Energy Select Sector SPDR Fund
target weight7.15%
directionLong
rolePrimary Vehicle
Second weight at 7.15%, up 2.7%. The decoupling that marked it down last reweight did not persist - 
XLE closed 65.93 against 65.31 with XOM up 3.1% and CVX 1.9% as 
Brent reached its highest close in nearly four months - so 
the alignment nudged it back up in both baskets and it retains primary-vehicle. Gains less than USO because the alignment moved it one point where USO moved two to four. Same five-driver structure and the same single-channel dedupe with 
Stagflation risk and Fed independence stress.
vs 1.1.4+0.00 —
Theses funding this position
Every thesis whose alignment contributed weight here; edge weight is the thesis own confidence.
- held security
Energy Select Sector SPDR Fund- holding direction
Long- holding role
Primary Vehicle- serves thesis
Persistent energy premium, Stagflation risk and Fed independence stress