Today
A daily read on where the money is actually going.
Every weekday evening the whole board is read twice — once on price, and once on what the options market is charging for whatever comes next. What this prints first is where those two disagree.
today's tape · as of 2026-09-04
- market
- −0.4%1M+0.2%
- growth
- +0.2%1M+0.6%
- small caps
- +0.3%1M−0.8%
- volatility
- +0.6%1M−12.4%
- regime
- Risk-on
The claim
Price tells you what happened.
Skew tells you what they are paying for next.
A name that fell while its skew moved toward calls is not the same as a name that fell while everyone bought puts. A price screen shows both as red.
The board
The same evening, drawn twice
Below is today's real board — every covered name whose options chain resolved, with no name on it. Switch the second axis on and watch one red cloud become four different arguments.
Two axes. The same 348 names, split by what the options market is charging: protection bid above the line, upside bid below it.
Four regions
Four regions, and what each one is for
The two axes cut the board into four corners, and each corner is a different instruction. The count beside each is today's — press one to read it.
↑ protection bid
← price fellprice rose →
↓ upside bid
← price fell↓ upside bid
Falling, yet upside is bid. Somebody is paying for a bounce the price has not given them yet. This is the watch list.
Sectors
Rotation is a weekly fact
Each cell is one sector's week measured against the index's. Read across, and a sector that has been leaving the market behind — or quietly catching up to it — for weeks is visible in a way a single afternoon never makes it.
6 of 11 sectors: the three furthest above the index this month, and the three furthest below.
Themes
A sector is where a name is listed. A theme is what it trades on.
19 baskets, priced every evening from their own members rather than from an ETF. Here are the three furthest above the tape this month and the three furthest below, over both windows.
- Biotech19 names+52.8%
- Crypto miners / treasury12 names+27.1%
- Gold / silver miners18 names+24.7%
- Defense primes8 names−9.2%
- China ADRs20 names−9.7%
- Space / defense tech14 names−13.6%
The read
It arrives in sentences
The report opens in six plain sentences, before a single panel. Each one carries a ⌕ that jumps to the row it was computed from, so a claim is something you can check rather than something you take.
- The tape: where the index, growth and small caps actually closed.market−0.4% checks against the tape
- The theme carrying the market this month, and how many names are actually in it.Biotech+52.8% checks against the basket table
- A theme that led the tape and is now cooling off — worth a second look.Biotech+52.8% checks against the basket table
These lines describe what each of today's sentences covers, not its wording — that depends on today's numbers.
Since you saw it
Track from the moment you saw it
Add a name and set the day you started watching it. From then on the watchlist shows the return since that moment, against the index over the same window, and the region it was in then beside the one it is in now.
A watch list that only knows today cannot tell you whether you were early or wrong.
Coverage
What the report covers
Every name on the board is one of these. Chains too thin to read are flagged, not quietly dropped.
One panel per sector. Size is the dollar volume that actually traded through it today; colour and the figure beside each name are that sector's month against the index — the same scale as the grid above.
- Sectors
- 11
- Theme baskets
- 19
- Names
- 358
- Thin chains flagged
- 60
The ask
The next report is already scheduled.
It runs at every weekday — not on refresh, not on demand, and whether or not anyone is watching. An account is what puts it in front of you the evening it exists, instead of whenever you next happen to look.
Positioning data — it shows who is paying for what, not who is right; nothing here is investment advice.