🟢 [E1034] March ISM shows output still being pushed through, but fresh demand cooling while supply frictions and price pressures intensifying. 'More stagflationary than February.' War trade maturing into fragile stagflation trade.

🔴 [E1788] With stagflation trade maturing, 'your longs should get narrower and your shorts should get more aggressive.' Increase respect for short consumer, short housing, short downstream processors.

🟢 [E1147] March ISM data shows war trade is still alive but maturing from growth-supported inflation trade into more fragile stagflation trade. Keep bias toward energy, metals, defense/bottlenecks.