Week of September 7, 2026 · Le Dossier
A week the bulls gave back
The week reviewed and the week ahead: index and cross-asset moves, sector rotation, dealer positioning, the earnings calendar, and the insider and options-flow tape.
TL;DR
SPY finished the trailing five sessions at −1.15%. Into next week, dealer positioning brackets SPY between the 745 put wall and the 770 call wall. The sections below are built from the desk’s own data: index and cross-asset closes, sector rotation, the coming week’s earnings calendar, disclosed insider buying, and our options-flow scanner.
Desk — week in review
11 trades closed this week, 7 green — 64%.
| Book | Wins | Trades | Win rate |
|---|---|---|---|
| daytrade | 7 | 11 | 64% |
| Trade | Book | Peak |
|---|---|---|
| SPY 765C 2026-09-11 | daytrade | +68% |
| SPY 757P 2026-09-10 | daytrade | +55% |
| TSLA 375C 2026-09-09 | daytrade | +52% |
| SPY 766C 2026-09-11 | daytrade | +44% |
| SPY 759P 2026-09-10 | daytrade | +39% |
Week in Review
Trailing five sessions across the majors, with the last session broken out. Breadth and rotation detail follows in the sector map.
| Index | Close | Last day | 5 days |
|---|---|---|---|
| S&P 500 (SPY) | 764.29 | +0.85% | −1.15% |
| Nasdaq 100 (QQQ) | 714.88 | +0.87% | −0.39% |
| Dow (DIA) | 525.79 | +0.97% | −2.07% |
| Russell 2000 (IWM) | 288.89 | +0.41% | −2.13% |
Cross-Asset
Rates, the dollar, commodities and crypto over the same five sessions. Equity moves that disagree with this table usually lose the argument.
| Market | Last | 5 days |
|---|---|---|
| VIX | 15.84 | +9.02% |
| 10-yr yield | 4.975 | +4.47% |
| Dollar index | 99.12 | +0.12% |
| WTI crude | 100.05 | +9.58% |
| Gold | 4,408.9 | −1.84% |
| Bitcoin | 76,730 | −2.18% |
Sector Rotation
Energy leads over the window at +1.65%; Health Care brings up the rear at −3.54%. Rotation, not direction, is usually the earlier tell.
Rotation map
5-day vs 21-day — upper-right is leadership
| ETF | Sector | 1D | 5D | 21D | YTD |
|---|---|---|---|---|---|
| XLE | Energy | +0.28% | +1.65% | +6.67% | +42.7% |
| XLC | Communication | +1.00% | +0.49% | +0.02% | −3.7% |
| XLK | Technology | +1.31% | +0.21% | −1.61% | +30.1% |
| XLRE | Real Estate | +0.88% | −1.16% | −3.79% | +7.5% |
| XLP | Staples | +0.34% | −1.41% | −3.02% | +7.3% |
| XLF | Financials | +0.61% | −1.50% | −1.75% | +4.2% |
| XLU | Utilities | −0.35% | −1.58% | −3.74% | −1.9% |
| XLI | Industrials | +1.08% | −1.64% | −7.23% | +9.1% |
| XLY | Discretionary | +0.88% | −1.71% | −4.65% | −4.6% |
| XLB | Materials | +0.35% | −2.88% | −2.60% | +10.4% |
| XLV | Health Care | −0.18% | −3.54% | −1.78% | +6.3% |
Positioning Into Next Week
Dealer positioning from listed options open interest. Heavy call strikes act as magnets-then-ceilings when spot trades below them; heavy put strikes mark where hedging flows tend to defend. The walls are the largest single-strike concentrations near the money.
SPY — open-interest profile
Spot 764.22 · call wall 770 (9,704 OI) · put wall 745 (12,002 OI) · pinned between the walls
QQQ — open-interest profile
Spot 715.00 · call wall 730 (13,467 OI) · put wall 695 (4,047 OI) · pinned between the walls
Earnings Ahead
Grouped by day, then by session — before the open, during hours (slot unconfirmed), after the close. Coverage is every reporter in roughly the top 1,000 by market cap (the large-cap index universe). 68 smaller names reporting in the window are excluded; the full list is available on request. Where a name is on our coverage list, the one-line read is ours.
No reporting company matches.
| Name | Read | When | Mkt cap | EPS est |
|---|---|---|---|---|
| Monday, September 14 | ||||
| During / TBD | ||||
| GRFS | Grifols, S.A. | During / TBD | 5.3B | $0.27 |
| Tuesday, September 15 | ||||
| Before open | ||||
| FPS | Forgent Power Solutions, Inc. | Before open | 8.9B | $0.22 |
| After close | ||||
| TCOM | Trip.com Group Limited | After close | 24.4B | $0.84 |
| Wednesday, September 16 | ||||
| After close | ||||
| LEN | Lennar Corporation | After close | 18.8B | $1.30 |
| LEN.B | Lennar Corporation | After close | 18.8B | — |
| Thursday, September 17 | ||||
| During / TBD | ||||
| VFS | VinFast Auto Ltd. | During / TBD | 7.0B | ($0.26) |
Drift book. Post-earnings drift positions our model is still tracking (10-session window from the report date).
| Ticker | Reported | Bias | Confidence | Gap |
|---|---|---|---|---|
| ORCL | 09-10 | Bearish | 61% | −5.4% |
| ADBE | 09-10 | Bearish | 55% | −2.4% |
| AVGO | 09-02 | Bearish | 51% | −0.7% |
Insider Week
The freshest disclosed buys from corporate insiders and Congressional filers, sized by dollars committed. Filing-date entries retain most of the historical edge; scheduled 10b5-1 activity is labelled and should be discounted.
| Filer | Ticker | Trade date | Amount | Type |
|---|---|---|---|---|
| Silverman David M | APH | 08-05 | $20,908,476 | EVP, Human Resources |
| Shellberg Jeffrey D. | BWB | 08-05 | $3,366,736 | Insider |
| Sullivan Don | CSW | 08-05 | $1,555,812 | EVP, Chief Strategy Officer |
| Blaylock Ronald E | PFE | 08-05 | $998,821 | Director |
| Buckley Mortimer J | PFE | 08-05 | $960,369 | Director |
| Harvey David C | CVBF | 08-05 | $917,680 | EVP Chief Operating Officer |
| Mcwatt Michael | NTB | 08-05 | $741,319 | Managing Director, Cayman |
| Biglari, Sardar | LOCO | 08-05 | $676,000 | 10% Owner |
| Prince Matthew | NET | 08-05 | $177,476 | 10b5-1 |
| Briggs Andrew J | FMAO | 08-05 | $104,280 | Insider |
Options Flow
Our scanner watches the listed options tape in real time for sweeps and blocks hitting at the ask or the bid across the most liquid underlyings. This week it flagged 3,348 qualifying prints, the largest a $17,119,000 single order. The live tape runs on the dashboard during market hours.
Bottom Line
Positioning resets Monday. The rotation map says where the sponsorship is; the walls say where the friction is. Plan entries at the places those two agree, and let the calendar — not the tape — decide when to be flat.