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$UNH 20260618 300.0 PUT$ First up on the chopping table, UnitedHealth. Defensive. High-quality. Everyone’s “sleep-well-at-night” stock. Earnings out — stock plunges. That alone is a warning. But here’s where it gets uncomfortable. At the same time: • Semiconductors are no longer reacting well to good news • Rallies are getting sold into • Leadership is narrowing, not expanding This is not random. This is late-cycle behaviour. In healthy markets: • Defensives protect capital • Cyclicals lead • Good earnings get rewarded In late-cycle markets: • Defensives break • Cyclicals lose forgiveness • Even strong numbers fail to save price That’s exactly what we’re seeing. Healthcare cracks. Semis stall. Volatility refuses to die. T