S&P 500 Market Briefing — Wednesday, May 27, 2026

Written in trading-desk shorthand. Every holding, balance and target below belongs to MapleGamma's practice account, not to you.

# Paper Trading Daily Summary — 2026-05-27

## Account - Starting Balance: $2,000.00 - Current Balance: $1,999.09 - Return: -0.05% - Realized Today: $+2.89 - Unrealized: $-3.80 - Total Daily P&L: $-0.91 - Cash: $1,109.29 - Deployed Capital: $889.80 (45%) - Open Positions: 6 | Max Allowed: 8 - Total Closed Trades: 5 (4W/1L, 80% win rate)

## Open Positions — EOD Assessment

### HOLD Overnight

1. TLT ($116.86→$117.71, +$0.85) — HOLD. Macro hedge thesis intact. Yields eased today (10Y 4.56%→4.49%), benefiting TLT. Iran deal uncertainty remains the catalyst. Bond proxy working as designed.

2. XLU ($62.58→$62.29, -$0.57) — HOLD. Slight drift lower but defensive rotation thesis still valid. Elevated VIX (16.96) supports utility exposure. Position size small (6.2% of acct).

3. TD ($155.72→$154.84, -$0.88) — HOLD. Canadian bank at 11x P/E with 5% yield. Down 0.6% on a mixed day. Steepening curve narrative intact. No reason to cut.

4. EFA ($144.76→$144.58, -$0.18) — HOLD. Negligible move (-0.1%). International developed at 13x P/E — 35% discount to S&P 500. Weak CAD provides FX tailwind. Low risk hold.

5. IBIT ($58.74→$58.58, -$0.27% on 3 shares) — HOLD. Entered midday today on oversold RSI 29.6 mean reversion thesis. 3 shares at 8.8% of account. Too early to judge — mean reversion needs 1-2 days to play out.

### WATCH — Potential Exit Tomorrow

6. ON ($174.88→$172.35, -$2.53, -1.45%) — HOLD with tight watch. ON was up ~9% the prior day; today's -1.4% pullback is normal profit-taking. Momentum thesis intact but if it drops below $170, cut the position. It's 8.6% of account — near the per-position limit.

## Closed Trades Today

JETS long x1 | $38.71→$39.00 | P&L $+0.29 | sector_rotation | Oil down 2.9% = airline fuel costs plunging. 44% of fund managers expect Strait of Hormuz reopening JETS long x4 | $38.72→$39.00 | P&L $+1.12 | momentum | Oil crash + Iran deal play. Oil -