FUM Short Term Trend Changes

Thirty-five names flipped their short-term trend on September 9 — seven turned UP, twenty-eight turned DOWN. Four of the seven new UP trends actually closed lower on the session, and ten of the twenty-eight new DOWN trends finished the day in the green, with Marvell Technology's +4.26% surge the most vivid example of session price moving opposite to the model's call. A FUM trend flip is a call on where a name is headed over the days and weeks ahead, not a judgment on a single session's price action — when the model turns, the immediate day's close is often part of the signal, not a contradiction of it. Here's who turned, and what the model is now pointing to.

New UP Trends

C — Citigroup Inc.: Citigroup's brief DOWN signal ran 10 trading days from August 26 but diverged from price — the stock climbed 3.2% during the signal's life, closing at $137.80. The closing signal's -3.17% P&L reflects that the stock moved against the DOWN call. The FUM Average Score stands at 63.12, a constructive read consistent with financial sector strength. With the Federal Reserve's rate path debate sharpening ahead of the September FOMC, Citigroup's global franchise and net interest margin dynamics remain in focus. The UP flip puts the model back with the trend.

BRK.B — Berkshire Hathaway Inc.: Berkshire's DOWN signal from August 21 ran 12 trading days but ran counter to price — the stock gained 2.2% during the period, reflecting the defensive appeal of Berkshire's diversified operating portfolio amid late-summer volatility. The -2.20% P&L on the closing DOWN signal confirms the divergence. The FUM Average Score sits at 56.25, a neutral-to-improving read. Investors continue to watch Berkshire's cash position — now near record levels — as a potential M&A signal. The UP flip reflects renewed model confidence in the Omaha conglomerate's resilience heading into autumn.

KSS — Kohl's Corporation: FUM's DOWN signal on Kohl's ran 10 trading days from August 26 and kept investors out of a 2.34% decline — a correctly called retreat as the struggling department store chain contended with weak foot traffic and pressure from off-price retailers. The FUM Average Score of 54.38 is neutral. Wednesday's -5.86% session drop reflects fresh concerns, likely tied to deteriorating same-store sales trends and apparel demand weakness. The UP flip signals the model sees a technical recovery from deeply oversold levels — though the structural headwinds for traditional retail remain firmly in place.

LNC — Lincoln National Corporation: Lincoln National's DOWN signal from August 26 lasted 10 trading days and showed marginal divergence — the stock drifted 0.51% higher during the signal, essentially a holding pattern. The -0.51% P&L on the closing DOWN signal is minimal. The FUM Average Score of 51.88 reflects near-equilibrium positioning. Insurance sector names have found support from expectations that higher-for-longer rates continue to benefit investment portfolio yields and annuity product pricing. Lincoln's life and retirement segment profile positions it constructively in that environment. The UP flip indicates the near-term setup has improved from the August consolidation.

MS — Morgan Stanley: Morgan Stanley's DOWN signal lasted 9 trading days from August 27 and diverged narrowly — the stock edged 0.23% higher during the signal period. The FUM Average Score of 57.50 is a positive read consistent with improving short-term momentum. Morgan Stanley's diversified wealth management and institutional trading platform continues to benefit from sustained client activity, and analysts have flagged strong trading revenue as a catalyst heading into Q3 results. Despite Wednesday's -0.41% session dip, the UP flip positions the model for the resumption of a broader financial sector advance.

PFG — Principal Financial Group Inc: Principal Financial's DOWN signal ran 11 trading days from August 24 but diverged — the stock gained 1.9% during the signal, closing at $114.02. The -1.90% P&L on the closing DOWN signal confirms the price moved against the call. Notably, prior to that pause, FUM's UP trend from April 7 captured a 22.88% advance in Principal's shares. The FUM Average Score of 57.50 is a positive read. With Principal's 401(k) administration and employer benefits business showing steady inflow trends, the model's return to UP looks for the prior leg's momentum to reassert through year-end.

RIOT — Riot Blockchain Inc: Riot's DOWN signal from September 3 lasted just four trading days and diverged sharply — the stock advanced 4.40% during the brief signal period, pushing to $22.07. The -4.40% P&L on the closing DOWN signal reflects the stock's refusal to follow the model's near-term caution. The FUM Average Score of 53.75 is neutral, consistent with the high-volatility profile of crypto-adjacent mining equities. Bitcoin price trajectory remains the dominant variable for Riot's economics, and any sustained BTC move above key levels tends to trigger sharp moves in mining names. The UP flip positions the model back in the trend's direction.

Financial Services Rotation: Five of the seven new UP flips on September 9 came from Financial Services — Citigroup, Berkshire Hathaway, Lincoln National, Morgan Stanley, and Principal Financial moving simultaneously to UP trends. That concentration in a single sector is notable; it suggests the group's late-August consolidation is resolving to the upside rather than extending. If the Federal Reserve signals a less aggressive path at the September meeting, financial sector names with rate-sensitive revenue streams stand to benefit most directly, and the model's broad re-engagement with the group sets the stage for that move.

New DOWN Trends

BX — Blackstone Inc.: FUM's UP signal on Blackstone ran 43 trading days from July 10 and captured a 4.86% advance before the model stepped aside — a clean exit as the alternative asset manager rolled over sharply with a -3.66% session loss Wednesday. The FUM Average Score has deteriorated to 37.50, signaling weakening internal momentum. Blackstone faces headwinds from softening private credit demand and caution in commercial real estate markets; analysts have flagged higher-for-longer rates as a persistent drag on deal flow. The DOWN flip positions the model defensively as institutional appetite for alternative assets cools into the autumn.

BLK — BlackRock Inc.: BlackRock's UP signal from July 15 ran 40 trading days but saw the stock decline 1.95% during the period — the trend flagged directional intent that price ultimately rejected. The FUM Average Score stands at 41.25, reflecting deteriorating short-term positioning. The world's largest asset manager faces headwinds from fee compression and moderating ETF inflow momentum as investor risk appetite shifts. Wednesday's -2.13% session loss deepened the technical damage, with the stock breaking below key moving averages. The DOWN flip aligns the model with continued institutional selling pressure in asset-manager equities as the macro environment grows more uncertain.

ADSK — Autodesk Inc.: Autodesk's short-term UP signal from July 20 ran 36 trading days against the long-term BEAR trend — a countertrend advance that ultimately failed, with the stock falling 5.13% during the signal period. The FUM Average Score of 33.12 places Autodesk firmly in weak positioning territory. The design software maker continues to face investor skepticism around its construction-cloud transition, with recent revenue guidance disappointing relative to consensus expectations. Wednesday's -2.63% session decline confirms the technical deterioration, and the DOWN flip resumes the primary BEAR trend after the failed countertrend attempt ran its course.

FDX — FedEx Corporation: FedEx's short-term UP signal launched August 12 within a long-term BEAR trend but ran against price — the stock fell 5.38% over the 20-trading-day period as the logistics giant faced slowing parcel volumes and margin pressure from its ongoing cost transformation. The FUM Average Score of 37.50 reflects weak underlying momentum. FedEx's fiscal Q1 results are due mid-September, and analyst expectations have been tempered by soft e-commerce demand signals. The model's DOWN flip Wednesday confirms the countertrend attempt has failed, positioning on the side of continued pressure as the report date approaches.

MRVL — Marvell Technology Group Ltd.: FUM's UP signal on Marvell ran 19 trading days from August 13 and captured a 5.77% advance before the model stepped aside — even as Marvell surged +4.26% Wednesday, one of the market's strongest session gainers. The FUM Average Score of 44.38 signals deteriorating internal momentum despite the price pop. The surge appears linked to AI data-center infrastructure optimism, but the model's indicators see the momentum as extended at current levels. A FUM trend flip is a call on the days and weeks ahead, not a verdict on a single day's price action — here, the model is stepping aside into the strength.

EFX — Equifax Inc.: Equifax's short-term UP signal ran 44 trading days from July 9 within a long-term BEAR trend, capturing a nominal 0.86% gain over the extended period before the model stepped aside. The FUM Average Score has declined to 38.75, reflecting weakening positioning. Equifax's Workforce Solutions segment — the company's highest-margin business — faces direct pressure from slowing mortgage originations, which drive verification and income-check volume. Wednesday's -2.06% session drop extended a pattern of soft price action, and the DOWN flip resumes the primary BEAR trend as the housing market headwinds show no near-term sign of easing.

NSC — Norfolk Southern Corporation: Norfolk Southern's UP signal ran 50 trading days from July 1 and captured a modest 1.35% gain — a period of sideways drift that reflected softening rail freight volumes. The FUM Average Score of 32.50 is at the low end, signaling significant deterioration in short-term momentum. Intermodal demand has softened with inventory cycle normalization, and Norfolk Southern's ongoing operational recovery continues to face scrutiny from investors. Wednesday's -1.41% session loss confirmed the technical breakdown, and the DOWN flip aligns the model with the expectation of continued near-term weakness as freight fundamentals remain challenged.

UNP — Union Pacific Corporation: Union Pacific's UP signal ran 49 trading days from July 2 but delivered only 0.88% — a low-return period as freight volumes trended near historical norms amid broad logistics softness. The FUM Average Score of 35.00 is weak, consistent with deteriorating momentum in industrial transportation. Union Pacific has navigated the post-pandemic freight correction effectively from an operating ratio standpoint, but pricing power is under pressure from softer spot market conditions. Wednesday's -1.29% session decline paired with the DOWN flip signals the model has lost confidence in a near-term bounce, positioning defensively into a slowing freight environment.

Industrial and Freight Breakdown: Four of the eight selected DOWN flips on September 9 came from the Industrials sector — FedEx, Equifax, Norfolk Southern, and Union Pacific moving simultaneously to DOWN trends. The synchronized departure from UP signals in transportation and logistics names carries forward-looking weight: freight broadly reflects economic throughput, and when multiple rail and logistics operators turn DOWN together, the model is reading a deceleration signal embedded in shipping and goods-movement data. Combined with Blackstone and BlackRock stepping to DOWN trends in Financial Services, September 9's rotation paints a risk-off picture that merits close attention in the sessions ahead.