Semiconductors up 100%+ this year. Mag 7 down 3%.

Old Wall Street saying: "They're shooting the generals."

Meaning? The stocks that led us here are breaking down.

This is how rotations start — and sometimes how cycles end. When the names everyone leaned on for years suddenly can't hold, it's worth paying attention.

Not saying the sky is falling. But when leadership changes this fast, it's usually telling you something about where we are in the cycle.

Stay curious. Stay flexible.