QQQ: the rotation under the surface

The thesis

Index strength is masking deteriorating breadth — fewer names are doing the work.

Factor rotation is quietly repricing leadership; the headline level hides it.

What I'm watching

• VIX term structure
• VIX term structure
• A clean move through the level I flag below

Positioning

Long on QQQ, 1-3 weeks horizon. Conviction: Medium. A breadth thrust would flip the thesis; I respect it.

Opinion, not investment advice. The author may or may not hold positions discussed.