In this week’s episode of Markets Unscripted, Matt Caruso and Jason Shapiro independently arrived at the same conclusion:
something in this market has changed — and not for the better.

For the first time since this bull run began, both traders have shifted to defensive positioning, and in this episode they break down exactly why.

We cover:

• The AI trade breaking down — Palantir, Nvidia, AMD, Oracle, IREN, Oklo
• Liquidity no longer lifting markets despite bullish headlines
• Why leaders failing together is a major character change
• Breadth improvement that may actually be a bearish rotation tell
• The NASDAQ lagging the S&P and Dow — a historic topping signature
• Bitcoin selling off in what “should” be its most bullish environment
• How traders trap themselves with bias, ego, and social-media tribes
• Why mental flexibility matters more than “being right”
• The single most important chart Jason is watching: 30-year bonds
• Why shorting is so dangerous—even when you’re ultimately right
• How to use tape action to spot turns before the headlines catch up

Matt walks through the breakdown in relative strength across leaders, key reversal signals in AMD and Hood, and why small caps cannot replace trillion-dollar AI names.

Jason explains how he’s reading liquidity, why bonds may be the real driver of what happens next, and what a policy-driven snapback could look like.

This episode is a masterclass in tape-reading, flexibility, and managing risk when markets stop behaving normally.