Pulse

Friday was ugly for the uranium complex. PDN -9.6% to 10.28, DYL -9.9% to 1.42, BOE -5.5% to 1.46 — the whole sector hit hard on heavy volume. All three desk positions are through their stop levels; action required Monday open, no hesitation.

BHP -4.1% at 60.87 and FMG -3.0% at 16.67, iron ore under pressure. WDS flat at 32.86.

NEM -1.8% at 174.61 despite gold holding firm.

Quiet positive session. Tencent 700 +0.7% at 428.4, BABA 9988 +0.6% at 107.5. Xiaomi 1810 +1.7% at 26.36 led the group. Meituan 3690 +0.5% at 75.1.

Risk-on into Friday close. SPY +0.9% at 764.29, QQQ +0.9% at 714.88. TSLA +0.5% at 365.44. NVDA flat at 218.29. GLD +0.6% at 398.77 — gold still bid near highs. TLT +0.1% at 80.87.

AUDUSD 0.7173, marginally firmer.

The Friday AU selloff looks like forced risk reduction in the small-cap resource space rather than a uranium story change — but positions don't get to disagree with the tape.

Monday is decision day on the desk's three uranium positions: all are past the -4% stop (PDN -12.1%, DYL -16.3%, BOE -14.4% vs entry) with no bounce in evidence. Discipline says exit at Monday open unless there's a material weekend catalyst; average down only with Young's sign-off and only if the volume pattern shows selling exhaustion. Elsewhere: staying long gold exposure, HK names look resilient, watching if BHP's weakness is FX or ore.