New guidance from the U.S. Department of Labor is changing how employers should track FMLA leave tied to medical appointments. In this episode of California Employment News, Weintraub Tobin shareholders Lizbeth (Beth) V. West and Meagan Bainbridge break down the DOL’s recent opinion letter and provide a practical refresher on how to properly calculate and track FMLA leave in a variety of scenarios.

In this episode of California Employment News, Weintraub Tobin attorneys Lizbeth (Beth) V. West and Meagan Bainbridge discuss:

• The DOL’s January 5, 2026 opinion letter confirming that FMLA leave can include travel time to and from medical appointments
• Why travel time is considered part and parcel of obtaining medical care
• Eligibility requirements for FMLA leave – How to calculate leave for continuous versus intermittent or reduced schedule leave
• How to convert 12 workweeks into an hourly equivalent for tracking purposes
• How to calculate leave for employees with fluctuating or variable schedules
• How overtime, holidays, and physically impossible mid-shift returns impact FMLA tracking

Watch this episode on the Weintraub YouTube channel.

DISTRIBUTION DAY 2 + SECTOR ROTATION ANALYSIS

Tuesday, February 24, 2026 – 56% RED + Materials Collapse

Timothy McCandless – Protected Wheel Strategy

DISTRIBUTION + SECTOR ROTATION: Your scan: 56% RED (9/16), 16 stocks. Sector rotation: XLB (Materials) -1.1% collapsing (CENX -1.43% confirms), XLE (Energy) +0.8% (OII/VAL green confirms), XLK (Tech) -0.3% waiting for Nvidia. MICRO scan + MACRO sectors = Complete distribution picture. NO TRADES.

SECTION 1: MARKET OVERVIEW – MONDAY BLOODBATH

Monday Carnage Sets Tuesday Tone

• Dow Jones: -820 points (-1.7%) to 48,804 – Trump 15% tariff chaos
• S&P 500: -1.04% to 6,838 – Broad distribution
• Nasdaq: -1.1% to 22,627 – AI anxiety + Nvidia wait
• Tuesday Pre-Market: SPY +0.20%, QQQ +0.30% (weak bounce, hope not conviction)

SECTION 2: YOUR FINVIZ SCAN – 56% RED DISTRIBUTION

16 STOCKS, 56% RED = MICRO DISTRIBUTION VIEW

Tuesday Scan: Distribution Continuing

• Total: 16 stocks (vs 20 normal, vs Monday 15)
• RED: 9 of 16 (56%) – Worse than Monday 53%
• Technology: 7 stocks (44%) – Below 40% threshold
• No Concentration: Scattered across sectors

Technology (7 stocks): GREEN but weak

• GREEN: SNDK +1.82%, GLW +1.19%, COHR +0.55%, TTM +0.51%, LITE +0.39%
• RED: AAOI -5.11%, CIEN -0.27%

Basic Materials (2 stocks): 50% split

• GREEN: CSTM +0.95%
• RED: CENX -1.43% (Mon -3.12%, Tue -1.43% = collapsing)

Energy (2 stocks): 100% GREEN

• OII +0.70%, VAL +0.73% (but only 13% of scan)

Healthcare/Consumer/Financial (5 stocks): Mixed

• GREEN: VSCO +2.38%, CGON +0.43% | RED: MRNA -0.17%, XP -1.08%

SECTION 3: BROAD SECTOR ROTATION – MACRO VIEW

SPDR SECTOR ETF ANALYSIS – INSTITUTIONAL MONEY FLOWS

STRENGTHENING SECTORS (Money Flowing IN)

1. XLE (Energy) +0.8%

• Relative Strength vs SPY: Improving (tariff chaos = energy security premium)
• Volume Profile: Above 20-day average = Accumulation pattern
• Key Drivers: Iran tensions + Trump tariff uncertainty = Oil demand
• Lead Stocks in YOUR Scan: OII +0.70%, VAL +0.73% (100% green)
• Problem: Only 2 stocks, 13% of scan = Too small to trade

2. XLV (Healthcare) -0.2% (Defensive bid FAILING)

• RS vs SPY: Flat (money seeking safety but unconvinced)
• Volume: Below average = No conviction
• In YOUR Scan: MRNA -0.17%, CGON +0.43% = Mixed, no leadership

WEAKENING SECTORS (Money Flowing OUT)

1. XLB (Materials) -1.1%

• RS vs SPY: Deteriorating rapidly
• Volume Profile: Above average = DISTRIBUTION
• Key Headwinds: Trump 15% tariffs killing aluminum/commodity demand
• Weak Stocks in YOUR Scan: 
•   • CENX -1.43% (two days down: Mon -3.12%, Tue -1.43%)
•   • CSTM +0.95% (weak bounce, trend broken)
•   • IAG dropped out of scan (Monday -3.73% killed it)
• Trade Signal: AVOID Materials entirely

2. XLK (Technology) -0.3% (Nvidia waiting pattern)

• RS vs SPY: Neutral (coiled spring waiting for Nvidia)
• Volume: Below average = Institutions on sidelines
• In YOUR Scan: 7 stocks (44% of scan) BUT:
•   • Small gains: GLW +1.19%, COHR +0.55%, TTM +0.51%
•   • AAOI -5.11% = Communication equipment weakness
•   • SNDK +1.82% = Outlier, not sector leadership

SECTOR ROTATION INSIGHTS

MICRO + MACRO CONFIRMATION: Primary Flow: Money rotating FROM Materials (XLB -1.1%) TO Energy (XLE +0.8%). Rotation Type: RISK-OFF defensive positioning. YOUR Scan Confirms: CENX -1.43% aluminum collapse matches XLB weakness. OII +0.70%, VAL +0.73% matches XLE strength. Tech 44% scattered matches XLK -0.3% waiting. MICRO scan + MACRO sectors = Complete distribution picture.

SECTION 4: 10-YEAR TREASURY & SECTOR IMPACT

• Current Yield: 4.08% (stable, elevated)
• Pressuring: XLU (Utilities), XLRE (Real Estate) – rate-sensitive sectors weak
• Favoring: XLF (Financials) – higher rates = better net interest margins
• YOUR Scan Impact: ZERO financials in scan = Confirms risk-off defensive posture

SECTION 5: TRADE DECISION – NO TRADES

NO TRADES – DISTRIBUTION CONFIRMED BY BOTH VIEWS

• MICRO View (Your Scan): 56% RED, no concentration
• MACRO View (Sectors): XLB collapsing, XLK waiting, defensive rotation
• Score: 0 of 4 requirements = NO TRADES

SECTION 6: METHODOLOGY – 7 FOR 7

• Mon Feb 10: 35% RED → Saved
• Tue Feb 17: 65% RED → Saved
• Wed Feb 18: 80% GREEN → Executed
• Thu Feb 19: 70% RED → Exited
• Fri Feb 20: 60% GREEN → Cautious
• Mon Feb 23: 53% RED → NO TRADES
• Tue Feb 24: 56% RED + XLB collapse → NO TRADES

MICRO Scan (56% RED) + MACRO Sectors (XLB -1.1%, XLK -0.3%) = Complete Distribution Picture. Aluminum collapsing, Tech waiting for Nvidia, Energy only bright spot but too small. NO TRADES. Wednesday scan + Nvidia results = Next decision.

Tuesday, February 24, 2026 – MICRO + MACRO Analysis

Your FinViz scan (MICRO) + Sector ETFs (MACRO) = Complete Picture