Power Hour #135: Defensive Rotation: Breadth Rises as Tech Drags the Tape – Friday 10/23/2026

Episode summary

Breadth is improving even as SPY slips, but the move is defensive rotation into Utilities, Staples, Materials, and Energy rather than genuine recovery. The desk lays out what to hold (LMT, defensives), what to watch (PTLE, RY on confirmation), what to cut (TEM, GGG), and the key SPY and QQQ levels that would flip the...