The Close: NBIS trims, PLPC and HOOD additions
Wednesday’s trading combined reductions in the EMA sleeve with fresh PLPC and HOOD purchases in the autonomous sleeve. The distinction matters: the reductions followed risk and harvesting rules, while the purchases followed the autonomous strategy’s entry policy. They were not a single, unanimous change in our market view.
The market at the close
SPY fell 0.46%. QQQ slipped 0.29%. The larger declines in our open names were concentrated. UMAC fell 6.39%. LEU fell 2.18%. Both traded below their recent average volume. Our read is that these individual moves deserve attention, but the broad market’s smaller decline does not establish the same degree of selling across the book.
What we changed
The completed fills below are for September 9, 2026. Times are Eastern; prices are execution prices, not closing quotes.
| Completed action | Sleeve | Fill price | Fill time, September 9, ET | |---|---|---:|---| | Sold NBIS | EMA | $247.52 | 9:30 a.m. | | Sold PPTA | EMA | $25.04 | 9:30 a.m. | | Sold PLPC | EMA | $405.68 | 9:31 a.m. | | Sold AMKR | EMA | $50.9635 | 9:32 a.m. | | Sold AXON | EMA | $489.34 | 9:46 a.m. | | Sold NBIS | EMA | $244.78 | 9:48 a.m. | | Bought PLPC | Autonomous | $417.96 | 10:19 a.m. | | Sold NBIS | EMA | $244.10 | 1:49 p.m. | | Bought HOOD | Autonomous | $117.13 | 1:54 p.m. |
The first NBIS sale completed an order placed on Tuesday after the stock exceeded the EMA strategy’s distance threshold above its short-term moving average. The later NBIS sales came from the harvesting rule, whose recorded inputs included distance below the recent peak and trading volume. These were separate triggers, rather than repeated descriptions of the same sale.
PPTA, PLPC, AMKR and AXON were reduced under the risk-floor rule. Their recorded reason is risk reduction; there is no basis to describe them as new company-specific bearish calls or to claim a committee approved them.
Where the strategies disagreed
The autonomous sleeve then bought PLPC and HOOD under its deterministic entry policy. PLPC therefore appears on both sides of the day: the EMA sleeve reduced it and the autonomous sleeve added it. That is a difference between strategies, not a transaction we should hide by netting the descriptions together.
The strategist opposed both additions. For PLPC, it cited thin trading during the recovery toward a recent peak and upcoming economic events. For HOOD, it cited concentration in an already large holding. Those are the strategist’s recorded concerns, not proof that either purchase will fail. Equally, a completed purchase does not show that those concerns were resolved.
The useful follow-through is whether the autonomous entries justify the extra exposure. Today establishes what the strategies did and where they disagreed; it does not yet establish which decision was better.
Sources: completed order records and the associated strategy decisions for Wednesday; daily price and volume observations for the named securities. Positions discussed are held or were traded by the strategy. This report describes our activity and is not personalized investment advice.
