Telemetry #2: nuclear power up, chips down and two rule-based exits

The week in one line

Power led the market on Tuesday after the nuclear supply agreement between Constellation and Google; Wednesday brought a broad pullback, and chips kept falling through Friday.

What the desk did

• TSM: entered on Monday at 485.31, when it cleared its trigger with the chip group holding firm. On Wednesday it opened below its stop and exited on the first run, at 471.79: −2.8%. A lower open can skip past a stop, which is why the loss was larger than −2%. TSM ended Friday near 453.
• NVDA: entered on Monday at 239.69. It reached Wednesday without touching its stop or take profit and was closed in the afternoon by the three-session holding rule, at 237.20: −1.0%. It ended Friday near 229.
• GE Vernova (GEV): on Tuesday it broke out of the range that had held it, but within minutes it was more than 1.5% above the trigger, so the entry was skipped under the no-chasing rule. On Wednesday it fell back into the range and the desk withdrew the entry.
• Thursday and Friday: the desk did not publish a new plan because of an interruption in our system. Pulso was already in cash, so no positions were exposed; with no live plan, nothing was opened.
• A clearer rule: the holding limit is now counted in market sessions. The purchase day is the first session, and in the third the position is closed from 2:00 p.m. New York time.

Pulso ended the week in cash, as it always does before the weekend.

One thesis: Constellation Energy (CEG)

Constellation runs the largest nuclear fleet in the United States. Data centers need power around the clock, without emissions and under long contracts, and nuclear meets all three. That is why tech companies have started signing multi-year supply agreements with plant owners. This week's agreement with Google is the latest example, and the stock jumped about 12% in a day. The desk does not chase those jumps: the thesis can be sound while the price is already too demanding for a short-term entry.

What's next

• Monday 10/12: Starlink launch.
• Tuesday 10/13: SpaceX launches a cargo mission to the International Space Station.
• Thursday 10/15: TSMC reports third-quarter results. No short-term position before the number. The same day, another SpaceX military launch.