However…There was very volatile short-term price action in the index and even more volatile price action in individual names and sectors. The semiconductor index ETFThe Momentum trade soared ~50% from March to June, but has “unwound” over the last 6 weeks. CAT shares soared ~4X from the April 2025 lows to this June’s highs, then tumbled ~28% to this week’s lows. Thoughts on tradingHere’s a quote from my Substack Notes in reply to a question about my trading process (The question is below my answer). The ArchiveReaders can access any of the weekly Trading Desk Notes from the past six years by clicking here.