Saturday, October 10, 2026

QNTM Week Wrap — Oct 10, 2026

The model portfolio (50 holdings) returned +1.59% this week versus SPY's +0.48%, a solid relative week built on breadth rather than concentration.

What drove it: Defensives and energy led the tape — utilities (+3.97%), consumer staples (+3.60%), and energy (+3.60%) topped sector performance, while health care, last week's laggard, rebounded with XLV +2.79% and Humana +11.20% the standout name . The drag came from tech: technology was the worst sector at -0.52%, and the PHLX semiconductor index fell 4.30% , triggered by a Financial Times report that OpenAI's annualized revenue had reached roughly $50 billion, about $20 billion below earlier investor estimates . A portfolio tilted toward quality/value over momentum-chasing AI names benefited.

Macro backdrop: The week's named risk was Middle East war escalation — oil rebounded amid uncertainty over global crude supplies as the US and Iran had yet to reach a deal to end their war . Yet VIX closed 14.84, down 3.07% on the week, its first close under 15 since Sept 25 . QNTM's conviction score sits at a subdued 47.7/100 across 1,418 names, with only 2% flagged high-conviction — breadth improved (9 of 11 sectors green) but confidence remains thin.

Next week: Financials kick off earnings Tuesday with JPMorgan, Goldman Sachs, Citigroup and Wells Fargo , followed by September CPI on Wednesday and retail sales Thursday — the next test for rate expectations.