The divergence in the PC1 index is interesting—it suggests some underlying resilience, but I wonder how long that holds if policy missteps continue. Mexico's uptick is curious and could be worth tracking if it gains traction, but broad weakness in places like Japan, Italy, and now the U.S. is tough to ignore.

The shift in capital flows and the breakdown of traditional signals like dealer gamma and CTA flows is something I’ve been noticing too — especially with how unreliable some of the old indicators have become.

Thanks for the detailed breakdown on VSH — I remember you mentioning it back in February, and it's good to see you revisiting it with fresh numbers. The fundamentals you laid out — especially the price dip over the past year, combined with a stable 2.2% dividend yield — make this a classic undervalued dividend play, especially for a mid-cap in the semiconductor space. Vishay’s reach across so many sectors (industrial, automotive, telecom, medical, etc.) gives it nice diversification against cyclical tech swings.