Hand baskets from themes.yml, and sub-industry baskets built from the S&P 500 by GICS sub-industry. Driver = the basket's real-world series this week. Positioning = FINRA short interest and 13F holder counts, per basket, against the universe.
| Theme | Source | Verdict | Signal | Breadth | Coverage | Leaders | Driver | Positioning | Flags |
|---|---|---|---|---|---|---|---|---|---|
| Growth medical devices | hand | down | -3.3 | 100% | 8/8 | ATRC +1.6%, IRTC -0.3%, PEN -2.8% | flat: 10y Treasury -0.2sd | DTC +0.6sd; shorts +1% vs univ | concentrated |
| Systems Software | GICS | down | -3.2 | 80% | 7/7 | GEN +14.0%, MSFT +0.7%, CRWD -1.1% | DTC +0.6sd; shorts -4% vs univ; 13F +7% vs univ; shorts covering; institutions added last quarter | concentrated | |
| Movies & Entertainment | GICS | up | +2.7 | 100% | 5/6 | SKYD +7.4%, TKO +6.9%, LYV +5.2% | DTC +0.9sd; shorts +3% vs univ; 13F +1% vs univ | concentrated; missing PSKY | |
| Quick service restaurants | hand | up | +2.5 | 50% | 10/10 | WING +19.4%, WEN +12.2%, JACK +11.5% | DTC +0.6sd; shorts -3% vs univ | concentrated | |
| Life Sciences Tools & Services | GICS (cousin: Life science tools) | down | -2.2 | 100% | 9/9 | TMO -0.3%, WAT -0.4%, A -1.8% | DTC -0.1sd; shorts -7% vs univ; 13F -0% vs univ; shorts covering | concentrated | |
| Health Care Equipment | GICS | down | -2.1 | 67% | 16/16 | DXCM +5.2%, GEHC +4.6%, EW +2.4% | DTC +0.6sd; shorts -1% vs univ; 13F -3% vs univ; institutions cut last quarter | concentrated | |
| Gold miners | hand | down | -2.0 | 100% | 9/9 | NEM -6.0%, BTG -7.5%, EGO -7.8% | confirms: GLD -0.9sd, Broad dollar -0.1sd | DTC +2.7sd; shorts +3% vs univ; crowded short | |
| Truckload, LTL and brokerage | hand | down | -1.9 | 100% | 10/10 | SAIA -0.5%, XPO -1.9%, HTLD -3.2% | flat: Truck tonnage -0.3sd | DTC +0.5sd; shorts -5% vs univ; shorts covering | |
| Managed care | hand | down | -1.8 | 100% | 7/7 | MOH -3.6%, CNC -3.7%, HUM -4.0% | DTC +0.8sd; shorts +4% vs univ; 13F +1% vs univ | concentrated | |
| Cruise lines | hand | up | +1.8 | 100% | 5/5 | NCLH +13.2%, CCL +7.6%, RCL +7.2% | flat: HY OAS +0.6sd, Brent -0.6sd | DTC +0.1sd; shorts -3% vs univ | concentrated |
| Packaged Foods & Meats | GICS | down | -1.8 | 83% | 8/8 | MDLZ +0.1%, TSN -0.7%, HRL -1.3% | DTC +0.7sd; shorts -3% vs univ; 13F -1% vs univ | concentrated | |
| Life science tools | hand | down | -1.7 | 100% | 10/10 | TMO -0.3%, WAT -0.4%, A -1.8% | DTC -0.1sd; shorts -7% vs univ; 13F -0% vs univ; shorts covering | concentrated | |
| Regional Banks | GICS (cousin: Regional banks) | down | -1.7 | 100% | 6/6 | FITB -1.3%, RF -2.4%, KEY -2.6% | DTC +0.6sd; shorts -4% vs univ; 13F +1% vs univ | ||
| Midstream and gathering | hand | up | +1.6 | 75% | 9/9 | LNG +9.3%, WMB +4.0%, TRGP +3.5% | contradicts: WTI -0.8sd | DTC +0.9sd; shorts -2% vs univ; 13F -3% vs univ; institutions cut last quarter | concentrated |
| Regional banks | hand | down | -1.5 | 100% | 10/10 | PNFP -1.2%, FITB -1.3%, WAL -2.2% | contradicts: 2s10s +1.6sd, HY OAS +0.6sd | DTC +0.6sd; shorts +2% vs univ; 13F +1% vs univ | |
| Electrical Components & Equipment | GICS | unchanged | +1.5 | 100% | 6/6 | VRT +17.3%, BE +4.8%, ROK +2.1% | DTC +0.9sd; shorts -3% vs univ; 13F +7% vs univ; institutions added last quarter | ||
| Restaurants | GICS | unchanged | +1.5 | 75% | 6/6 | CMG +11.2%, MCD +2.6%, YUM +2.2% | DTC -0.3sd; shorts -1% vs univ; 13F -1% vs univ | ||
| Aerospace & Defense | GICS (cousin: Defence primes) | unchanged | +1.5 | 78% | 12/13 | HII +10.7%, TXT +7.5%, LHX +5.8% | DTC +0.6sd; shorts -1% vs univ; 13F +1% vs univ | missing HONA | |
| Precious metal royalties and streamers | hand | unchanged | -1.4 | 100% | 6/6 | RGLD -4.1%, MTA -4.2%, FNV -5.1% | flat: GLD -0.9sd | DTC +1.0sd; shorts -5% vs univ; shorts covering | |
| Natural gas producers | hand | unchanged | +1.4 | 75% | 6/7 | RRC +17.1%, AR +4.3%, CRK +3.7% | flat: Henry Hub gas -0.1sd | DTC +1.2sd; shorts +0% vs univ | missing CTRA |
| Drug distribution and pharmacy | hand | unchanged | -1.4 | 100% | 5/6 | CAH -1.1%, COR -2.4%, HSIC -2.7% | DTC +0.6sd; shorts +0% vs univ; 13F -2% vs univ; institutions cut last quarter | missing OMI | |
| Aerospace aftermarket | hand | unchanged | +1.4 | 75% | 7/7 | HEI +6.3%, HWM +5.0%, TDG +3.5% | DTC +0.6sd; shorts +4% vs univ; shorts adding | ||
| Tobacco and nicotine alternatives | hand | unchanged | +1.2 | 75% | 6/6 | UVV +4.1%, PM +3.9%, TPB +3.7% | DTC +1.6sd; shorts +3% vs univ; crowded short | ||
| Vertical SaaS | hand | unchanged | -1.2 | 75% | 6/7 | BSY +1.7%, TYL +0.1%, VEEV -4.2% | flat: 10y Treasury -0.2sd | DTC +0.2sd; shorts +5% vs univ; shorts adding | missing CCCS |
| Biotechnology | GICS | unchanged | +1.2 | 40% | 8/8 | REGN +11.0%, GILD +6.2%, MRNA +3.7% | DTC +0.4sd; shorts -5% vs univ; 13F +2% vs univ; shorts covering; institutions added last quarter | ||
| Specialty Chemicals | GICS | unchanged | -1.2 | 50% | 6/6 | PPG +4.0%, ECL +2.2%, LYB -0.2% | DTC +2.9sd; shorts -2% vs univ; 13F -4% vs univ; crowded short; institutions cut last quarter | ||
| Title and mortgage insurance | hand | unchanged | -1.1 | 100% | 8/8 | STC -0.2%, FNF -1.1%, ESNT -1.6% | flat: 30y mortgage rate -1.2sd | DTC +1.2sd; shorts +9% vs univ; shorts adding | |
| Communications Equipment | GICS | unchanged | -1.1 | 67% | 6/6 | LITE +9.7%, CIEN +2.4%, ANET +1.2% | DTC -0.1sd; shorts +2% vs univ; 13F +8% vs univ; institutions added last quarter | ||
| Refiners | hand | unchanged | -1.1 | 100% | 7/7 | PBF -0.4%, CVI -0.6%, PSX -2.0% | flat: Gasoline, Gulf -0.5sd | DTC -0.5sd; shorts +1% vs univ | |
| Defence electronics and services | hand | unchanged | +1.0 | 100% | 6/6 | BAH +10.3%, CACI +3.2%, LDOS +2.5% | DTC +1.1sd; shorts -3% vs univ | ||
| PFAS remediation and environmental testing | hand | unchanged | -1.0 | 0% | 4/5 | TTEK +2.0%, PESI -1.9%, NVRI -5.4% | DTC +2.2sd; shorts +9% vs univ; crowded short; shorts adding | missing MEG | |
| Investment Banking & Brokerage | GICS | unchanged | -1.0 | 60% | 6/6 | MS +3.1%, GS +1.3%, RJF -1.2% | DTC +0.3sd; shorts -6% vs univ; 13F +2% vs univ; shorts covering | ||
| Product tankers | hand | unchanged | +0.9 | 100% | 5/5 | STNG +6.8%, TRMD +5.9%, ASC +5.1% | DTC -0.2sd; shorts +8% vs univ; shorts adding | ||
| Building Products | GICS | unchanged | -0.9 | 56% | 8/8 | BLDR +9.1%, MAS +2.8%, JCI +2.1% | DTC +1.2sd; shorts -2% vs univ; 13F -0% vs univ | ||
| Railroads and rail equipment | hand | unchanged | +0.9 | 50% | 8/8 | TRN +11.0%, UNP +1.1%, NSC +1.1% | flat: Rail carloads -0.2sd | DTC +2.7sd; shorts -0% vs univ; 13F -1% vs univ; crowded short | |
| Memory, HBM and storage media | hand | unchanged | +0.9 | 100% | 5/5 | SIMO +12.7%, WDC +8.2%, STX +3.9% | DTC -0.7sd; shorts +6% vs univ; 13F +29% vs univ; shorts adding; institutions added last quarter | ||
| Lithium | hand | unchanged | -0.9 | 75% | 5/6 | IONR +4.7%, LAC -5.0%, ALB -7.1% | DTC +0.3sd; shorts +4% vs univ; shorts adding | missing PLL | |
| Datacentre and grid contractors | hand | unchanged | +0.8 | 71% | 8/8 | PWR +11.4%, MTZ +5.6%, FIX +4.3% | DTC +0.1sd; shorts +1% vs univ | ||
| Water utilities | hand | unchanged | -0.8 | 100% | 7/7 | HTO -0.7%, AWR -1.1%, CWT -1.2% | flat: 10y Treasury -0.2sd | DTC +1.6sd; shorts -4% vs univ; crowded short | |
| Copper miners | hand | unchanged | -0.8 | 67% | 5/5 | TECK +2.2%, ERO -4.7%, HBM -5.1% | flat: CPER -0.1sd, Copper (IMF) +0.3sd, Broad dollar -0.1sd | DTC +1.5sd; shorts +4% vs univ | |
| GLP-1 and obesity | hand | unchanged | +0.8 | 100% | 5/5 | VKTX +9.4%, LLY +5.3%, AMGN +1.6% | DTC +0.7sd; shorts -2% vs univ | ||
| Optics and datacentre interconnect | hand | unchanged | +0.8 | 67% | 9/9 | LITE +9.7%, CRDO +7.4%, FN +6.6% | DTC -1.0sd; shorts +2% vs univ; 13F +12% vs univ; institutions added last quarter | ||
| Application Software | GICS | unchanged | -0.8 | 56% | 14/14 | SNPS +9.1%, ORCL +7.3%, CDNS +5.1% | DTC +1.6sd; shorts +1% vs univ; 13F -5% vs univ; crowded short; institutions cut last quarter | ||
| Diversified Banks | GICS | unchanged | -0.7 | 71% | 7/7 | C +1.1%, JPM +0.9%, WFC -0.7% | DTC +0.6sd; shorts +5% vs univ; 13F +0% vs univ; shorts adding | ||
| Homebuilders | hand | unchanged | -0.7 | 75% | 9/10 | TOL +0.4%, MHO +0.3%, LEN -0.5% | flat: 30y mortgage rate -1.2sd, Building permits -0.1sd | DTC +0.8sd; shorts +4% vs univ; 13F +2% vs univ | missing TMHC |
| Hotels, Resorts & Cruise Lines | GICS (cousin: Cruise lines) | unchanged | +0.7 | 100% | 8/8 | NCLH +13.2%, CCL +7.6%, RCL +7.2% | DTC +0.7sd; shorts -3% vs univ; 13F -2% vs univ; institutions cut last quarter | ||
| Oilfield services | hand | unchanged | +0.7 | 56% | 7/7 | LBRT +8.5%, PUMP +6.5%, WFRD +3.0% | flat: WTI -0.8sd | DTC +1.2sd; shorts -2% vs univ | |
| Space and satellites | hand | unchanged | +0.6 | 50% | 8/8 | VSAT +20.9%, RKLB +5.4%, LUNR +3.9% | DTC -0.1sd; shorts +2% vs univ | ||
| Asset Management & Custody Banks | GICS | unchanged | +0.6 | 38% | 12/12 | ARES +5.2%, APO +3.0%, BLK +2.7% | DTC +1.2sd; shorts +1% vs univ; 13F -0% vs univ | ||
| Insurance brokers | hand | unchanged | -0.6 | 67% | 6/6 | AON +3.8%, AJG +0.2%, MRSH -0.0% | DTC +2.3sd; shorts -4% vs univ; 13F -2% vs univ; crowded short; institutions cut last quarter | ||
| Semiconductor capital equipment | hand | unchanged | +0.6 | 100% | 11/11 | KLAC +9.8%, UCTT +9.7%, LRCX +5.8% | flat: IP: semiconductors +1.2sd | DTC -0.2sd; shorts -9% vs univ; shorts covering | |
| Cybersecurity | hand | unchanged | -0.6 | 67% | 11/11 | TENB +11.3%, RPD +10.1%, S +4.4% | DTC +0.5sd; shorts -3% vs univ | ||
| Semiconductors | GICS | unchanged | +0.5 | 80% | 15/15 | NXPI +10.2%, MPWR +8.0%, ADI +7.2% | DTC +0.3sd; shorts -3% vs univ; 13F +9% vs univ; institutions added last quarter | ||
| Merchant power and IPPs | hand | unchanged | +0.5 | 100% | 5/5 | CEG +4.1%, TLN +4.0%, NRG +2.9% | flat: Henry Hub gas -0.1sd | DTC -0.4sd; shorts -3% vs univ; 13F -4% vs univ; institutions cut last quarter | |
| Crude tankers | hand | unchanged | +0.4 | 75% | 5/5 | FRO +7.2%, DHT +1.0%, TNK +1.0% | flat: WTI -0.8sd | DTC -0.3sd; shorts +4% vs univ; shorts adding | |
| Technology Hardware, Storage & Peripherals | GICS (cousin: Memory, HBM and storage media) | unchanged | -0.4 | 67% | 10/10 | WDC +8.2%, P +5.9%, SMCI +4.2% | DTC -0.0sd; shorts +3% vs univ; 13F +12% vs univ; institutions added last quarter | ||
| Rare earths and critical minerals | hand | unchanged | +0.4 | 100% | 5/5 | NB +9.3%, TMC +4.6%, UUUU +1.9% | DTC +0.4sd; shorts +7% vs univ; shorts adding | ||
| Defence primes | hand | unchanged | +0.4 | 67% | 6/6 | LHX +5.8%, GD +4.2%, LMT +2.7% | DTC +0.3sd; shorts -3% vs univ; 13F -1% vs univ | ||
| Airlines | hand | unchanged | +0.3 | 86% | 8/8 | JBLU +6.5%, UAL +4.9%, ALK +3.8% | flat: Jet fuel, Gulf -0.8sd | DTC +1.1sd; shorts -1% vs univ | |
| Uranium and enrichment | hand | unchanged | +0.3 | 50% | 6/6 | UEC +5.2%, LEU +3.4%, NXE +2.1% | flat: SRUUF +0.8sd | DTC +0.1sd; shorts +5% vs univ; shorts adding | |
| Discount and off-price retail | hand | unchanged | -0.3 | 56% | 7/7 | FIVE +5.8%, DLTR +3.0%, OLLI +1.4% | DTC +0.7sd; shorts -4% vs univ; 13F +0% vs univ; shorts covering | ||
| Electric Utilities | GICS | unchanged | +0.3 | 60% | 15/15 | CEG +4.1%, WEC +2.2%, PEG +2.0% | DTC +0.9sd; shorts -0% vs univ; 13F -0% vs univ | ||
| Insurance Brokers | GICS (cousin: Insurance brokers) | unchanged | -0.3 | 50% | 6/6 | AON +3.8%, ERIE +1.4%, AJG +0.2% | DTC +2.3sd; shorts -8% vs univ; 13F -1% vs univ; crowded short; shorts covering | ||
| SMR and advanced reactors | hand | unchanged | +0.2 | 50% | 6/6 | SMR +5.1%, ASPI +4.5%, BWXT +2.7% | flat: 10y Treasury -0.2sd | DTC +1.4sd; shorts +7% vs univ; shorts adding | |
| Transaction & Payment Processing Services | GICS (cousin: Payments) | unchanged | +0.2 | 33% | 9/9 | GPN +12.8%, FIS +1.0%, MA +0.8% | DTC +0.8sd; shorts -3% vs univ; 13F -7% vs univ; institutions cut last quarter | ||
| Property & Casualty Insurance | GICS | unchanged | -0.2 | 43% | 8/8 | ACGL +2.6%, CB +0.9%, PGR +0.5% | DTC +0.8sd; shorts -3% vs univ; 13F +3% vs univ; institutions added last quarter | ||
| Exchanges and market structure | hand | unchanged | -0.2 | 67% | 8/8 | ICE +3.0%, NDAQ +2.8%, MKTX +0.9% | flat: VIX -0.0sd | DTC +1.3sd; shorts -6% vs univ; 13F -6% vs univ; shorts covering; institutions cut last quarter | |
| LNG and LPG carriers | hand | unchanged | -0.2 | 100% | 6/6 | GLNG +1.3%, LPG +0.4%, NVGS -0.8% | DTC +0.3sd; shorts +2% vs univ | ||
| Payments | hand | unchanged | -0.2 | 75% | 8/9 | GPN +12.8%, FIS +1.0%, MA +0.8% | DTC +0.7sd; shorts -2% vs univ; 13F -11% vs univ; institutions cut last quarter | missing FI | |
| Datacentre cooling and thermal | hand | unchanged | +0.2 | 33% | 6/6 | VRT +17.3%, JCI +2.1%, AAON -1.7% | DTC +0.4sd; shorts -5% vs univ; shorts covering | ||
| Utility-scale solar | hand | unchanged | +0.2 | 100% | 6/6 | ARRY +4.8%, CSIQ +3.1%, JKS +2.0% | flat: 10y Treasury -0.2sd | DTC +1.3sd; shorts +2% vs univ | |
| Agricultural inputs | hand | unchanged | +0.2 | 100% | 6/6 | FMC +16.3%, MOS +0.1%, CF -0.2% | driver leads: DBA -3.1sd, Maize (IMF) +1.2sd, Wheat (IMF) +0.6sd, Soybeans (IMF) +1.6sd | DTC +0.3sd; shorts +9% vs univ; shorts adding | |
| Beauty and cosmetics | hand | unchanged | +0.2 | 100% | 5/6 | COTY +5.7%, ULTA +0.5%, EL -0.0% | DTC +2.0sd; shorts +2% vs univ; crowded short | missing OLPX | |
| Industrial Machinery & Supplies & Components | GICS | unchanged | -0.2 | 60% | 14/14 | PNR +16.6%, FTV +5.3%, IR +4.3% | DTC +0.8sd; shorts -0% vs univ; 13F +1% vs univ | ||
| Dry bulk shipping | hand | unchanged | -0.1 | 75% | 6/7 | GNK +1.1%, NMM +0.9%, DSX +0.5% | DTC +1.1sd; shorts +21% vs univ; shorts adding | missing GOGL | |
| Oil & Gas Exploration & Production | GICS | unchanged | -0.1 | 100% | 9/9 | FANG +2.9%, COP +1.4%, EOG +0.5% | DTC +0.9sd; shorts -0% vs univ; 13F -3% vs univ; institutions cut last quarter | ||
| Steel | hand | unchanged | -0.1 | 0% | 7/8 | NUE +3.7%, RS +3.1%, STLD +1.6% | flat: PPI iron and steel +0.5sd, Iron ore (IMF) +0.2sd | DTC +1.3sd; shorts +5% vs univ; shorts adding | missing ZEUS |
| Advanced packaging and test | hand | unchanged | -0.1 | 33% | 7/7 | COHU +7.9%, ASX +3.4%, ONTO +3.2% | DTC +0.9sd; shorts -5% vs univ; shorts covering | ||
| Multi-Utilities | GICS | unchanged | -0.1 | 56% | 12/12 | PCG +2.5%, NI +1.6%, CNP +1.0% | DTC +1.2sd; shorts +4% vs univ; 13F +2% vs univ; shorts adding | ||
| Container shipping and boxship lessors | hand | unchanged | -0.1 | 25% | 6/6 | ESEA +2.0%, CMRE +2.0%, DAC +0.2% | DTC +0.8sd; shorts +5% vs univ; shorts adding | ||
| Grid transformers and switchgear | hand | unchanged | -0.1 | 40% | 6/7 | GEV +4.4%, NVT +2.0%, ETN +0.4% | DTC +0.7sd; shorts +2% vs univ | missing ATKR | |
| Pharmaceuticals | GICS | unchanged | +0.1 | 50% | 7/7 | LLY +5.3%, VTRS +2.5%, JNJ +0.3% | DTC +1.5sd; shorts -5% vs univ; 13F -1% vs univ; shorts covering | ||
| Water treatment and filtration | hand | unchanged | -0.0 | 33% | 7/7 | PNR +16.6%, VLTO +5.1%, ERII +3.4% | DTC +1.2sd; shorts -1% vs univ |
Groups whose residual returns move together and that moved this week. A cluster is co-movement, not an explanation.
| Matches basket | Size | Signal | Cohesion | Members |
|---|---|---|---|---|
| unnamed | 8 | -1.6 | 0.36 | AMZN BE BEN CAT GOOG GOOGL INTC SIMO |
| unnamed | 7 | +1.5 | 0.36 | AMT CCI GEN GNRC ORCL PTC SBAC |
Left out rather than given a default beta. A made-up beta makes a made-up residual, which becomes a made-up theme signal.
| ATKR | stale, last close 2026-10-16 |
| CCCS | no price history |
| CTRA | no price history |
| FDXF | only 22 weeks (need 60) |
| FI | no price history |
| GOGL | only 18 weeks (need 60) |
| HONA | only 19 weeks (need 60) |
| MEG | no price history |
| OLPX | stale, last close 2026-07-17 |
| OMI | no price history |
| PLL | no price history |
| PSKY | stale, last close 2026-10-16 |
| Q | only 52 weeks (need 60) |
| TMHC | stale, last close 2026-07-24 |
| VYLR | only 4 weeks (need 60) |
| WBD | stale, last close 2026-10-09 |
| ZEUS | no price history |