PhotonBull

++ PERSONAL ANNOUNCEMENT 📣 ++ Together with @PhotonBull, I’m excited to launch our own Discord community: The Retail Club ⚜️ Members will get exclusive access to our portfolios, trades, and market signals, along with in-depth research on stocks across the hottest sectors. Our goal is simple: build a community of retail investors who want to grow their wealth, improve their investing skills, and ultimately escape the cubicle. And if you’ve already made it, you’re more than welcome too. Many of you have followed my journey for a long time. My portfolio peaked at +270% YTD and has since pulled back to +185%. Am I worried? Not at all. Back in April 2025, during the tariff crash, my portfolio dropped from €100k to €40k. I rebuilt it, reached €500k for the first time in May 2026, and crossed €600k just one month later. That was mainly driven by getting into $ASTS around $20, $NBIS around $40, riding $HIMS from $20 to $65, and $ONDS from $5 to $14 in just three months. On top of that, I actively swing trade my positions and trim into strength. For a long time, I said I would never sell you anything, and I meant it. But over the past few years, I’ve gained a tremendous amount of experience. I believe my time is now better spent helping others on their investing journey than sitting in a corporate cubicle. Together with @photonbull, we want to build a high-quality community for retail investors. I stand behind this with my name: Retail Mourinho. Our first mission is clear: earn back the July crash losses. We’ve been knocked down before, and we’ve always come back stronger. I can’t wait to welcome you to The Retail Club ⚜️ Link to The Retail Club in the comments and in my bio. Best, RM

Tech is starting to look seriously cheap. Thursday was brutal: • S&P 500: −4.4% • Nasdaq Composite: −5.5% • VIX: +69.7%, its third-largest daily jump since 1990. Now look at the valuation reset. As of November 3, the Nasdaq 100 was trading at around 19x forward earnings, its lowest valuation since October 2022 and roughly 22% below its five-year average. And this happened while forward earnings estimates were rising. Citadel Securities reported Nasdaq 100 forward EPS estimates up 14% since June. Prices falling while earnings expectations rise makes the valuation picture increasingly interesting. The key is whether those estimates hold. Meanwhile, Morgan Stanley’s U.S. TMT momentum factor is approximately 62% below its 12-month high. That specific factor has suffered a deeper drawdown than during the dot-com bust. The unwind in crowded tech trades has been extreme. Then there’s the VIX. Looking at the 10 previous occasions since 1990 when the VIX jumped at least 50% in one session: • The S&P 500 was higher 21 trading days later in 9 out of 10 cases. • The average return was +2.8%. • Eight of those ten episodes still saw lower closing prices along the way. Small sample, but an interesting signal. Further downside and an eventual rebound can both happen. Friday already brought some relief: • Nasdaq Composite: +1.1% • Semiconductors: +4.2% • VIX: −9.0% to 25.64. A first bounce still needs follow-through. My take: cheaper valuations, a severe momentum unwind and cooling volatility are making the setup for a tech rebound increasingly interesting. If earnings hold up and buyers keep showing up, this could get exciting. I have no clue whether Thursday was the bottom. But I’m paying attention. -RM

JUST IN: Trump confused Dana W. White, a former Pentagon official, with UFC President Dana White after receiving a recommendation from an aide and just went ahead and nominated UFC Dana White anyway.

BREAKING: US intelligence says Nvidia CEO Jensen Huang had a "romantic relationship" with a Chinese spy 20% chance he's out as $NVDA CEO before 2029

No way there’s actually a Serenity ETF launching???

BREAKING: Anthropic to raise $80B–$100B at $1.25T–$1.75T valuation, per FT 85% chance of IPO in November

BREAKING: SpaceX and Tesla lose over $420 billion in market value after Democrats win midterms 75% chance $TSLA and $SPCX merge before 2028

Space and defense leading the charge today Shorts covering or could they have bottomed already? Definitely two sectors to keep an eye on here $ASTS $RKLB $FLY $ONDS $AVAV $UMAC $LPTH

just the shorts covering they felt sorry for you guys

Taking a small long-term bet on $NBIS and $RKLB ahead of earnings next week. I’m especially optimistic about Nebius after what we’ve seen with $IREN. More neutral on Rocket Lab’s earnings. $RKLB reports Monday after the close, while $NBIS reports Thursday before the open. Both stocks have been beaten down heavily, and I’m expecting a bit of a relief bounce, so I’m taking a bet at these levels. Opened both trades on @liquidtrading. Let’s see how this plays out. -RM

JUST IN: Rumors swirling that Leopold Aschenbrenner has blown up again

$AAPL: -0.52% $NVDA: -8.65% $MSFT: -3.58% $GOOGL: -3.11% $AMZN: -4.18% $META: -6.04% $TSLA: -10.73% $SPCX: -10.74% $AMD: -16.12%