Research notes · October 11, 2026
Three research notes from Cassandra Unchained, Irrational Analysis, and Macro Charts cover Fannie Mae preferreds, the history of Intel's 3D XPoint, and macro rotation signals
On 2026-10-11, the three paid research publishers tracked here published three pieces. These include a portfolio update and short consolidation from Cassandra Unchained, a technology retrospective on Intel's 3D XPoint from Irrational Analysis, and a macro technical analysis of sector rotations from Macro Charts. Every statement below is attributed to the publisher that made it, with the publisher's own numbers. Quant Data did not verify these numbers and takes no view on them; where a ticker has a max pain page on this site, the settled options positioning for the same date is shown alongside.
What was published
| Publisher | Ticker | Title | Points extracted |
|---|---|---|---|
| Cassandra Unchained | FNMA | Fannie Mae, Freddie Mac, Hong Kong stocks Value Stocks late in a Bull Market, and Consolidating a Big Short | 9 |
| Irrational Analysis | INTC | The Tragedy of 3D XPoint (AKA Intel Optane AKA Micron QuantX) | 10 |
| Macro Charts | macro | LOCKED AND LOADED. | 8 |
"Points extracted" counts the discrete claims (numbers, theses, risks, catalysts, falsification points) pulled from each piece during ingestion. It measures how much a piece asserts, not how good it is.
What each piece said
Cassandra Unchained · FNMA — Fannie Mae, Freddie Mac, Hong Kong stocks Value Stocks late in a Bull Market, and Consolidating a Big Short
Cassandra Unchained reports selling out of Fannie Mae and Freddie Mac common stock to buy junior preferred stock (JPS) across five series, representing 8-10% of the portfolio. The publisher notes the senior preferred liquidation preference is $388 billion, about double the combined book value. Cassandra Unchained also consolidated short positions into April 2027 NDX puts and June 2027 SMH puts, both 20% out of the money, while adding to BYD.
Irrational Analysis · INTC — The Tragedy of 3D XPoint (AKA Intel Optane AKA Micron QuantX)
Irrational Analysis reviews the history of 3D XPoint technology, noting that Intel and Micron's joint venture failed due to NVMe interface bottlenecks and scaling limits at four layers. The publisher highlights that Chinese firms like Alibaba and Demingli are developing phase change memory, and suggests Terafab or SpaceX could potentially license and revive the technology for AI workloads.
Macro Charts — LOCKED AND LOADED.
Macro Charts reports that S&P 500 breadth may have bottomed, signaling a textbook rotation into equal-weight, cyclical, and rate-sensitive sectors. The publisher highlights a record $166.4 billion weekly inflow into money-market funds, plunging rates volatility, and gold sentiment bottoming at June levels. Additionally, Macro Charts notes extremely crowded positioning in the US Dollar at the 96th percentile and gasoline at the 99th percentile.
Directional statements on the record
Each row is a dated fact: a named source expressed a direction on a named ticker. Where a publisher was relaying a broker's rating change, the originating voice is in the "via" column. None of this is a recommendation from Quant Data.
| Publisher | Via | Ticker | Stance | Statement |
|---|---|---|---|---|
| Cassandra Unchained | author's own account | FNMA | Exited | Sold out of Fannie Mae common stock to realize tax losses and transition into junior preferred series. |
| Cassandra Unchained | author's own account | FMCC | Exited | Sold out of Freddie Mac common stock to realize tax losses and transition into junior preferred series. |
| Cassandra Unchained | author's own account | FNMA | Bullish | Purchased five series of junior preferred stock (JPS), building an 8-10% portfolio position, expecting a 3.9x blended return to par upon conservatorship resolution. |
| Cassandra Unchained | author's own account | NDX | Bearish | Rolled short positions into April 2027 NDX put options struck 20% out of the money. |
| Cassandra Unchained | author's own account | SMH | Bearish | Rolled short positions into June 2027 SMH put options struck 20% out of the money. |
| Cassandra Unchained | author's own account | VEEV | Bearish | Wrote November 2026 Calls on the entire Veeva position roughly at the money to cover downside. |
| Cassandra Unchained | author's own account | BYDDF | Bullish | Added to a recently established long position in BYD. |
| Macro Charts | author's own account | XLK | Bearish | Leaning to reduce technology exposure at higher prices or if momentum rolls over. |
| Macro Charts | author's own account | BTC | Bullish | Constructive on Bitcoin following a pullback to breakout levels, targeting a test of the $73k-$76k range. |
| Macro Charts | author's own account | GLD | Bullish | Bullish on Gold and precious metals miners, citing sentiment bottoming at June levels with asymmetric risk-reward. |
| Macro Charts | author's own account | DXY | Bearish | Bearish on the US Dollar, noting crowded positioning at the 96th percentile matching historical major tops. |
Numbers the publishers put on the record
- Cassandra Unchained · FNMA: $388 billion senior preferred stock liquidation preference, about double the combined book value of Fannie and Freddie.
- Cassandra Unchained · FNMA: Junior preferred stock par value of $19 billion trades at a market value of $6 billion, or 26% of par.
- Cassandra Unchained · FNMA: Court-affirmed damages of $299.4 million to Fannie preferred, $281.8 million to Freddie preferred, and $31.2 million to Freddie common.
- Cassandra Unchained · SMH: Nvidia represents 19.6% of the SMH ETF, with Taiwan Semiconductor at 9.3% and AMD at 5.6%.
- Irrational Analysis · INTC: Intel officially terminated its 3D XPoint (Optane) business in Q2 2022, recorded as a non-GAAP footnote.
- Macro Charts: Money-market funds saw inflows of $166.4 billion this week, the fastest pace since April 2020.
- Macro Charts: US Dollar positioning rose to the 96th percentile, matching historical major tops.
- Macro Charts: Gasoline positioning reached the 99th percentile, aligning with major historical tops.
- Macro Charts: Bond sentiment bottomed at the 0.78 percentile before turning up on Friday.
- Macro Charts: Gold sentiment bottomed at the same level as June, which was followed by a 19% rally over two months.
- Macro Charts: Global oil tanker shipping costs from the US to China reached about $80 million due to a global shortage.
Reproduced as stated by each publisher. Not verified by Quant Data.
What would prove them wrong
Several publishers name the observation that would falsify their own view. Those are the most useful sentences in any research note, so they are collected here.
Where Quant Data's own data touches the same tickers
For tickers named above that have a stock page on this site, the settled options positioning from the same period. These are Quant Data's computations from end-of-day open interest, dated to the settlement shown, and are unrelated to what any publisher said.
| Ticker | Settled | Front expiry | Max pain | Last price | Put/call OI |
|---|---|---|---|---|---|
| AMD | 2026-10-01 | 2026-10-30 | $580.00 | $633.91 | 1.01 |
| GLD | 2026-10-01 | 2026-10-30 | $390.00 | $380.14 | 0.59 |
| INTC | 2026-10-01 | 2026-10-30 | $115.00 | $119.33 | 0.57 |
| NVDA | 2026-10-01 | 2026-10-30 | $225.00 | $233.95 | 0.50 |
| PLTR | 2026-10-01 | 2026-10-30 | $180.00 | $188.75 | 0.72 |
| SMH | 2026-10-01 | 2026-10-30 | $592.50 | $630.60 | 1.81 |
| XLK | 2026-10-01 | 2026-10-30 | $192.00 | $199.81 | 0.83 |
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Common questions
What did paid research publishers publish on 2026-10-11?
3 pieces from 3 of the publishers tracked by Quant Data: Cassandra Unchained, Irrational Analysis, Macro Charts. Three research notes from Cassandra Unchained, Irrational Analysis, and Macro Charts cover Fannie Mae preferreds, the history of Intel's 3D XPoint, and macro rotation signals.
Are these Quant Data’s numbers?
No. Every figure on this page is attributed to the publisher that stated it and is reproduced as stated. Quant Data did not verify them. The only Quant Data numbers on the page are the counts of pieces and statements, and the settled options positioning shown for tickers that have a max pain page on this site.
Is a "bullish" entry in the statements table a recommendation?
No. The table records that a named source expressed a direction on a named ticker on a dated day, the way a clippings file would. It is not a signal and not advice. It exists so that the statements can be checked against what prices did afterwards.
Sources: publicly available Substack newsletters that Quant Data accesses through paid subscriptions. Statements and figures are attributed to their publishers and reproduced as stated; Quant Data has not verified them and expresses no view on them. Educational only: not investment advice, not a recommendation, not a forecast.