivot / -9% highSelf-funding growth with 40.3% op margin; EPS rebounded sharply (up sharply (base-effect figure excluded)) on franchise strength.Margins contracting and thin 2.9% FCF yield; -8.4% below pivot, not yet leading.
ASND$15BGQ SFRS 63 / +12% pivot / -16% highRevenue +97.4%, self-funding growth with positive 0.04 op margin and FCF.Thin profitability (0.014 ROIC); RS 62 still lagging at $15B cap.
CRSP$5BGQ CBRS 62 / +4% pivot / -28% highOnly 4.2% from pivot at $5B scale; RS 62 keeps it theme-relevant.Revenue -90.4%, operating margin roughly -179x revenue, FCF yield -0.079 — lumpy milestones, heavy burn.
BCRX$2BGQ SFRS 38 / +8% pivot / -23% highExplosive growth with rev +94.1%, eps up sharply (base-effect figure excluded), op margin 0.64, ROIC 0.721; self-funding.Single-product reliance; RS 66 still mid-tier, -9.1% off highs, -1.2% to pivot.
CybersecurityLeadingBasing⚡12 buyableNew25 drivers · 8 pullbacks · 2 watchlist · 2 broken excluded · ⚡12 setups▾
stock-layer pickFTNTFTNT leads at RS 95 in a theme with 67% of names RS>=80 and 79% above the 50-DMA. Self-funding growth, revenue +14.2% with positive EPS, 1.3% from pivot and 3.5% off its high —...

Drivers - leading now

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OKTA$21BGQ SF⚡ 8-EMA pullback · 3.4% risk / RS 97 / +6% pivot / -5% high / trendEPS up 90.7% as margins expand; 3.1% FCF yield supports self-funding growth.Operating margin still thin at 7.3%; stock 15.7% below high with RS slipping to 89.
CRWD$171BGQ M⚡ 8-EMA pullback · inside bar · 5.4% risk / RS 96 / -2% pivot / -5% high / trendFastest grower in the group at 23.2% revenue, EPS up 72.5%, margins expanding.Negative -2.2% operating margin and thin 0.9% FCF yield; 17.9% below its high.
FTNT$57BGQ SF⚡ 8-EMA pullback · 3.6% risk / RS 95 / +1% pivot / -4% high / trendRevenue up 14.2% on a 32.8% operating margin — self-funding growth 7.8% from high.Margins contracting and EPS growth of 7.5% lags revenue; RS slipped from 94 to 90.
PANW$190BGQ M⚡ 8-EMA pullback · 3.1% risk / RS 94 / +6% pivot / -9% high / trendRevenue up 19.5% at $190B scale as platform consolidation drives the cybersecurity theme.EPS down 34.3% and operating margin negative at -6.1%, with margins contracting.
RBRK$15BGQ MRS 94 / +1% pivot / -2% high / trendRS 94 and 1.1% from pivot on 45.7% revenue growth, margins expanding.Still unprofitable: -13.6% operating margin, negative ROIC, trading 2.1% below its high.
BB$2BGQ SFRS 94 / +4% pivot / -41% highEPS up 166.5% with expanding margins; RS 96 leads this cybersecurity group.Revenue growth of just 2.4% is anemic; stock sits 19.1% below its 52-week high.
FIVN$1BGQ SF⚡ 8-EMA pullback · 3.7% risk / RS 93 / +8% pivot / -8% high / trendStrong RS (91) and profitable operations (op margin 7.3%), near 52w high.Growth quality mixed and margins flat, showing limited operating leverage.
NET$59BGQ M⚡ 8-EMA pullback · 4.0% risk / RS 92 / +3% pivot / -4% high / trendRevenue growing 29.8%; RS accelerating to 81 from 70 three months ago.GAAP-unprofitable: -7.4% operating margin, EPS -29.5%, and near-zero 0.5% FCF yield.
GCT$2BGQ SF⚡ 8-EMA pullback · 3.3% risk / RS 92 / +2% pivot / -6% high / trendStrong 0.104 FCF yield and RS surging 18 to 74 on self-funding growth.Margins contracting with only 11.1% revenue growth; sits 27.8% below highs.
QLYS$3BGQ SF⚡ 8-EMA pullback · 2.9% risk / RS 91 / +7% pivot / -13% highHigh 33.6% operating margin with margins expanding; RS 84 sits near a breakout pivot.RS cooling from 93 to 84 and mixed growth-quality in crowded cyber market.

Pullbacks - recent leaders in a dip

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XYZ$38BGQ PRS 65 / +6% pivot / -12% highProfitable with FCF yield 0.065, margins expanding, -4.9% from high.Eps -53.7%, flat rev +0.3%, thin ROIC 0.006.
IOT$20BGQ SF⚡ 50-EMA+SMA pullback · 5.5% risk / RS 74 / +9% pivot / -17% highRevenue growth 29.6%, EPS up 144.3%, operating margin now positive at 1.5%.RS fell 90 to 74, 16.7% below high, margins contracting, 1% FCF yield.
AFRM$16BGQ SFRS 69 / +8% pivot / -23% highHighest RS 83 with expanding margins; explosive rev/eps growth off low base.RS fell 93 to 83; -25.3% from high; FCF yield and ROIC undisclosed.
KSPI$14BGQ M⚡ 50-EMA+SMA pullback · doji · 1.8% risk / RS 74 / +4% pivot / -11% high / trendRev +59.1%, op margin 0.31, margins expanding.Eps only +1.2%, soft RS 60, FCF and ROIC unavailable.
PATH$5BGQ SFRS 65 / +12% pivot / -32% highMargins expanding to 16.7% operating with 4.8% FCF yield and up sharply (base-effect figure excluded) EPS growth.Revenue growth slowed to 12.7%; RS collapsed 91 to 65, 32.5% below high.
ACIW$4BGQ SFRS 71 / +7% pivot / -18% highSelf-funding growth with expanding margins; rev up 10.4%, eps 13.2%, op margin 0.226.Weak capital efficiency (ROIC 0.029) and modest FCF yield 0.048; RS slipped 91 to 88.
DLO$4BGQ SFRS 67 / +7% pivot / -15% highRevenue up 46.6%, EPS up 62.3%, solid margins (18.5%) and FCF yield 9.2%.Margins contracting despite growth; emerging-market FX and take-rate pressure.
AVPT$2BGQ SF⚡ 50-EMA+SMA pullback · 2.0% risk / RS 73 / +6% pivot / -18% highRevenue up 26.9%, EPS 195.7%, 3.4% FCF yield, only 5.6% from pivot.RS dropped 91 to 73 with margins contracting; $2B cap limits liquidity.

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ATEN$2BGQ SFRS 75 / +6% pivot / -32% highRevenue up 11% with steady RS 90; trades only 6.1% below its 52-week high.EPS down 13.4% with contracting margins; ROIC of 1.9% is thin.
RDWR$1BGQ SF⚡ 50-EMA pullback · 3.8% risk / RS 74 / +4% pivot / -11% high / trendEPS up 229.3% on expanding margins; cloud-security mix shift now self-funding.RS 69, fading from 72; operating margin still thin at 4.9%.
Selective Medtech / Device BreakoutsLeadingPulling back⚡3 buyableNew9 drivers · 1 pullbacks · 4 watchlist · 0 broken excluded · ⚡3 setups▾
stock-layer pickDXCMBest quality-plus-growth blend in the basket: 15.6% revenue and 46.2% EPS growth, graded self-funding growth, and only 3.3% from pivot. Takes the durability side of the...

Drivers - leading now

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BFLY$1BGQ CB⚡ 8-EMA pullback · inside bar · 6.4% risk / RS 98 / +8% pivot / -22% highRevenue up 19% with expanding margins and EPS up 9.8%; RS strong at 92.Deeply negative operating margin (-61.8%); still cash-burning despite revenue growth.
BRKR$6BGQ PRS 92 / -3% pivot / -6% high / trendProfitable (operating margin 7.8%) with expanding margins across life-science analytical tools.Revenue nearly flat (2.1%) and EPS down 120%; RS slipping from 93 to 89.
AXGN$2BGQ M⚡ 50-SMA pullback · 4.8% risk / RS 92 / +16% pivot / -16% highRevenue up 20.2% with RS-leading 95 and turned FCF-positive (yield 0.4%).Still unprofitable — operating margin -16.3%, EPS -49.2% — amid commercial scaling costs.
INSP$2BGQ MRS 92 / -14% pivot / -48% highRS 92 with expanding margins and 17.1% operating margin — profitable device growth.Trades 13.8% above pivot yet 47.8% below 52-week high; growth-quality mixed, FCF unreported.
GKOS$7BGQ CBRS 90 / +6% pivot / -14% high32.3% revenue growth with margins expanding toward breakeven.RS faded 82 to 71 in a 14.7% pullback; still cash-burning (-12.9% operating margin).
ITGR$3BGQ PRS 87 / +0% pivot / -0% high / trendStrong leadership (RS 90) trading near 52w high, 1.9% from pivot breakout.Margins contracting at 12.7% op margin; growth quality mixed, eps deeply distorted.
BIO$8BGQ SFRS 86 / +5% pivot / -5% highEPS rebounding 142.9% with a 4.4% FCF yield; RS improved 69 to 77.Near-flat 0.7% revenue growth with contracting margins; ROIC just 0.5%.
UFPT$2BGQ SF⚡ 50-SMA reclaim · reversal · 3.4% risk / RS 82 / +17% pivot / -18% highRevenue up 19.5%, eps 15.4%, self-funding with positive FCF yield 0.038.RS slipped to 60 from 70; thin ROIC 0.032; 15% off high.
DXCM$25BGQ SFRS 81 / +3% pivot / -4% high / trendEPS up 46.2% with expanding margins and self-funding growth.RS collapsed to 42 from 77; sits 21.7% below 52w high.

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CNMD$1BGQ PRS 69 / +6% pivot / -15% highStrong RS 81 near pivot (4.9% away), margins expanding on surgical-volume recovery.Distorted/negative earnings (eps deeply negative (base-effect figure excluded)), thin op margin 0.098, -23.4% from high.

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LIVN$3BGQ SFRS 78 / +4% pivot / -9% highSelf-funding 10.7% revenue growth (3.8% FCF yield), only 0.8% below its 52-week high.Reported EPS collapsed (deeply negative (base-effect figure excluded)) and operating margins are contracting.
BWAYGQ -RS 74 / +13% pivot / -22% highStrong RS 90 (from 56); 4.3% to pivot near breakout.Fundamentals not provided; 17.4% below 52-week high.
EW$45BGQ SFRS 66 / +5% pivot / -8% high11.2% revenue growth with expanding margins; only 2.2% below its 52-week high.Reported EPS fell 73.7%; RS 67 trails the theme's strongest leaders.
ZBH$18BGQ PRS 56 / +4% pivot / -10% highProfitable and cash-generative: 9.7% FCF yield, revenue +7.2%, sitting 4% below pivot.Margins contracting, EPS -20.4%, ROIC 0.014, RS faded from 76 to 56.
Managed Care / Health-Plan TurnLeadingPulling back⚡4 buyableNew5 drivers · 2 pullbacks · 1 watchlist · 0 broken excluded · ⚡4 setups▾
stock-layer pickELVOnly health plan here graded self-funding growth: 12.6% revenue growth with EPS roughly flat at -1.9% while OSCR and CNC show severe earnings deterioration. RS 82 and 3.9% to...

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OSCR$4BGQ M⚡ 8-EMA pullback · doji · 3.3% risk / RS 94 / +7% pivot / -7% high / trend27.5% revenue growth and outsized 36.3% FCF yield with RS 93 momentum.Deeply unprofitable: -11.9% operating margin, -22.8% ROIC, EPS collapsing amid contracting margins.
CNC$18BGQ M⚡ 13-EMA pullback · 3.5% risk / RS 93 / +7% pivot / -6% high19.4% revenue growth, 19.5% FCF yield, margins expanding; RS 90 near 52-week high.Still loss-making: -3.5% operating margin and deeply negative (base-effect figure excluded) EPS decline from elevated...
HUM$23BGQ M⚡ 50-EMA pullback · reclaim bar · 2.5% risk / RS 92 / +8% pivot / -10% highRS 93 within 0.6% of 52-week high on 10.1% revenue growth as sentiment turns.Negative -3.2% operating margin and contracting margins show medical-cost pressure persists.
MRK$300BGQ PRS 89 / +4% pivot / -6% high / trendImproving relative strength (RS 80, up from 59) with high operating margins (53.3%).Revenue nearly flat (1.3%) with Keytruda patent cliff approaching late-decade.
ELV$69BGQ SFRS 82 / +4% pivot / -6% high / trendRecovering to within 0.5% of 52-week high with 12.6% revenue growth and 6.9% FCF yield.Medical cost pressure: EPS -1.9% with operating margin contracting to 1.2%.

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UNH$276BGQ SFRS 72 / +14% pivot / -18% highAt its 52-week high with 11.8% revenue growth and 5.2% FCF yield.EPS down 14.9% with operating margin compressed to 0.3% amid contracting margins.
MOH$8BGQ M⚡ 50-EMA pullback · 2.6% risk / RS 78 / +7% pivot / -18% highRevenue still growing 11.7%; sits within 1.2% of pivot after deep pullback.EPS down 58% with negative operating margin; stock 34.8% below 52-week high.

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CVS$101BGQ PRS 66 / +14% pivot / -20% high6% FCF yield and steady RS 83, sitting 1.4% below pivot as group recovers.EPS fell 62.3% with margins contracting on a thin 2% operating margin.
GLP-1 / Obesity & Large-Cap PharmaMixed / WatchExtended⚡1 buyableNew6 drivers · 3 pullbacks · 2 watchlist · 2 broken excluded · ⚡1 setup▾
stock-layer pickLLYMost directly levered to the theme premise and never led: RS 79 with 44.7% revenue and 96% EPS growth, self-funding, 0.8% from pivot, while theme breadth sits at 57 and 61.5% of...

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OGN$2BGQ MRS 90 / +1% pivot / -1% high / trendStrong relative strength (RS 91), trading just 0.6% below its 52-week high.EPS down 78.7% with revenue falling 2.9% and contracting operating margins.
MRK$300BGQ PRS 89 / +4% pivot / -6% high / trendImproving relative strength (RS 80, up from 59) with high operating margins (53.3%).Revenue nearly flat (1.3%) with Keytruda patent cliff approaching late-decade.
WST$18BGQ PRS 86 / +2% pivot / -6% high / trendRevenue growing 6.3% with expanding margins as GLP-1 injectables lift demand for delivery components.Sluggish EPS growth of 1.6% and low ROIC of 3.4%.
JNJ$575BGQ SFRS 83 / +4% pivot / -4% high / trendSharp RS recovery (42 to 77) with revenue up 6% and EPS up 90.8%.Pulled back 5.8% from highs; low ROIC (3.6%) and ongoing talc litigation overhang.
BIIB$25BGQ MRS 81 / +3% pivot / -5% high / trendHigh FCF yield (9%) with improving relative strength (62 to 73) and expanding margins.EPS down 21.1% with negative operating margin (-2.5%) amid legacy MS franchise erosion.
GILD$173BGQ SFRS 80 / +2% pivot / -4% high / trendEPS rebound up sharply (base-effect figure excluded), margins expanding; op 0.374, 0.062 FCF yield.Rev only +2.4%; no GLP-1 exposure, reliant on HIV franchise.

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ABBV$368BGQ PRS 79 / +0% pivot / -1% high / trendSkyrizi/Rinvoq ramp drives 8.6% revenue growth, margins expanding; RS climbed 44 to 66.Humira biosimilar erosion pressures profitability; EPS -1.4% and ROIC just 0.04 despite revenue growth.
PFE$153BGQ PRS 69 / +2% pivot / -5% high / trendRS recovering 34 to 48; oncology (Seagen) and 0.21 operating margin support stabilization.Revenue declining -1.6%, EPS -3.4% on COVID-product rolloff; weakest RS (48) in group.
BMY$119BGQ SF⚡ 50-SMA reclaim · reclaim bar · 2.5% risk / RS 77 / +4% pivot / -8% highHighest FCF yield in group (0.103) with EPS up 178%; RS climbed 34 to 59.Revenue flat (-0.2%) with ROIC just 0.015; patent-cliff exposure pressures legacy franchises.

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LLY$888BGQ SFRS 79 / +1% pivot / -11% highRevenue up 44.7% and EPS up 96% on surging GLP-1 demand.Low FCF yield (1.3%) signals rich valuation amid intensifying GLP-1 competition.
AMGN$189BGQ SFRS 72 / +16% pivot / -14% highObesity pipeline (MariTide) optionality with 10% revenue growth, 0.398 margins; RS jumped 29 to 60.Obesity-trial readout risk; ROIC just 0.05 and price -11.9% below 52-week high.
Data-Center Physical Buildout — Cooling & ElectricalsMixed / WatchBasing⚡2 buyableImprovingCandidate4 drivers · 2 pullbacks · 0 watchlist · 2 broken excluded · ⚡2 setups▾
stock-layer pickNVTLeading driver at RS 83 with revenue up 29.5% and EPS up 118.4%, self-funding, 3.2% from pivot and only 14.5% off its high. BE carries higher RS but EPS fell 66.7%; ATKR's...

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BE$39BGQ SF⚡ 8-EMA pullback · 3.8% risk / RS 96 / +7% pivot / -24% high / trendRevenue up 37.3% on data-center power demand; RS 98 leads the theme.EPS down 66.7% with near-zero 0.3% FCF yield; profitability lags 37% top-line growth.
PLPC$2BGQ SFRS 90 / +4% pivot / -18% high / trendRevenue up 12.7%, self-funding, on grid and transmission hardware demand; RS 92.EPS down 4.8% with thin 6.8% operating margin and 1.5% ROIC.
ATKR$2BGQ PRS 89 / +0% pivot / -0% high / trendGroup-best 5.4% FCF yield; profitable, within 5.7% of pivot on conduit demand.Revenue down 7.2% and EPS down 113.6%; RS fading 88 to 80.
NVT$21BGQ SF⚡ 100-SMA pullback · reclaim bar · 3.8% risk / RS 83 / +3% pivot / -14% high / trendRevenue up 29.5% and EPS up 118.4% on data-center electrical and cooling demand.Operating margins contracting (15.4%) and FCF yield thin at 1.4% despite rapid growth.

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ETN$156BGQ SFRS 70 / +1% pivot / -11% high / trendBalanced 10.3% revenue and 10.1% EPS growth, self-funding the data-center electrification cycle.Margins contracting and RS slipping 73 to 66 as momentum cools.
ENR$1BGQ SFRS 57 / +6% pivot / -26% high10.9% FCF yield funds deleveraging; EPS up 275.9% off a depressed prior-year base.RS fading 61 to 57, margins contracting, ROIC 0.7%; no genuine AI-buildout exposure.
AI Networking / Optical InterconnectMixed / WatchPulling backNewCandidate7 drivers · 1 pullbacks · 0 watchlist · 1 broken excluded▾
stock-layer pickANETTheme is mixed, only 44% above the 50-DMA, so structure matters more than heat. ANET is the tightest self-funder shown: RS 87, 7.2% off high, 0.6% from pivot, revenue +29%, EPS...

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LITE$64BGQ SFRS 98 / +10% pivot / -14% high / trendRevenue +52.1%, EPS +146.5% on AI transceiver demand; RS surged 82 to 98.Still 24.3% below its 52-week high; operating margin thin at 9.7%.
COHR$49BGQ MRS 93 / +14% pivot / -28% highEPS up sharply (base-effect figure excluded) with expanding margins on the AI datacom transceiver upcycle; RS 96.Free cash flow negative (-1.2% yield) and growth quality mixed despite the upcycle.
OCCGQ -RS 90 / +2% pivot / -47% high / trendRS surged 12 to 90 on data-center and optical cabling demand; 2.2% from pivot.Still 47% below 52-week high; panel reports no revenue, margin or FCF data.
VIAVGQ -RS 90 / +13% pivot / -42% highRevenue +23.5% with RS 96 as AI/optical network buildouts lift test demand.EPS down 5.7% with margins contracting — growth is not reaching the bottom line.
ANET$186BGQ SFRS 87 / +1% pivot / -7% high / trend28.6% revenue growth on AI back-end network buildouts; RS improved from 69 to 82.Margins contracting despite 41.5% operating margin; 15.4% off high with hyperscaler customer concentration.
CIENGQ -RS 85 / +8% pivot / -45% highEPS up sharply (base-effect figure excluded) on 30.6% revenue growth as cloud/AI interconnect orders expand margins.Deep correction: 31.1% below 52-week high and 45.1% from pivot.
CSCO$325BGQ SFRS 84 / +2% pivot / -16% highAI infrastructure orders lift EPS 21% with margins expanding; RS 92, 8.3% to pivot.Mature legacy base: 9% revenue growth and 3.5% ROIC trail AI-networking pure plays.

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EXTR$2BGQ SFRS 65 / +9% pivot / -34% highEPS up 107.1% on 20% revenue growth with expanding margins; only 5% to pivot.Thin 4.1% operating margin and 1.6% ROIC; RS eased from 96 to 92.
Energy / Oil & Gas (E&P + Services)Mixed / WatchBasing⚡6 buyableNewCandidate20 drivers · 13 pullbacks · 13 watchlist · 2 broken excluded · ⚡6 setups▾
stock-layer pickAPATheme is mixed, so lean on the strongest self-funding driver: RS 89, 5% off its high, 5.7% to pivot, EPS +76% despite lower revenue. Higher-RS names (CLMT, NESR) carry weaker...

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CLMT$3BGQ MRS 98 / +1% pivot / -1% high / trendEPS up 85.2% with RS 92 momentum and 2.9% FCF yield.Operating margin negative (-6.1%), revenue down 1.2%, ROIC negative.
NESR$2BGQ MRS 96 / +9% pivot / -12% high / trendRS 95 (from 78) leadership, 5.9% from pivot, on resilient MENA activity.EPS down 34.2% on 1.7% revenue growth; thin 7.7% operating margin.
SEI$4BGQ MRS 90 / +1% pivot / -19% highRevenue +98.7% with EPS +45.5% and 22.2% operating margins on power-fleet buildout.FCF yield -17.2% — expansion is heavily capital-consumptive; still 12.9% from pivot.
APA$14BGQ SFRS 89 / +6% pivot / -5% high / trendStrong 0.12 FCF yield, eps +76.1%, expanding margins, self-funding; RS 73 (from 35).Rev -8.4% and low ROIC 0.026; -23.9% below 52w high.
BTE$3BGQ PRS 89 / +7% pivot / -10% high / trendExpanding margins (14.8% operating) and 5.3% FCF yield underpin RS 91.Revenue down 72.6%, EPS down up sharply (base-effect figure excluded); ROIC negative (-6.5%).
EFXT$3BGQ SFRS 89 / +2% pivot / -22% highEPS up 188.2% with 6.4% FCF yield; self-funding amid gas-infrastructure demand.Margins contracting on 0.8% revenue growth; ROIC just 3.4%.
LB$5BGQ CBRS 88 / +3% pivot / -6% high / trendRevenue +81.1%, EPS +142%, margins expanding rapidly off a fast-growing base.Still cash-burning with op margin -60.8%; weakest RS 38, -22.8% off high.
WHD$4BGQ P⚡ 50-EMA pullback · 3.3% risk / RS 88 / +5% pivot / -10% high / trendExpanding margins, healthy op margin 0.229 and FCF yield 0.076; near pivot at 3.2%.rev -4.5%, eps -13.4%; RS slipped 79 to 69; low ROIC 0.027.
OII$4BGQ PRS 88 / +14% pivot / -15% highStrongest relative strength in group, RS 86 up from 76, near 52w high.Margins contracting at thin 9.8% op margin; modest 4.6% revenue growth and 3.4% ROIC.
VIST$7BGQ CB⚡ 50-EMA pullback · 3.9% risk / RS 87 / +10% pivot / -11% high / trendRev +50.6% and EPS +41.7% on rising Vaca Muerta production.Negative FCF yield -0.127, cash-burning capex; down 23% from high.

Pullbacks - recent leaders in a dip

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XOM$635BGQ PRS 78 / +4% pivot / -8% high / trendRS recovery 42 to 74 with price 4% from pivot as energy leadership broadens.Revenue -4.5% and EPS -14.7% with margins contracting.
COP$150BGQ PRS 78 / +7% pivot / -7% high / trendFCF yield 12.7% with revenue +7.5%; RS improving 46 to 72.EPS -18.7% with margins contracting; 14% below the 52-week high.
CNQ$97BGQ SFRS 79 / +4% pivot / -5% high / trendEPS up 80.8% with 6.6% FCF yield; RS jumped from 36 to 74.Flat revenue (0%) and contracting margins; ROIC just 1.6%.
OXY$57BGQ PRS 67 / +8% pivot / -13% high / trendRS improved from 54 to 76 with a 6.4% FCF yield.EPS down 34.2%, margins contracting, ROIC near zero at 0.3%.
WDS$45BGQ M⚡ 50-EMA+SMA pullback · 2.3% risk / RS 77 / +4% pivot / -8% high / trendRS surged from 40 to 75; within 4.2% of pivot.Negative FCF yield (-3.6%) during heavy LNG capex; revenue down 15.1%.
DVN$30BGQ PRS 75 / +6% pivot / -8% high / trendRS improved 40 to 65 over three months with 9.8% FCF yield backing the move.EPS down 8.8% with contracting margins; still 16.4% below 52-week high.
OVV$16BGQ SF⚡ 50-EMA+SMA pullback · inside bar · 1.6% risk / RS 78 / +8% pivot / -8% highOutsized 26% FCF yield with EPS up 13.8%; RS 77.Revenue down 4% with contracting margins; ROIC low at 2.2%.
CHRD$8BGQ PRS 78 / +9% pivot / -8% high / trendHealthy 6.9% FCF yield with RS improving to 70 from 62 on a pullback.Revenue down -7.1%, EPS collapsed -96%, margins contracting, near-zero 0.5% ROIC.

Watchlist - exposed and intact

TickerCapGQSetupWhy it mattersWatch item
KGS$5BGQ SFRS 77 / +11% pivot / -24% highEPS +50.1% on 30.3% op margins; self-funding growth with RS rising 78 to 89.ROIC only 1.7% — heavy capital intensity despite strong margins.
MUR$6BGQ M⚡ 50-EMA+SMA pullback · 3.1% risk / RS 76 / +9% pivot / -14% highOperating margin expanding; RS improving 61 to 68, near pivot (11.6% away).Revenue down 9.9%, EPS down 73.3%; commodity-price weakness pressuring earnings sharply.
SLB$78BGQ PRS 76 / +16% pivot / -15% highRS 77 and 0.059 FCF yield; near pivot at 8.2%, only -8.7% off high.Rev -1.6%, eps -24.4%, thin op margin 0.15 and low ROIC 0.03.
KOS$1BGQ CB⚡ 50-EMA+SMA pullback · 3.0% risk / RS 73 / +15% pivot / -18% high / trendTop-tier RS 91 (from 89), leading the E&P theme on pure price momentum.Cash-burning: revenue -22.9%, op margin -57%, FCF yield -5.2%, negative ROIC.
VAL$7BGQ SFRS 72 / +5% pivot / -27% highRS surged 12 to 64, eps +172.2%; self-funding offshore day-rate recovery.Margins contracting, flat rev +0.3%; deep -34% below 52w high.
EOG$73BGQ PRS 67 / +7% pivot / -6% highMargins expanding: 44.1% operating margin, 18.3% ROIC, 5.7% FCF yield.Revenue down 3.5% and EPS down 18.9% amid commodity softness.
BSM$3BGQ SFRS 66 / +3% pivot / -4% high / trendVery high 53.9% op margin, EPS +11.4%, positive 7.6% FCF yield; near pivot.Revenue down -10.1% and weak RS 42; lowest relative strength in theme.
FANG$53BGQ SFRS 66 / +11% pivot / -11% highEndeavor acquisition drives 35.9% revenue growth at 25.8% operating margins from low-cost Permian scale.EPS down 64.6% with margins contracting on weaker oil prices and acquisition share dilution.
USAC$3BGQ SFRS 64 / +4% pivot / -12% highEPS up 15.1% with 8.8% FCF yield; self-funding growth profile.Margins contracting; ROIC of 3.2% remains thin for a capital-intensive fleet.
WMB$89BGQ SFRS 64 / +7% pivot / -10% highRevenue up 13.7%, EPS up 17.5%; RS jumped 38 to 61, 1.6% to pivot.FCF yield just 0.8% — capital spending leaves minimal free cash despite earnings growth.
AESI$1BGQ MRS 62 / +9% pivot / -33% highRS rebounded 24 to 62 as the energy theme emerges; FCF yield positive.Operating margin -8%, EPS down 175.6%, ROIC negative, 32.7% below 52-week high.
KRP$2BGQ PRS 56 / +5% pivot / -8% highRoyalty model yields 42.7% operating margin and 13.3% FCF yield; only 1.2% to pivot.Income depends on commodity prices and operators' drilling pace; revenue growth modest at 7.5%.
NEXT$2BGQ CBRS 46 / +14% pivot / -26% highRS firm at 72 (rising) on US LNG export buildout demand.Cash-burning pre-revenue developer; FCF yield -2.758, EPS deeply negative (base-effect figure excluded).
Financials / BanksMixed / WatchPulling back⚡4 buyableNew9 drivers · 3 pullbacks · 7 watchlist · 1 broken excluded · ⚡4 setups▾
stock-layer pickRYRY led recently and still holds RS 79, 7% off its high with 2.3% to pivot. Self-funding growth, revenue +2.1% and EPS +22.5% — the durable profile the mixed-GQ foreign drivers...

Drivers - leading now

TickerCapGQSetupWhy it mattersWatch item
MUFG$219BGQ MRS 87 / +4% pivot / -5% high / trendEPS +34.8% with 23.4% operating margin as Japanese rates normalize; RS up 75 to 80.FCF yield 0 and mixed growth-quality flag cloud cash conversion behind reported earnings.
ING$83BGQ MRS 87 / +3% pivot / -3% high / trendRS firming to 68 from 65 with a high 36.1% operating margin.EPS down 9.9% with contracting margins; still 7.3% below pivot.
SMFG$81BGQ MRS 87 / +4% pivot / -5% high / trendRevenue +104.8% and EPS +85.7% with 23.9% operating margin as Japanese rates rise.FCF yield 0 with mixed growth-quality; outsized revenue comparison unlikely to repeat.
BNS$99BGQ MRS 86 / +1% pivot / -1% high / trendEPS up 51.4% with expanding margins; sits 0.6% from its 52-week high.Revenue down 6.1% and slightly negative FCF yield; EPS surge outruns the top line.
TD$192BGQ PRS 85 / +1% pivot / -2% high / trendRS 84 and rising, 0.7% off 52-week high; margins expanding with 9.3% FCF yield.Revenue -5.6% and EPS -12.1% both contracting despite the expanding margins.
BBVA$131BGQ PRS 85 / +4% pivot / -4% high / trendRS jumping 57 to 72 with 40% operating margin; profitable, margins expanding.14% off its 52-week high, deepest pullback here, with modest 5.4% EPS growth.
HSBC$310BGQ M⚡ 50-EMA pullback · reversal · 1.1% risk / RS 83 / +4% pivot / -6% highRS up 64 to 78 in three months with margins expanding amid bank leadership.Revenue down 11.2% and EPS down 2.5%; rally rests on rerating, not growth.
SAN$179BGQ M⚡ 50-EMA+SMA pullback · 1.1% risk / RS 82 / +4% pivot / -5% highEPS up 15.6% with expanding margins; RS firming 66 to 75.Revenue down 6.2% with negative FCF yield (-6.4%); growth leans on cost leverage.
NWG$33BGQ M⚡ 50-SMA pullback · 1.6% risk / RS 82 / +2% pivot / -4% high / trendEPS up 8.5% with expanding margins; sits 1.2% below pivot.Still 13.5% below its 52-week high with RS soft at 60 (from 62).

Pullbacks - recent leaders in a dip

TickerCapGQSetupWhy it mattersWatch item
RY$265BGQ SFRS 79 / +2% pivot / -7% highEPS +22.5%, 20.7% FCF yield, expanding margins; sits 0.3% from a fresh pivot.Topline growth only 2.1%; earnings momentum leans on continued margin expansion.
UBS$131BGQ SFRS 75 / +10% pivot / -10% highEPS +48.4% with margins expanding as Credit Suisse integration synergies come through.Revenue -17.7%, thin 9.2% operating margin; RS slipped from 82 to 80.
BMO$102BGQ SFRS 79 / +1% pivot / -7% highEPS +12.6% with expanding margins, 9.4% FCF yield; RS improved 76 to 83.Revenue -4% contraction leaves earnings growth dependent on margin expansion, not topline.

Watchlist - exposed and intact

TickerCapGQSetupWhy it mattersWatch item
CM$101BGQ SFRS 78 / +3% pivot / -8% highEPS +26.8% on expanding margins; RS jumped from 71 to 80 in three months.Revenue -3.3%; price 5.4% off highs and 5.7% below pivot, weakest setup in group.
NTB$2BGQ SFRS 75 / +2% pivot / -7% highEPS up 15.4% with 10.4% FCF yield; self-funding and holding above pivot.Revenue shrinking 2% and RS flat at 75 to 76; $2B size limits liquidity.
C$218BGQ MRS 73 / +7% pivot / -11% highRestructuring payoff: EPS +17.1%, RS 85, trading within 1% of 52-week high.Revenue down 1.4% with margins contracting; earnings growth not yet revenue-driven.
JPM$836BGQ P⚡ 50-EMA pullback · reclaim bar · 1.0% risk / RS 72 / +3% pivot / -5% high16.1% FCF yield and 3.5% revenue growth; sits only 1.2% below pivot.Margins contracting with EPS growth of just 1.4%; RS fading to 62 from 66.
EWBC$16BGQ SFRS 70 / +3% pivot / -8% highSelf-funding growth: EPS up 14.3%, 42% operating margin, 8.7% FCF yield, near highs.RS slipping 81 to 78 while peers accelerate; revenue growth a modest 4.6%.
WFC$264BGQ SFRS 66 / +7% pivot / -12% higheps +17.5%; large $264B cap; sitting exactly at pivot (0% to pivot).rev -1.5% with margins contracting; -12.6% from high; very low FCF yield 0.004.
BAC$377BGQ SFRS 65 / +11% pivot / -12% highEPS up 18.6% with expanding margins and 13.8% FCF yield; within 0.4% of pivot.Revenue slightly negative (-0.5%) and RS slipping to 68 from 72; earnings-driven, not top-line.
Consumer Staples / Defensive RotationFadingBasing⚡3 buyableStable3 drivers · 1 pullbacks · 2 watchlist · 3 broken excluded · ⚡3 setups▾
conditional pickFIVEOnly name pairing leading RS (80) with self-funding growth: revenue +25.9%, EPS +66%. TBBB ranks higher on RS but burns cash; TGT is profitable yet shrinking. FIVE sits 7.5%...

Drivers - leading now

TickerCapGQSetupWhy it mattersWatch item
TBBB$4BGQ CB⚡ 8-EMA pullback · reversal · 2.4% risk / RS 92 / +2% pivot / -2% high / trend35% revenue growth from rapid store expansion; 0.5% from pivot, RS 80 rising.Cash-burning with negative -1.3% operating margin; expansion not yet profitable.
TGT$57BGQ PRS 89 / +1% pivot / -7% high / trendRS jumped 64 to 79 with margins expanding and 7.2% FCF yield.Revenue shrinking (-0.4%) and EPS down 16.8%; turnaround lacks top-line growth.
FIVE$11BGQ SF⚡ 50-EMA+SMA pullback · 3.2% risk / RS 80 / +8% pivot / -11% high / trend25.9% revenue and 66% EPS growth; RS rebuilt from 25 to 61.Still 24.2% below 52-week high with contracting margins and 2.7% ROIC.

Pullbacks - recent leaders in a dip

TickerCapGQSetupWhy it mattersWatch item
KO$333BGQ SFRS 77 / +2% pivot / -5% high / trendEPS up 23.1%; RS improving to 66 as defensive rotation lifts staples; near highs.Revenue growth just 1.9% and margins contracting; low-growth profile despite EPS rebound.

Watchlist - exposed and intact

TickerCapGQSetupWhy it mattersWatch item
PSMT$5BGQ SFRS 74 / +6% pivot / -16% high8.8% revenue growth with expanding margins; RS rising to 86, 3.8% from pivot.Thin 5.1% operating margin and 1.6% FCF yield; Latin American currency exposure.
PM$250BGQ SF⚡ 50-EMA+SMA pullback · 1.5% risk / RS 72 / +4% pivot / -9% highSmoke-free mix shift drives 60.8% EPS growth on 7.3% revenue, self-funding.Margins contracting despite the EPS surge; RS slipped from 66 to 60.
Neocloud / AI Datacenter Operators (GPU-rental + servers)FadingBasingImprovingCandidate2 drivers · 0 pullbacks · 0 watchlist · 4 broken excluded▾
conditional pickHPEHighest RS in the theme at 97, only 5.4% off its high and 2.3% from pivot, with revenue up 23.2% and self-funding growth. NBIS grows far faster but is cash-burning and 25.4%...

Drivers - leading now

TickerCapGQSetupWhy it mattersWatch item
HPE$73BGQ SFRS 97 / +2% pivot / -5% high / trendAI-server demand drives 23.2% revenue growth with 8.2% FCF yield and expanding margins.Thin 7% operating margin and 1.2% ROIC reflect low-margin server mix; 24.9% off high.
NBIS$35BGQ CBRS 94 / +14% pivot / -25% high / trendRevenue up up sharply (base-effect figure excluded) with margins expanding as GPU capacity comes online; RS 97.Deeply unprofitable (-103% operating margin), cash-burning buildout; 21.1% below its 52-week high.
Transports / Freight & LogisticsFadingPulling back⚡1 buyableImprovingCandidate3 drivers · 2 pullbacks · 2 watchlist · 6 broken excluded · ⚡1 setup▾
no durable pickTheme is breaking down: breadth 29.8, only 18.8% of 16 names above the 50-DMA, and RS>=80 participation (31.2%) trails the pool (52.7%). EXPD sits 1.9% off its high and is...

Drivers - leading now

TickerCapGQSetupWhy it mattersWatch item
PBI$2BGQ SF⚡ 50-EMA pullback · 2.7% risk / RS 87 / +4% pivot / -12% highTurnaround economics: 172.8% EPS growth, 14.8% FCF yield, expanding 24.8% operating margins.Revenue declining 6.6% as core mail volumes shrink; gains depend on cost cuts.
EXPD$19BGQ PRS 86 / +2% pivot / -2% high / trendWithin 0.5% of 52-week high; 4.4% revenue growth with steady profitability.Modest 3.8% EPS growth and flat margins; freight-rate normalization caps forwarding yields.
ARCBGQ -RS 86 / +15% pivot / -27% highRS 96 just -0.2% off 52-week high — top relative strength in freight group.Negative operating margin (-0.8%), contracting margins, cash-burning profile despite price strength.

Pullbacks - recent leaders in a dip

TickerCapGQSetupWhy it mattersWatch item
SNDR$5BGQ PRS 77 / +13% pivot / -17% highRS 90 with 7.3% revenue growth and expanding margins signal freight-cycle recovery.Thin 2.6% operating margin and -10.6% EPS show truckload pricing still pressured.
RXO$3BGQ CBRS 70 / +7% pivot / -32% highRevenue +26.2% and EPS +72.7% with margins expanding — strongest growth in group.Still cash-burning: operating margin, FCF yield and ROIC all marginally negative.

Watchlist - exposed and intact

TickerCapGQSetupWhy it mattersWatch item
KNX$10BGQ PRS 79 / +11% pivot / -20% high9.5% FCF yield with margins expanding off truckload-recession trough.EPS -44.6% and 1.4% operating margin show earnings still depressed by weak truckload rates.
FDX$89BGQ SFRS 75 / +4% pivot / -12% highCost restructuring drives 16.8% EPS growth and expanding margins; RS surged 30 to 64.Still 19.8% below 52-week high; thin 5.6% operating margin and 1.4% ROIC.
Industrials & Construction / AI-Infrastructure CapexFadingPulling back⚡1 buyableDeterioratingCandidate4 drivers · 1 pullbacks · 13 watchlist · 9 broken excluded · ⚡1 setup▾
conditional pickFIXTheme breadth is breaking down, so quality narrows the field: FIX pairs the highest RS among self-funding names (86) with 29.5% revenue and 97.8% EPS growth, and sits 2.7% below...

Drivers - leading now

TickerCapGQSetupWhy it mattersWatch item
XMTR$2BGQ CBRS 95 / +2% pivot / -8% high / trendRevenue growing 25.9% with margins expanding toward profitability; RS 92 leadership intact.Still cash-burning: operating margin -4.6%, EPS -18.4%, and 18.9% below 52-week high.
FIX$56BGQ SFRS 86 / +3% pivot / -20% highData-center mechanical demand: EPS +97.8% on 29.5% revenue growth with expanding margins.FCF yield of 2.1% implies premium valuation reliant on sustained data-center capex.
IESC$11BGQ SFRS 84 / +8% pivot / -21% highEPS +56.1% on 16.5% revenue from data-center electrical work; only 5.4% off high.Margins flat; residential housing exposure offsets data-center strength.
CAT$370BGQ PRS 80 / +3% pivot / -25% highData-center power demand lifts engine segment; RS 91 rising from 86, only 3.5% to pivot.EPS down 14.7% with contracting margins; core construction/mining cycle soft, revenue only +4.3%.

Pullbacks - recent leaders in a dip

TickerCapGQSetupWhy it mattersWatch item
ETN$156BGQ SFRS 70 / +1% pivot / -11% high / trendBalanced 10.3% revenue and 10.1% EPS growth, self-funding the data-center electrification cycle.Margins contracting and RS slipping 73 to 66 as momentum cools.

Watchlist - exposed and intact

TickerCapGQSetupWhy it mattersWatch item
GRC$2BGQ SFRS 78 / +11% pivot / -21% highLeadership RS 91, just 0.1% to pivot; EPS +31.4% with self-funding growth.Flat margins (op 0.149) and modest rev +3.4%; low ROIC 0.024 limits compounding.
PWR$88BGQ SFRS 76 / +3% pivot / -19% highRevenue up 19.8%, EPS 12.8%; RS improving to 77 on grid capex.Thin 6.2% operating margin and 1.8% FCF yield; 20.3% off highs.
IEX$15BGQ PRS 75 / +1% pivot / -8% highWithin 0.8% of pivot and 52-week high; 20.7% operating margins, 3.7% FCF yield.EPS -3.6% with contracting margins; modest 5.8% growth limits earnings fuel.
NDSN$16BGQ SF⚡ 50-EMA+SMA pullback · reversal · 1.8% risk / RS 74 / +3% pivot / -8% high / trendEPS +20.4% on 7.4% revenue growth at 0.266 operating margin; 0.7% from pivot.Margins contracting off the 0.266 operating-margin base; ROIC just 0.03.
AME$54BGQ PRS 71 / +2% pivot / -9% highMargins expanding from a 0.262 operating-margin base; sits 0.2% from pivot, RS rising 56 to 66.Slowest growth in group — EPS +7.9% on 6.6% revenue; RS 66 lags peers.
WTS$10BGQ SFRS 69 / +6% pivot / -11% highEPS +17% with margins expanding; already trading through pivot (-0.6%) on rising RS 74.Modest 0.03 FCF yield and 0.036 ROIC leave little cushion if capex demand slows.
EMR$81BGQ PRS 67 / +3% pivot / -10% highOperating margin 19.9% and expanding with 3.9% FCF yield amid automation capex demand.EPS down 2.7% on sluggish 3.6% revenue growth; 13.4% below 52-week high.
ITT$19BGQ PRS 66 / +1% pivot / -11% high / trendRevenue up 8.5% with operating margins expanding to 17%.EPS down 3.2% despite growth; RS stalled at 57, 14.8% off the high.
PH$124BGQ SFRS 64 / +4% pivot / -14% highEPS up 13.5% with 21.1% operating margins expanding; RS surged to 65 from 38.Revenue growth of only 2.8% leaves earnings reliant on margins; still 12.5% off high.
NPO$6BGQ PRS 59 / +10% pivot / -25% highRS 92 and within 1% of 52w high; 9% revenue growth on AI capex.EPS -45.4% with thin 0.022 FCF yield and 0.01 ROIC; weak earnings quality.
CR$11BGQ SFRS 58 / +4% pivot / -14% highSelf-funding growth, eps +21.9% on 17.5% op margins, near 52-week high.Margins contracting; low ROIC 0.022 and thin FCF yield 0.021 limit reinvestment.
GTES$7BGQ SFRS 54 / +4% pivot / -16% highEPS +32.4% with 0.062 FCF yield, the group's highest; self-funding growth.Revenue growth only 1% — earnings gains lack top-line support; RS flat at 70.
ITW$78BGQ PRS 50 / +0% pivot / -11% highHigh op margin 0.265 expanding, ROIC 0.063; sits right at pivot.Rev +0.9% flat, EPS -10.5% declining; RS 60 middling.
Defense / Aerospace & DronesFadingPulling backNewCandidate3 drivers · 2 pullbacks · 3 watchlist · 6 broken excluded▾
no durable pickTheme is breaking-down: breadth 16, only 17.6% of names RS>=80 against a 52.7% pool, 29.4% above the 50-DMA. The top-RS drivers carry collapsing EPS (RAL deeply negative...

Drivers - leading now

TickerCapGQSetupWhy it mattersWatch item
RAL$5BGQ MRS 89 / +3% pivot / -10% high / trendHolds near its 52-week high (-0.6%) with a 13.3% operating margin still expanding.Post-spin distorted comps (deeply negative (base-effect figure excluded) revenue print) and missing FCF/ROIC data...
EMBJ$13BGQ SFRS 84 / +2% pivot / -7% highRevenue growing +18.9% as defense/aerospace demand builds; self-funding growth at pivot.Thin 8% op margin contracting; flat EPS (-0.5%), -21% below 52w high.
DCO$2BGQ CBRS 83 / +7% pivot / -21% highSits at its 52-week high and pivot with RS 91 rising on defense demand.EPS swung -208.1% with -40.3% operating margin; currently cash-burning.

Pullbacks - recent leaders in a dip

TickerCapGQSetupWhy it mattersWatch item
VOYG$2BGQ CBRS 76 / +27% pivot / -32% high / trendExplosive rev base scaling up sharply (base-effect figure excluded), strong RS 88 in defense theme.Deeply unprofitable: op margin -0.613, cash-burning, 44% below 52-week high.
NPK$1BGQ MRS 77 / +5% pivot / -6% high / trendRevenue up 29.7% with expanding margins; RS more than doubled, 32 to 68, in three months.Negative free cash flow (-3.9% yield); up sharply (base-effect figure excluded) EPS growth reflects a tiny base, not...

Watchlist - exposed and intact

TickerCapGQSetupWhy it mattersWatch item
ATRO$3BGQ SFRS 79 / +10% pivot / -30% highEPS up 263.8% with expanding margins and self-funding growth as aerospace electronics demand rises.Thin 0.8% FCF yield and 6.1% ROIC despite the earnings surge.
VVX$2BGQ SFRS 69 / +4% pivot / -18% highEPS up 125.9% with 5% FCF yield and expanding margins on steady defense outlays.Thin 4.2% operating margin and 3.7% revenue growth reflect low-margin services work.
RTX$271BGQ SFRS 60 / +3% pivot / -14% highEPS up 39.7% and RS accelerating sharply, 25 to 59 over three months.Deepest pullback (-15.4% from high) with contracting margins and group-low 1.5% ROIC.
AI Power Generation / IPPs / Uranium & NuclearBreaking DownPulling backStable0 drivers · 0 pullbacks · 1 watchlist · 5 broken excluded▾
no durable pickNo qualifying name. Theme breadth is 7.3 with one of seven names above its 50-DMA and no drivers or intact pullbacks. GEV is the only survivor but has never led, sits at RS 72...

Watchlist - exposed and intact

TickerCapGQSetupWhy it mattersWatch item
GEV$267BGQ SFRS 72 / +5% pivot / -21% highEPS up 218.7% with margins expanding on data-center power-equipment demand; RS 67 to 83.Thin 5.5% operating margin with wind-segment drag; shares 22.1% below 52-week high.

Earnings Calendar

Scheduled reports over the next 6 weeks (2026-09-18 → 2026-10-30) for the companies featured in this issue. Descriptive only: dates can shift and consensus estimates are not a forecast.

80upcoming reports8theme picks36leaders (drivers)36pullbacks / watchlist
DateTickerThemeRoleEst. EPS
Thu Sep 24BBBlackBerry LimitedCybersecurityLeader0.04
Wed Sep 30MUMicron TechnologyAI Memory / HBM Super-CyclePick31.27
Mon Oct 05AEHRAehr Test SystemsAI Memory / HBM Super-CycleLeader0.11
Tue Oct 13JNJGLP-1 / Obesity & Large-Cap PharmaLeader2.85
Tue Oct 13UNHUnitedHealth GroupManaged Care / Health-Plan TurnPullback4.12
Tue Oct 13CCitigroup Inc.Financials / BanksWatch2.68
Tue Oct 13JPMJPMorgan Chase & Co.Financials / BanksWatch5.82
Tue Oct 13WFCWells Fargo & CompanyFinancials / BanksWatch1.85
Wed Oct 14BACBank of America CorporationFinancials / BanksWatch1.17
Fri Oct 16SLBSLB N.V. (Schlumberger)Energy / Oil & Gas (E&P + Services)Watch0.62
Tue Oct 20KOThe Coca-Cola CompanyConsumer Staples / Defensive RotationPullback0.87
Tue Oct 20EWBCFinancials / BanksWatch2.68
Tue Oct 20RTXRTX CorporationDefense / Aerospace & DronesWatch1.75
Wed Oct 21ELVElevance HealthManaged Care / Health-Plan TurnPick4.66
Wed Oct 21LRCXLam ResearchAI Memory / HBM Super-CycleLeader2.15
Wed Oct 21MOHManaged Care / Health-Plan TurnPullback0.79
Wed Oct 21KNXTransports / Freight & LogisticsWatch0.76
Wed Oct 21PMPhilip Morris International Inc.Consumer Staples / Defensive RotationWatch2.26
Thu Oct 22FIXIndustrials & Construction / AI-Infrastructure CapexPick12.81
Thu Oct 22TECKTeck Resources LimitedCopper — AI / ElectrificationPick0.95
Thu Oct 22FCXFreeport-McMoRan Inc.Copper — AI / ElectrificationLeader0.73
Thu Oct 22INTCIntel CorporationAI Compute / SemiconductorsLeader0.39
Thu Oct 22ITGRSelective Medtech / Device BreakoutsLeader1.65
Thu Oct 22MXLAI Compute / SemiconductorsLeader0.56
Thu Oct 22NEMNewmont CorporationGold & Precious MetalsLeader1.94
Thu Oct 22WSTWest Pharmaceutical Services, Inc.GLP-1 / Obesity & Large-Cap PharmaLeader2.18
Fri Oct 23NPKDefense / Aerospace & DronesPullback—
Fri Oct 23GRCIndustrials & Construction / AI-Infrastructure CapexWatch0.67
Fri Oct 23ITWIndustrials & Construction / AI-Infrastructure CapexWatch2.98
Mon Oct 26BMRNBiotech Laggard-to-Leader (small/mid-cap)Pullback1.34
Mon Oct 26KSPICybersecurityPullback3.30
Mon Oct 26CRIndustrials & Construction / AI-Infrastructure CapexWatch1.81
Mon Oct 26PSMTPriceSmart, Inc.Consumer Staples / Defensive RotationWatch1.27
Tue Oct 27CGAUGold & Precious MetalsPick0.41
Tue Oct 27BEData-Center Physical Buildout — Cooling & ElectricalsLeader0.68
Tue Oct 27CNCCentene CorporationManaged Care / Health-Plan TurnLeader0.07
Tue Oct 27HSBCFinancials / BanksLeader2.20
Tue Oct 27SCCOSouthern Copper CorporationCopper — AI / ElectrificationLeader1.87
Tue Oct 27TERTeradyne, Inc.AI Memory / HBM Super-CycleLeader2.03
Tue Oct 27NTBFinancials / BanksWatch1.55
Wed Oct 28BIIBGLP-1 / Obesity & Large-Cap PharmaLeader2.03
Wed Oct 28OIIEnergy / Oil & Gas (E&P + Services)Leader0.58
Wed Oct 28PLPCPreformed Line Products CompanyData-Center Physical Buildout — Cooling & ElectricalsLeader3.37
Wed Oct 28SANFinancials / BanksLeader0.31
Wed Oct 28STXSeagate Technology HoldingsAI Memory / HBM Super-CycleLeader7.34
Wed Oct 28UMCAI Compute / SemiconductorsLeader0.23
Wed Oct 28VIAVAI Networking / Optical InterconnectLeader0.37
Wed Oct 28VISTEnergy / Oil & Gas (E&P + Services)Leader2.70
Wed Oct 28AEMAgnico Eagle Mines LimitedGold & Precious MetalsPullback2.73
Wed Oct 28REGNBiotech Laggard-to-Leader (small/mid-cap)Pullback15.99
Wed Oct 28UBSFinancials / BanksPullback0.92
Wed Oct 28FDXTransports / Freight & LogisticsWatch3.63
Wed Oct 28GEVGE Vernova Inc.AI Power Generation / IPPs / Uranium & NuclearWatch4.08
Wed Oct 28IEXIndustrials & Construction / AI-Infrastructure CapexWatch2.23
Thu Oct 29DXCMSelective Medtech / Device BreakoutsPick0.66
Thu Oct 29LLYEli Lilly and CompanyGLP-1 / Obesity & Large-Cap PharmaPick9.85
Thu Oct 29ASXAI Compute / SemiconductorsLeader0.34
Thu Oct 29AXTIAI Compute / SemiconductorsLeader0.31
Thu Oct 29BBVAFinancials / BanksLeader0.59
Thu Oct 29BIOSelective Medtech / Device BreakoutsLeader2.23
Thu Oct 29EFXTEnergy / Oil & Gas (E&P + Services)Leader0.34
Thu Oct 29EGOGold & Precious MetalsLeader0.81
Thu Oct 29GILDGLP-1 / Obesity & Large-Cap PharmaLeader2.15
Thu Oct 29INGFinancials / BanksLeader0.83
Thu Oct 29MRKMerck & Co.GLP-1 / Obesity & Large-Cap PharmaLeader2.22
Thu Oct 29NETCybersecurityLeader0.35
Thu Oct 29WDCAI Memory / HBM Super-CycleLeader4.07
Thu Oct 29BMYGLP-1 / Obesity & Large-Cap PharmaPullback1.68
Thu Oct 29SNDRTransports / Freight & LogisticsPullback0.29
Thu Oct 29AMEIndustrials & Construction / AI-Infrastructure CapexWatch2.11
Thu Oct 29ENTGAI Compute / SemiconductorsWatch1.05
Thu Oct 29EWEdwards Lifesciences CorporationSelective Medtech / Device BreakoutsWatch0.73
Thu Oct 29NEXTEnergy / Oil & Gas (E&P + Services)Watch-0.53
Thu Oct 29PWRQuanta Services, Inc.Industrials & Construction / AI-Infrastructure CapexWatch4.96
Fri Oct 30NVTnVent Electric plcData-Center Physical Buildout — Cooling & ElectricalsPick1.39
Fri Oct 30BFLYButterfly Network, Inc.Selective Medtech / Device BreakoutsLeader-0.03
Fri Oct 30NWGFinancials / BanksLeader0.52
Fri Oct 30ABBVAbbVie Inc.GLP-1 / Obesity & Large-Cap PharmaPullback3.86
Fri Oct 30XOMExxon Mobil CorporationEnergy / Oil & Gas (E&P + Services)Pullback3.54
Fri Oct 30GTESIndustrials & Construction / AI-Infrastructure CapexWatch0.44
Descriptive research, not investment advice. Relative strength is backward-looking and not a forecast. Past issues are in the archive.