INSTAT B US Markets Daily Pulse Report,, including Canadian & Latin American companies traded today on NYSE/Nasdaq, February 12, 2026
Defensive Hiding Intensifies as Nasdaq Enters Correction Territory; Energy/Utilities Show Extreme Bifurcation, LatAm Remains Lone Risk-On Outlier
Executive Summary
The February 12 session confirmed a decisive shift in short term character: capital is now explicitly hiding, not rotating. With the Nasdaq down -2.04% and the S&P -1.57% on the 1D, breadth collapsed into Utilities, Staples, and select Real Estate subsectors. This is not healthy sector leadership; it is defensive consolidation with an undertone of panic in previously crowded momentum names (cloud software, EV-charging, SPAC-era consumer IPOs).
Key takeaways from today’s tape:
Defensives are extended, not attractive. Utilities (XLU) and Staples (XLP) posted INSTAT scores of 95 and 93, respectively, with 1W returns approaching +5%. Both groups are now trading at the upper end of their 1M ranges. In a neutral tape, this would be sector rotation; in today’s tape, it is capital preservation reaching overbought levels.
Cyclical leadership is fading. Energy (XLE) and Materials (XLB) remain moderately bullish on a 1W basis, but their 1D performance was negative today, and breadth within the groups is narrowing. Only the pipelines and independent refiners held firm; oil majors and service names saw profit taking.
Technology and Financials are in active repair, not freefall—yet. Both sectors posted INSTAT scores below -60, and 1M returns are now negative. However, the 1W performance in Technology (+2.64%) was entirely front-loaded; the last 48 hours have seen aggressive distribution. This is the critical distinction: the tape is not crashing, but it is failing every rally attempt.
Canada is bifurcated, not broken. Energy infrastructure and rails remain strong (CNQ, CP, TRP), but Canadian banks are experiencing their first coordinated pullback in weeks. This appears to be profit taking within an uptrend, not structural impairment.
Latin America is the sole risk-on out liar. Mexico and South America slices posted broad-based 1W strength, with INSTAT scores in the 90s across multiple names (AMX, SUZ, ABEV, VIV). Unlike US defensives, these moves are extensions of strong 1M trends and are not yet showing signs of exhaustion.
Verdict:
Today’s tape is defensive, narrow, and increasingly fragile. The “hiding spots” are crowded; the “leadership” names are failing to hold gains; and the only genuine momentum resides in LatAm, which is too small to carry the broad market. Until Technology and Financials can stabilize their 1D/1W profiles and show genuine repair (rising IN/INSTAT off depressed levels), any rally should be viewed as a short covering event, not a sustainable risk-on reallocation.
Data Group 1 – Analysis of Capital Flows Between Sectors
Overview
Today’s tape is decisively defensive, and capital is hiding, not rotating with conviction. Against a backdrop where the Nasdaq sits ~-2.04% and the S&P ~-1.57% on the 1D, sector level INSTAT scores are inverted: the three highest composite scores belong to Utilities (95), Consumer Staples (93), and Real Estate (70). These are not expressions of risk-on leadership; they are textbook short term capital preservation trades. The 1W performance in these groups is also firmly positive, indicating the bid has been building across the holiday interval, not just a reflexive today-only short squeeze.
Technology (XLK, INSTAT -62), Financials (XLF, INSTAT -64), and Consumer Discretionary (XLY, INSTAT -62) are the clear source of funds this week. Each posted negative 1D and negative 1W returns, and their INSTAT scores are deeply depressed. Notably, Technology’s 1M return is now negative (-4.96%), suggesting this week’s weakness is an acceleration of a prior rollover, not a mean reversion dip in an uptrend. Energy (XLE) and Materials (XLB) remain moderately bullish on a 1W basis, but their 1D performance was negative today, suggesting even cyclical commodities are not immune to the broad de-risking.
Bulleted Leader/Laggard Summary
Leaders (Defensive Hiding): Utilities (XLU) – 1D +1.48%, 1W +4.99%, INSTAT 95. Staples (XLP) – 1D +0.92%, 1W +2.63%, INSTAT 93. Real Estate (XLRE) – 1D +0.16%, 1W +3.98%, INSTAT 70. These are the primary beneficiaries of the risk-off rotation this week.
Laggards (Pro-Cyclical Unwind): Technology (XLK) – 1D -2.63%, 1W +2.64% (entirely Monday/Tuesday fading hard), INSTAT -62. Financials (XLF) – 1D -2.01%, 1W -3.02%, INSTAT -64. Consumer Discretionary (XLY) – 1D -1.39%, 1W -1.18%, INSTAT -62.
Repair Phase Candidates: Health Care (XLV) posted a flat 1D and very mild 1W, but its INSTAT score of 34 suggests the sector is stabilizing after a weak 1M (-0.47%). It is neither a hiding spot nor a liquidation zone.
Bullet List of Key Anomalies to Tag
Extended Leaders
Utilities (XLU): Strongly Bullish, short term extended – INSTAT 95 with 1D/1W firmly positive. In a neutral tape this reads as sector rotation; in today’s tape, flag as “capital hiding/overbought defensive extreme.”
Consumer Staples (XLP): INSTAT 93, 1W +2.63%. 1M return is +9.99%, meaning this week’s move is an extension of an already strong trend, not a fresh bottom.
Deep Laggards
Financials (XLF): Strongly Bearish – INSTAT -64, 1W -3.02%. 1D negative. 1M return is -4.70%; this is a deteriorating trend, not a one-off event.
Technology (XLK): INSTAT -62, 1D -2.63%. 1M now negative (-4.96%). The 1W performance is deceptive (+2.64%) as it was entirely front-loaded; the last two sessions have seen aggressive distribution.
Potential Contrarian Ideas
Communication Services (XLC): INSTAT -47, 1W -1.37%, 1D -1.82%. While weak, the IN score of 3 is off its lows, and the sector is less oversold than Tech/Financials. Flag as “potential relative strength stabilizer if risk appetite returns.”
Data Group 2 – Analysis of Capital Flows Within Sectors
Overview
Inside the sectors, the dispersion is extreme. Energy remains the cleanest pro-risk slice, posting a mean 1W return near +3.0% and a cluster of INSTAT scores in the 90s. However, breadth was mixed today (1D negative for majors like COP, CVX). Materials showed strong 1W momentum, but the group is bifurcated: metals/chemicals strength vs. container/paper lag. Industrials are under material stress; airlines and freight names are washing out. Utilities are universally strong; there are no weak links in the slice. Real Estate is a clear “tale of two tapes”: Healthcare REITs and towers are strong; mortgage REITs and single-family rentals are in breakdown mode. Consumer Discretionary is dominated by auto strength (GM, F) and deep, deep weakness in e-commerce and leisure platforms. Consumer Staples is seeing capital hide in the large-cap multinationals (PG, KO, WMT) while packaged food names wilt. Healthcare is in repair; the 1M trend is mostly negative, but 1W performance shows stabilization in large-cap biopharma. Financials are broad-based weak; no major bank or capital markets firm is showing positive 1W momentum. Technology is sharply bifurcated: semi equipment (TER, LRCX) is strong, but mega-cap software and cloud names are in freefall. Communications is dominated by defensive telecom (T, VZ) strength while ad-driven media and streaming names collapse.
Bulleted Leader/Laggard Summary
Energy Leaders: Viper Energy (VNOM.O), Range Resources (RRC), EQT (EQT), Kinder Morgan (KMI) – INSTAT 79-100, strong 1W returns. Pro-cyclical leadership within the patch.
Energy Laggards: Centrus Energy (LEU), Comstock (CRK), Antero (AR) – INSTAT ≤ -74, 1W deeply negative. Nuclear fuel and gas names detached from the group.
Materials Leaders: Tronox (TROX), Chemours (CC), CF Industries (CF) – INSTAT 14-64, strong 1W rebounds extending strong 1M runs.
Materials Laggards: Ramaco (METC), MP Materials (MP), Huntsman (HUN) – Weak 1D/1W, INSTAT depressed.
Industrials Leaders: GE Vernova (GEV), Vertiv (VRT), Howmet (HWM) – INSTAT 76-84, 1W strong. Secular industrial/electrification plays.
Industrials Laggards: Old Dominion (ODFL), Southwest (LUV), Delta (DAL) – Freight/airlines under severe short term pressure.
Utilities: No laggards; nearly all names INSTAT 80+. Constellation (CEG) is the sole weak spot (INSTAT 30, 1D flat).
Real Estate Leaders: Sabra (SBRA), American Healthcare (AHR), Omega (OHI) – INSTAT 87-100, 1W strong. Senior housing/healthcare REITs.
Real Estate Laggards: Ready Capital (RC), Starwood Property (STWD), AGNC (AGNC) – INSTAT ≤ -88, severe 1W selling. Mortgage/credit REITs.
Tech Leaders: Teradyne (TER), Micron (MU), ASML (ASML) – INSTAT 25-83, strong 1W semis.
Tech Laggards: Snowflake (SNOW), Adobe (ADBE), CrowdStrike (CRWD) – INSTAT ≤ -86, severe 1W/1M erosion.
Comm Leaders: AT&T (T), Verizon (VZ) – INSTAT 93, 1W strong. Defensive telecom bid.
Comm Laggards: FuboTV (FUBO), Pinterest (PINS), Trade Desk (TTD) – INSTAT ≤ -100, 1W collapses -15% to -48%.
Bullet List of Key Anomalies to Tag
Extended Leaders
Energy – Viper Energy (VNOM.O): Strongly Bullish, extended – INSTAT 100, 1W +3.7%, 1M +16.26%. 1D flat; flag as holding strong after a steep 1M run.
Industrials – Vertiv Holdings (VRT): INSTAT 76, 1W +33.1%. This is a violent, extended move; 1M +36.98%. Flag for mean reversion risk.
Utilities – Nearly the entire slice: INSTAT 80-100. Flag as “defensive extreme; no weak links.”
Comm – AT&T (T): INSTAT 93, 1W +5.49%, 1M +23.65%. Defensive bid accelerating an already strong 1M trend.
Deep Laggards
Energy – Centrus Energy (LEU): INSTAT -82, 1W -23.5%. 1M -37.9%. Complete trend breakdown.
Real Estate – Ready Capital (RC): INSTAT -100, 1W -15.74%. 1M -19.8%. No bid.
Tech – Snowflake (SNOW): INSTAT -86, 1W +10.34% (misleading; entirely Monday gap, faded since), 1M -17.4%. Flag as failing rally attempt.
Comm – FuboTV (FUBO): INSTAT -100, 1W -17.9%, 1M -48.25%. Structural liquidation.
Potential Contrarian Ideas
Healthcare – Viatris (VTRS): INSTAT 50, 1W +10.11%. This follows a weak 1M, but 1W is a sharp acceleration. Flag as “repair phase candidate.”
Tech – Intel (INTC): INSTAT -12, 1W -3.63%, 1D -3.73%. However, 1M is +25.99%. Today’s weakness is a pullback within a strong 1M uptrend, not a new breakdown.
Data Group 3 – Analysis of Capital Flows in Canada
Overview
Canadian-listed equities trading on US venues are showing pronounced bifurcation. The mean 1D return for the slice is negative, but 1W performance remains positive for most energy and railroad names. Energy infrastructure and pipelines (ENB, TRP, PBA, CNQ) are clear leaders, posting positive 1W returns and INSTAT scores in the 90s. Banks and insurers are lagging notably; Royal Bank (RY), Toronto Dominion (TD), and Manulife (MFC) have negative 1W returns and INSTAT scores ranging from -28 to +1, indicating short term distribution. The 1M context matters here: Canadian banks have had a strong run into February, and this week’s weakness appears to be profit taking rather than structural impairment.
Bulleted Leader/Laggard Summary
Leaders: Canadian Natural Resources (CNQ) – INSTAT 91, 1W +5.54%. TC Energy (TRP) – INSTAT 95, 1W +2.49%. Canadian Pacific Kansas City (CP) – INSTAT 98, 1W +5.85%. Pro-cyclical commodities and rails.
Laggards: Bombardier (BDRBF) – INSTAT -2, 1W +3.97% (misleading; weak 1D). Manulife (MFC) – INSTAT -28, 1W -4.17%. CGI Inc (GIB) – INSTAT -76, 1W -9.02%. Tech/IT services weakness mirrors US software selloff.
Bullet List of Key Anomalies to Tag
Extended Leaders
Canada – Canadian Pacific Kansas City (CP): Strongly Bullish – INSTAT 98, 1W +5.85%, 1M +18.49%. Railroad strength bucking weak US transports.
Canada – Sun Life Financial (SLF): INSTAT 99, 1W +6.03%, 1D +5.93%. Outlier strength within a weak Canadian financial cohort; flag as specific bid, not sector-wide.
Deep Laggards
Canada – CGI Inc (GIB): INSTAT -76, 1W -9.02%, 1M -19.91%. Technology spillover from US; no relative defense.
Potential Contrarian Ideas
Canada – Barrick Gold (B): INSTAT -30, 1W +3.21% (positive), 1D -4.74%. 1M is +4.2%; today’s selloff comes after a strong 1M rally. Flag as “pullback in uptrend; monitor for stabilization.”
Data Group 4 – Analysis of Capital Flows in Mexico and South America
Overview
Mexico (slice 14): The tape is remarkably resilient. Mean 1W return is positive, and five of ten names have INSTAT scores above 75. America Movil (AMX) and Wal Mart de Mexico (WMMVF) lead, with strong 1W moves and INSTAT in the 90s. Cemex (CX) is the notable laggard, posting a negative 1W and an INSTAT of -15. The 1M backdrop for Mexico is broadly positive; this week’s action appears to be continuation, not reversal.
South America (slice 15): This slice is showing extreme short term momentum. Mean 1W return is approximately +4.5%, with several names posting 1W moves in excess of 20%. Brazil-centric flows dominate: Ambev (ABEV), Itau Unibanco (ITUB), and Telefonica Brasil (VIV) all have INSTAT scores between 69 and 100 with 1W returns north of +7%. Petrobras (PBR) and Suzano (SUZ) are also strong. There are no deep laggards in the traditional sense; even the weakest names (Gerdau, Credicorp) have INSTAT near zero or slightly negative, not washout levels.
Bulleted Leader/Laggard Summary
Mexico Leaders: America Movil (AMX) – INSTAT 96, 1W +12.12%. Coca-Cola Femsa (KOF) – INSTAT 87, 1W +5.3%.
Mexico Laggards: Cemex (CX) – INSTAT -15, 1W +2.68% (weak relative to group). Grupo Bimbo (GRBMF) – INSTAT 10, 1W -1.91%.
South America Leaders: Ambev (ABEV) – INSTAT 100, 1W +9.97%. Itau Unibanco (ITUB) – INSTAT 69, 1W +6.91%. Telefonica Brasil (VIV) – INSTAT 80, 1W +8.26%. Suzano (SUZ) – INSTAT 100, 1W +17.22%.
South America Laggards: Ecopetrol (EC) – INSTAT -21, 1W +1.28% (flat relative). Gerdau (GGB) – INSTAT -15, 1W +1.44%.
Bullet List of Key Anomalies to Tag
Extended Leaders
Mexico – America Movil (AMX): Strongly Bullish – INSTAT 96, 1W +12.12%, 1M +15.43%. Accelerating trend.
South America – Suzano (SUZ): INSTAT 100, 1W +17.22%, 1M +20.24%. Violent extension; flag for mean reversion.
South America – Ambev (ABEV): INSTAT 100, 1W +9.97%, 1M +24.51%. Strong momentum extension.
Deep Laggards
None in South America slice. Regional breadth is too strong to tag any name as “deep laggard.”
Potential Contrarian Ideas
Mexico – Cemex (CX): INSTAT -15, 1W +2.68% (positive), 1D -5.18%. 1M return is +6.79%. Today’s sharp selloff is a negative 1D outlier within a positive 1M/1W trend; monitor for repair.
“Repair Phase” Explained
In the context of the INSTAT capital flow reports, a “Repair Phase” is a transitional market condition that occurs immediately following a significant drawdown or structural breakdown.
It represents the period where the “bleeding stops”—selling pressure exhausts itself, and an asset begins to stabilize—but has not yet established a confirmed new uptrend.
Key Characteristics
Price Action Stabilization: The asset stops making lower lows and begins to trade sideways or drift slightly higher. It is effectively trying to build a “floor” or base after a sharp decline.
Technical Reclamation: The price attempts to reclaim short-term moving averages (such as the 10-day or 20-day EMA) that were lost during the sell-off.
Internal Divergence (INSTAT context): In my reporting framework, a Repair Phase is often flagged when price is still flat or slightly negative, but internal scores (IN/INSTAT) begin to rise off depressed levels (e.g., moving from -100 toward -50). This indicates that breadth is improving and aggressive distribution has ceased, even if the headline price hasn’t surged yet.
Psychology: It marks the shift from “Panic/Liquidation” to “Tentative Holding/Accumulation.” Investors stop selling into strength and start holding positions, reducing volatility.
Distinction from “Recovery” or “Bullish Trend”
Repair: The chart is “fixing” the damage. Resistance levels overhead (supply) are still formidable. The goal is stability.
Recovery/Trend: The chart has fixed the damage and is now making higher highs with momentum. The goal is appreciation.
Example in the INSTAT B Reporting
If a stock drops 15% in a month (Bearish), then spends the next week trading flat with low volatility, it has entered a Repair Phase. It is no longer “crashing,” but it is not yet “rallying.”
(Note: In options trading, “Stock Repair” refers specifically to a ratio spread strategy used to lower the breakeven price of a losing position, but in my narrative reports, it strictly refers to the technical stabilization described above.)