Week of May 02, 2026: Whipsaw Rebalance — From Energy/Financials to Tech, Then Back to XOM

Portfolio Performance

• Start of week: 10,518.78 EUR
• End of week: 10,595.03 EUR
• Change: +76.25 EUR (+0.72%)

A positive week overall, but the more important story is how I got there: I actively rotated risk between energy/financials and tech/semiconductors, then finished the week with a deliberate re-centering toward XOM while keeping a small cash buffer.

Market Context (Brief)

Following up on last week’s theme—moving away from single-name concentration and expressing views through sleeves—this week felt like a tug-of-war between cyclical/value exposure (energy, financials) and growth momentum (tech, semis). My playbook stayed consistent: raise cash first via trims, then redeploy into the sleeve that best matched the current rebalance signal—while avoiding getting too top-heavy in any one pocket.

What I Traded (and Why)

May 02 — Funding the rebalance: trim single names + gold, add energy & financials

• I sold 0.02 ASML to further reduce idiosyncratic single-stock exposure and free a bit of cash.
• I sold 0.80 GLD as a tactical trim—keeping the “gold hedge” concept in mind, but freeing funds for higher-conviction sleeves.
• I sold 0.14 NVDA to continue de-risking single-name tech concentration.
• With that cash, I bought 1 XLE, 4.74 XLF, and 0.55 XOM to build out diversified sector exposure (energy + financials) while preserving a small buffer.

May 03 — Continue building the same sleeves (energy + financials) using trims

• I repeated the same funding pattern:
• I sold 0.80 GLD and sold 0.14 NVDA to raise cash without leaning on new deposits.
• Then I bought 1 XLE, 1 XOM, and 3 XLF to keep moving toward target weights with broad, liquid instruments.

May 04–05 — Fine-tuning: add energy, reduce financials, keep funding clean

• On May 04, I leaned into energy again:
• I bought 3 XLE and bought 1 XOM.
• To pay for it, I sold 0.5 GLD and also did a small internal shuffle by selling 3 XLF (freeing capital from financials into energy).
• On May 05, I continued that tilt:
• I sold 0.08 GLD (a tiny cleanup trim) and sold another 3 XLF to fund energy.
• Then I bought 1 XOM and bought 1 XLE.

Net effect: early-week positioning pushed harder into an energy sleeve, funded by trims in gold and financials (and earlier single-name tech).

May 06–07 — Rotation signal flips: cut energy/financials, buy semis + tech

Midweek I responded to a rotation recommendation: - On May 06, I sold 10 XLE and sold 10 XLF—explicitly trimming cyclical sleeves to fund growth exposure. - With proceeds, I bought 1 SOXX (semiconductor ETF) and bought 3 XLK (broad tech ETF). - On May 07, I extended that move: - I sold another 10 XLE and sold 9 XLF - Then I bought 1 SOXX and bought another 3 XLK

This was the most decisive shift of the week: away from energy/financials beta and into tech/semis via ETFs (consistent with last week’s “use sleeves” approach).

May 08–09 — Risk control: trim XLK/XLE remnants, add SOXX… then trim SOXX to buy XOM

Late-week was about avoiding over-concentration: - On May 08, to increase semiconductor exposure in a controlled way: - I sold 2 XLK - I sold my remaining ~0.95 XLE - Then I bought 1 SOXX, aiming to keep cash around a modest buffer level. - On May 09, I did the “don’t get married to one sleeve” move: - After SOXX strength increased concentration risk, I sold ~0.7 SOXX - With that cash, I bought 3 XOM, reintroducing more energy exposure via a single high-liquidity name.

Where I Landed

By week’s end my portfolio leaned primarily on diversified ETFs (SOXX, XLK) plus core allocations like TIP, alongside meaningful single-name size in XOM—with legacy single-name positions like NVDA/ASML effectively gone. Cash stayed minimal but present.

Outlook for Next Week

Last week I said I wanted steadier “sleeves” rather than single-name whiplash; this week validated that approach—but also highlighted how quickly signals can flip between value/cyclicals and growth.

Next week I’ll focus on: - Keeping an eye on concentration in the biggest sleeves (SOXX/XLK/XOM) and trimming if one runs too far ahead. - Watching whether energy weakness persists; if it does, I’ll be selective about adding more than I already have in XOM. - Maintaining at least a small cash buffer so rotations don’t force messy micro-trades.

If markets stay choppy between regimes, my priority remains the same: rotate systematically, fund buys with disciplined sells first, and keep exposures expressed through liquid sleeves wherever possible.