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MOS
Markets · Options · Signal
May 21, 2026 · All times ET
Regime BULL Day 2
Market Snapshot · 10:12 ET
S&P 500
740.13
-0.15%
Nasdaq
710.96
-0.31%
Dow
500.44
+0.04%
Russell 2k
281.00
+0.40%
VIX
17.42
-0.11%
20Y Bond
83.57
-0.41%
Gold
413.51
-0.93%
Silver
67.98
-1.09%
Oil
148.09
+2.65%
USD
27.80
+0.27%
CNN Fear & Greed
60 Greed
wk -5 · mo -8
Key Technical Levels
SPY Trend: Bullish Sup: 729.88 Res: 749.53 RSI: 65.4
QQQ Trend: Bullish Sup: 692.07 Res: 722.03 RSI: 68.5
Econ Calendar
5 high-impact · Thu May 21 – Fri May 22 · as of 10:12 ET
Thu May 21
08:30 US Initial Jobless Claims — est. 210K, prev. 212K
08:30 US Philadelphia Fed Manufacturing Index (May) — est. 17.6, prev. 26.7
09:45 US S&P Global Manufacturing PMI (May) — est. 53.8, prev. 54.5
09:45 US S&P Global Services PMI (May) — est. 51.1, prev. 51.0
Fri May 22
02:00 DE German GDP (QoQ) (Q1) — est. 0.3%, prev. 0.2%
Macro Snapshot
10:15 ET
Indicator Value Change
2Y Yield 4.04% -9bps
10Y Yield 4.57% -10bps
Spread +53bps Flattening
DXY 99.37 +0.26%
VIX/3M 0.84 Contango
HY OAS 7.16% +0.08%
BZ–WTI 0.9877
$94.45 · $95.63
z -2.77 · Long spread · ρ 92%
GDXJ–GLD 0.2689
$111.17 · $413.49
z -1.44 · Watch · ρ 85%
BTC $77,107 -0.5%
ETH $2,120 -0.4%
ETH/BTC 0.0275
Sector Rotation · Today
10:15 ET
Utilities
+0.63%
XLU
Energy
+0.33%
XLE
Technology
+0.10%
XLK
Financials
-0.01%
XLF
Materials
-0.13%
XLB
Health Care
-0.18%
XLV
Real Estate
-0.18%
XLRE
Cons. Discr.
-0.47%
XLY
Industrials
-0.49%
XLI
Communication
-0.52%
XLC
Cons. Staples
-1.49%
XLP
In the BULL regime, Utilities and Energy lead, while Defensives like Cons. Staples lag, suggesting a mixed rotation with selective defensive bids.
Regime Timeline
HMM Regime Detection — SPY 90-day timeline
From the Desk · BULL Day 2 (prev. close)
“The market regime remains classified as BULL for 2 days, following a transition from RECOVERY, as the S&P 500 and Nasdaq fell 0.15% and 0.31% respectively, while the Russell 2k bucked the trend with a 0.40% gain. Worth watching is the divergence between rising yields, which Deutsche Bank notes may be sending a hike signal, and the relatively muted VIX implied volatility, as the US-Iran standoff boosts oil prices and Treasury yields climb.”
— The MOS Quantitative Desk
Policy Risk Monitor — White House
Companies join a deep-sea mining rush after Trump executive order, as regulators fast-track permits
GOS 1h ago
$SPY VolatilityAffected Sector
Trump's Economy Is Failing One of His Crucial Voting Blocs
REA 6h ago
Trump could sign AI executive order as soon as Thursday
CNN 15h ago
$SPY VolatilityAffected Sector
Trump’s economy is failing one of his key voting blocs
MS 17h ago
The bond market is flashing a warning sign for the global economy
CNN 1d ago
Crowd Signal
250 posts · 5 subs · 10:14 ET
Trending tickers across Reddit · r/wallstreetbets · r/stocks · r/options · r/thetagang · r/StockMarket
Scoring: mention count × cross-sub breadth · pts = upvotes · N/M subs = appeared in N of M subreddits scanned
NVDA mixed 74
“NVDA earnings 600k yolo”
WSB 5099 pts · 5/5 subs
META bullish 47
“Apparently Fidelity is still giving these out”
WSB 1096 pts · 5/5 subs
SPY mixed 19
“I love 0 dte”
WSB 1559 pts · 4/5 subs
MU mixed 18
“Apparently Fidelity is still giving these out”
WSB 1096 pts · 5/5 subs
QQQ mixed 10
“I love 0 dte”
WSB 1559 pts · 4/5 subs
PLTR bearish 10
“The market will literally never go down again”
WSB 10071 pts · 4/5 subs
STX bullish 10
“NVDA Quarterly Revenue $81.6 billion (up 85% YoY)”
STK 1610 pts · 3/5 subs
TOPS bullish 9
“30-year Treasury yield tops 5.18%, highest since before the financial crisis”
SM 934 pts · 2/5 subs
Insider Wire
3749 Form 4s filed · 10:12 ET
Notable open-market transactions · SEC EDGAR · 2026-05-16 to 2026-05-21
CEOs and executives are dumping shares ahead of earnings, with notable sales in the cybersecurity sector, led by CRWV's Chief Strategy Officer offloading $37.9M.
Ticker Insider Value
SELL CRWV Venturo Brian M Chief Strategy Officer $38.0M
SELL ALAB Mohan Jitendra Chief Executive Officer $21.5M
SELL ALAB Gajendra Sanjay President and COO $21.5M
SELL TDG Howley W Nicholas Insider $12.0M
SELL FRPT Cyr William B. Chief Executive Officer $4.6M
SELL CRWD Kurtz George PRESIDENT AND CEO $3.0M
Short Interest Monitor
25 scanned · 10:15 ET
FINRA short interest via Yahoo · ~10 days (FINRA via Yahoo) · squeeze risk = SI% × days-to-cover
Ticker SI % DTC MoM Squeeze
UPST 32.3% 6.2d -2.4% HIGH
BYND 27.6% 1.4d -11.1% ELEVATED
SMCI 17.9% 2.6d -3.1% ELEVATED
AMC 17.5% 3.1d +19.5% ELEVATED
GME 14.5% 8.6d -5.5% ELEVATED
RIVN 14.1% 6.0d -0.4% MODERATE
CVNA 13.1% 4.9d -10.5% MODERATE
SOFI 12.7% 2.6d -2.6% LOW
Phantom Float · Squeeze Action Monitor
8160 scanned · 80 SEC-confirmed· 3 red · 54 yellow
Ticker Struct Ignit Final Hldrs Flags Bucket
AMCX 0.32 0.85 0.58 47% PREGRINDCOVERELEV RED
FTK 0.59 0.65 0.46 54% GRINDADDELEV RED
BTSG 0.39 0.85 0.22 87% BLOWGRINDCOVERELEV RED
LCID 0.55 0.10 0.55 76% PREELEVATM* YELLOW
SEG 0.35 0.65 0.50 62% PREGRINDADDELEV YELLOW
HTLD 0.11 0.85 0.42 36% IGNGRINDCOVERELEV YELLOW
FORR 0.27 0.85 0.42 56% GRINDCOVERELEVILLIQ YELLOW
KSPI 0.24 0.85 0.41 67% GRINDCOVERELEV YELLOW
NGNE 0.43 0.65 0.41 81% GRINDADDELEVATM YELLOW
AUR 0.23 0.85 0.40 94% GRINDCOVERELEVATM YELLOW
+ 47 more yellow names not shown
Market Headlines
8 sources · 10:12 ET
Stocks Fall as US-Iran Standoff Boosts Oil, Yields: Markets Wrap
BBG 16h ago
The US-Iran standoff has introduced a new layer of geopolitical risk, causing stocks to fall and oil prices to rise. As the situation unfolds, markets will likely remain sensitive to any developments that could escalate tensions further. A risk-off sentiment may persist, with safe-haven assets like the USD and gold potentially benefiting. Keep an eye on crude oil prices and diplomatic efforts between the US and Iran.
FJ Deutsche Bank: Treasury Markets Are Starting to Send a Hike Signal - FJElite
The Treasury market is sending a signal that a rate hike may be on the horizon, which could lead to higher yields and a stronger USD. If this signal is confirmed by the Fed, we could see a shift in market expectations, potentially causing yields to rise further. For now, it's essential to monitor Fed communications and upcoming economic data to gauge the likelihood of a rate hike.
1h ago
FJ UniCredit: USD Still Driven Mainly by Risk, but Yields Are Becoming More Important - FJElite
The USD's movement is becoming more influenced by yield differentials, which could lead to a stronger USD if yields continue to rise. However, risk sentiment still plays a significant role, and a shift in market mood could alter the USD's trajectory. Keep an eye on economic data, yield movements, and risk sentiment indicators to better understand the USD's future direction.
1h ago
BBG US Stocks Fall as Oil, Yields Resume Climb; Walmart, Deer Slide
Ongoing concerns about inflation and growth are causing stocks to fall and yields to rise, leading to a risk-off sentiment. As the market navigates this uncertainty, it's crucial to monitor US economic data, corporate earnings reports, and geopolitical developments for signs of stabilization or further escalation. A relief rally may be possible if economic news or earnings reports surprise positively.
1h ago
MW Why a ‘meaningful’ selloff for stocks is needed to bring down bond yields
A meaningful selloff in stocks may be necessary to alleviate upward pressure on bond yields, according to some market observers. If stocks decline, yields could decrease, and credit markets may stabilize. However, if economic growth outlook improves, yields could decrease without a significant stock selloff, leading to a decoupling of stocks and yields.
37m ago
FJ BoE's Taylor, asked about April CPI inflation data: It's still early days.
The Bank of England's Taylor has expressed caution on inflation, but it's still early days, and the market reaction is muted. As the BoE's policy meeting and CPI data release approach, the GBP and Gilts may experience some movement. Monitoring these events will provide insight into the BoE's future actions and potential market implications.
1h ago
BBG Citi’s Manthey Sees Europe Stock Gains Thanks to Earnings Growth 45m ago
BBG Microsoft Is Market’s Biggest Drag as AI Woes Weigh Down Stock 5h ago
Financial Wire
Top 5 · AI digest · 10:12 ET
FJ BoE Holds Rates, Sees 30-40% Recession Chance
BoE's Taylor signals rates may hold steady amid recession risk
1h ago
FJ Iran Denies Uranium Export Reports
Geopolitical tensions ease, may impact crude and risk assets
20m ago
FJ US PMI Beats Forecast, Boosts Growth Outlook
Strong US manufacturing PMI may influence Fed rate decisions
27m ago
FJ Eurozone Consumer Confidence Improves
Eurozone sentiment improves, may impact ECB policy
10m ago
FJ Crude and Risk Assets React to Iran, US Data
Market sentiment shifts on Iran headlines and US economic data
1h ago
Source: FinancialJuice · 40 flashes scanned
Research Digest
10:14 ET
INTC $115.40 -3.0% Bullish
Composite 66 1M +77.2% 3M +162.2% 1Y +443.8% FLAT
Target $85
Intel (INTC) shares jumped 4% after Melius Research analyst Benjamin Reitzes reiterated a buy rating and raised the price target to $150 from $100. Jim Cramer called Intel "one of the greatest turnarounds I've ever seen," citing demand outstripping supply. The market may be mispricing Intel's ability to sustain growth, given a 1Y return of +443.8% and analyst target of $85.
MOT Mark Your Calendar -- the SpaceX IPO Involves These 3 Key Dates
BBG Nvidia Tells Skeptical Investors AI Is Ready to Go Mainstream
STO Why Intel (INTC) Stock Is Trading Up Today
RGTI $21.16 +25.4% Bullish
Composite 19 1M -8.2% 3M +6.0% 1Y +41.6% DOWN
Target $31
Rigetti Computing (RGTI) surged 24% after the Trump Administration announced a $2 billion funding package to advance quantum computing, with Rigetti among the companies backed. The company reported Q1 sales of $4.4 million, up from $1.47 million a year earlier, alongside a large net loss. RGTI's recent shelf registration of $337.25 million for 17,806,062 common shares related to its ESOP may be a concern, potentially diluting shares.
24/ IonQ Climbs 10%, D-Wave Rockets 25%, Rigetti Soars 24%, Quantum Computing Inc. Jumps 14%: The Quantu
MT Update: Trump Administration Backs IBM, GlobalFoundries, Rigetti, D-Wave in $2 Billion Quantum Push
SIM Rigetti Computing (RGTI) Is Down 8.3% After Shelf Registration And Q1 Losses Widening Concerns
NVDA $222.63 -0.4% Bullish
Composite 72 1M +10.8% 3M +18.1% 1Y +66.9% FLAT
Target $307
Nvidia reported Q1 earnings that beat estimates, with adjusted EPS of $1.87 (vs. $1.77) and revenue of $81.62 billion (vs. $79.18 billion). The company expects $20 billion in CPU sales this year and is entering the $200 billion CPU market. The market may be underestimating Nvidia's growth potential, but a rich valuation and competition in the CPU market pose risks.
YAH Nvidia CFO on Blackwell's & Vera Rubin's trillion-dollar future
YHO Nvidia says it will see $20 billion in CPU sales this year
YHO Tech stocks today: Nvidia stock muted ahead of Q1 earnings call, SpaceX files IPO details
Options · Portfolio · Actionable Picks
Analyst Moves
10:15 ET
Ticker Rating Buy / Hold / Sell Period
AVGO Buy 53 / 4 / 0 2026-05-01
NVDA Buy 66 / 4 / 1 2026-05-01
WMT Buy 44 / 4 / 0 2026-05-01
AMZN Buy 72 / 6 / 0 2026-05-01
MSFT Buy 60 / 6 / 0 2026-05-01
GOOGL Buy 62 / 8 / 0 2026-05-01
META Buy 64 / 9 / 0 2026-05-01
AAPL Buy 39 / 13 / 2 2026-05-01
IPO Calendar
10:15 ET
Date Company Range Size
May 21 CNXU Conexeu Sciences Inc. — —
May 21 FXACU FortuneX Acquisition Corp — $86M
May 21 APURU Aperture AC — $104M
May 27 RIKU RIKU DINING GROUP Ltd — $34M
May 27 BWGC BW Industrial Holdings Inc. — $21M
Congressional Trades
5 disclosures · 14d
US Senate & House financial disclosures · STOCK Act · FMP
Member Ticker Type Amount
Tim Moore T Purchase $15,001 - $50,000
Tim Moore IHG Purchase $1,001 - $15,000
Tim Moore RYCEY Purchase $1,001 - $15,000
William R. Keating SPG Purchase $1,001 - $15,000
William R. Keating VMW Purchase $1,001 - $15,000
Market Movers
FMP real-time
Top Gainers
NIVF +80.0% $1.33 RGTX +48.3% $26.82 SBFM +47.7% $0.54 WHLR +44.8% $1.35 INFQ +39.0% $15.54
Top Losers
RGTZ -48.9% $6.26 QBTZ -48.2% $7.84 DBGI -42.2% $0.59 HLP -29.5% $0.39 AMSS -27.9% $8.15
Unusual Options Volume
15 scanned · 10:15 ET
Ticker Total Vol Calls Puts P/C Hottest Strike
NVDA 491,485 337,553 153,932
0.46
$230C 65,458 vol
NVDA: Aggressive call buying, specifically $230C, suggests bullish bet on continued upside.
SPY 446,000 224,845 221,155
0.98
$738C 30,262 vol
SPY: Mixed flow, near-neutral P/C ratio of 0.98, no clear directional signal.
QQQ 305,563 138,331 167,232
1.21
$710C 22,620 vol
QQQ: Puts slightly outpacing calls, P/C=1.21, suggests some investors hedging or positioning for pullback.
TSLA 257,191 188,547 68,644
0.36
$430C 30,212 vol
TSLA: Heavy call buying, $430C leading the way, indicates bullish bet on TSLA's short-term prospects.
AMD 39,654 25,195 14,459
0.57
$460C 6,590 vol
AMD: Call-heavy flow, P/C=0.57, with $460C in focus, implies bullish positioning ahead of potential catalysts.
Income Plays
10:15 ET
ARM CC Best Quality High · max 2% $300B · Earnings May 06
$300C 28 DTE +79.2% ann. +9.0% OTM Δ 0.07 POP 93%
Arm Holdings stock surged to an all-time high due to a surge, with specific reasons for the increase not detailed in provided headlines.
AXTI CC Craziest Return Low · max 1% $7B · Earnings Apr 30
$111C 22 DTE +219.0% ann. +7.0% OTM Δ 0.17 POP 83%
AXTI stock is down 14% today, according to data from Quiver Quantitative.
AAOI CC Safest High · max 2% $14B · Earnings May 07
$188C 42 DTE +111.5% ann. +14.0% OTM Δ 0.05 POP 95%
Applied Optoelectronics' stock is reacting to upcoming Q1 earnings, with investors weighing whether to buy ahead of the report or wait for results.
Portfolio Hedge
SPY $739 · QQQ $710 · VIX 17.5
Optimal single-put hedge for a $100K portfolio · β-matched sizing for uniform protection across -5% to -20% · roll every 60 days
✓ VIX 17.5 — Below 22.0 threshold. Puts are cheap — good time to hedge.
SPY Puts
Profile Strike Exp Qty Prem Cost Ann %
Defensive
β=0.65
$730P 56d 1 $13.43 $1,343 8.8%
Balanced ●
β=0.85
$750P 56d 1 $21.49 $2,149 14.0%
Aggressive
β=1.10
$725P 56d 2 $12.01 $2,402 15.7%
Scenario: 1× SPY $750P 56d (β=0.85 portfolio)
Scenario SPY Coverage NLV
Pullback -5% $702 112% $98,356
Correction -10% $665 99% $97,803
Bear leg -15% $629 95% $97,250
Crash -20% $592 93% $96,697
QQQ Puts
Profile Strike Exp Qty Prem Cost Ann %
Defensive
β=0.65
$705P 56d 1 $20.33 $2,033 13.3%
Balanced ●
β=0.85
$724P 56d 1 $29.21 $2,921 19.0%
Aggressive
β=1.10
$695P 56d 2 $16.95 $3,390 22.1%
Scenario: 1× QQQ $724P 56d (β=0.85 portfolio)
Scenario QQQ Coverage NLV
Pullback -5% $675 116% $97,748
Correction -10% $639 100% $97,049
Bear leg -15% $604 94% $96,351
Crash -20% $568 92% $95,653
One near-ATM put per 100 shares of β-adjusted exposure · roll at 30d remaining · near-ATM strikes provide uniform -5% to -20% coverage unlike OTM ladders · 10:15 ET
May 2026 Picks — SD50 Portfolio (MTD)
May 01 – May 21 (MTD) · Hit rate: 27/51 · Avg return: +1.6% · YTD: +24.8%
Systematic monthly portfolio · 5 low-correlation signal streams spanning large-cap quality, broad-universe value, thematic momentum, high-volatility mean-reversion, and static hedges · multi-timeframe scoring across 7,000+ symbols · no discretionary overrides
 
Live Track Record · since 2025-07 · 10 months
Return +67.8% Ann. 86.1% Sharpe 3.79 Max DD -5.2%
Win% 90% Alpha +66.2% SPY +16.3% $100K → $167,798
Full backtest · 2006-03–2026-04 · 239 months
Total 7,754% Ann. 24.5% Sharpe 1.41 Max DD -40.1%
Win% 67% Alpha +14.1% SPY 616% $100K → $7,854,346
Growth of $100K — SD50 Portfolio vs benchmarks
Chart not visible? View on web
Ticker Wt% Return
AVGO 6.4% -0.1%
KLAC 6.1% +7.1%
FBLA 5.6% -0.2%
L 5.5% -3.0%
GOOGL 5.4% -0.2%
WMT 5.4% -7.3%
BWET 4.5% +8.8%
GEV 4.5% -2.7%
SNDK 4.1% +23.2%
TRP 3.3% +6.4%
PH 2.9% -3.5%
WTS 2.9% +1.7%
AMG 2.9% +3.5%
BIIB 2.9% +0.6%
HWKN 2.6% -8.8%
QLTY 2.2% +1.7%
MU 2.1% +38.9%
FMBH 1.8% -0.5%
GVA 1.8% -7.1%
HSIC 1.7% -0.8%
PCAR 1.5% -5.7%
GKOS 1.4% -1.8%
CTRE 1.3% +4.1%
HLT 1.3% +0.3%
NMIH 1.2% +0.8%
AMZN 1.2% -1.8%
 
Ticker Wt% Return
RY 1.2% +4.3%
PRM 1.2% +8.6%
IHG 1.1% +7.3%
SBUX 1.1% -1.1%
LAR 1.1% -7.4%
VFLO 1.1% +0.9%
INBX 1.1% -16.6%
CMPR 1.1% +2.7%
PL 1.1% +14.6%
HWM 1.0% +8.0%
LWLG 0.9% -23.4%
AAOI 0.9% -2.1%
PSA 0.8% -0.5%
EPD 0.6% +4.3%
AHR 0.5% +1.0%
MO 0.4% -0.7%
MDLZ 0.4% -0.1%
PEP 0.2% -6.0%
NVDA 0.2% +13.0%
MSFT 0.2% +0.9%
META 0.2% -1.7%
LLY 0.2% +6.7%
AAPL 0.2% +7.8%
TSLA 0.2% +7.3%
BRK.B 0.2% +1.0%
Important Disclosures
The MOS Regime Inference is powered by a proprietary quantitative engine utilizing a Mixture-of-Experts (MoE) Hidden Markov Model ensemble. It combines Bayesian probabilistic state detection with deep learning sequence models across dozens of cross-asset features to identify structural market shifts and early-warning crisis indicators. This model is experimental and subject to inherent statistical uncertainties.
Timing. The issue date above is the publication (send) date. The regime badge, regime_latest.json snapshot, and embedded regime timeline chart are produced when this issue is built: we run hmm_validation_suite.py --inference at the start of that pipeline using the latest trading rows then available in the price cache (often through the prior U.S. session close when today’s full session bar is not yet in the panel). Running inference again later the same day can change SPY, VIX, PBT, and leverage readouts. The timeline chart is a rolling ~90-day view frozen at send time; back-to-back archived issues can look very similar when history overlaps.
This newsletter is for informational and educational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any security. Options trading involves substantial risk of loss and is not suitable for all investors. Past performance, including backtested results, does not guarantee future returns. Backtested performance has inherent limitations: it is constructed with the benefit of hindsight, does not reflect actual trading, and may not account for all market conditions, transaction costs, or liquidity constraints. The author may hold positions in securities mentioned. All data is believed reliable but accuracy is not guaranteed. Consult a licensed financial advisor before making investment decisions.
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MOS · EST. 2025 · NEW YORK
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