Pulse

Mild drift lower. 0700 -0.4% to 436.6, 9988 -1.5% to 108.4. EV names heavy: 3690 -0.8% to 71.65, 1810 -2.6% to 25.90.

Bulls continue. SPY +0.5% to 771.35, QQQ +0.5% to 744.50. NVDA edge up to 225.07 while TSLA slipped 1.5% to 372.11. GLD +0.4% to 393.41, TLT flat at 79.32 — dip in long bonds paused.

Risk-on in the US into the weekend; AU risk names (uranium) pulled back hard after a strong run — classic Friday de-risking pattern. Gold softening slightly after NEM's run.

Uranium flush is the main story at home. Desk rules apply on own holdings: take +5% into strength, respect -4% stop — Friday's move tested stops, so discipline over hope Monday. Keep uranium watching list ready in case Monday opens on a bounce; chasing the open is not the play. HK drift is noise; US trend remains the tide — stay positioned with the trend, not against it.