Day 14

Mandatory trailing-stop exit. EMBJ peaked +11.07% (above the +10% trailing_activate), locking a ratcheting profit-stop at half the peak = +5.53% ($60.08). Today it fell to +5.08% (quote $59.82 < $60.08 stop), tripping the trailing_stop flag from scripts.tick — non-negotiable, same as any hard stop. Booking the win: bought 2 @ $56.93 on the Scotiabank Sector Outperform initiation (PT $81, ~30% valuation gate); the trade worked (peaked +11%) and the discipline is to lock the profit the ratchet protected rather than give it all back. Thesis (idiosyncratic aero/defense, decorrelated sleeve) was never broken — this is a mechanical profit-stop, not a thesis exit.

STARTER (1 sh ~$134) — Target turnaround inflection on a fresh idiosyncratic catalyst. TODAY Wolfe Research UPGRADED TGT to Outperform AND named it a Top Pick into year-end, PT $162 (~17% above my $134 entry; clears the L003 buy-well-below-a-fresh-buy-rated-PT gate). Crucially this carries a real SECOND independent signal beyond the note (L004): Q1 FY26 delivered Target's FIRST positive comparable sales in five quarters (+ revenue +7% to $25.4B) and customer acquisition inflected to +4.1% over the trailing 4 weeks vs a -8% 52-wk trend — analyst Spencer Hanus: the turnaround 'has a rhythm we haven't seen in years' (store resets, better execution, new leadership). L003 relative strength: TGT is GREEN +3.6% on a hard risk-off, chip-rout tape (S&P/Nasdaq red, rate-hike fears) — a name uniquely outperforming a selling market = idiosyncratic confirmation, not factor beta (and big-box value sits in today's winning rotation box, but the +3.6% pop is upgrade-specific, far above sector). Decorrelated big-box-retail sleeve, distinct from CROX footwear / QURE biotech / KMX auto-retail. Sized as a STARTER because this is the SAME turnaround+fresh-upgrade template as KMX — per L004 method-replication is ONE bet, so keep it small; per-trade cap fits only 1 whole share anyway. RISK: perennial 'value-trap'/debated name; tariff/owned-brand input-cost pressure; new-management execution unproven (Cornell AGM governance vote was June 10, now past; ISS QualityScore 1 = low). ADD only on a clean post-upgrade base hold/breakout WITH a fresh second catalyst, price still well below $162; TRIM/EXIT on a comps/customer-traffic reversal, guidance walk-back, or the -10% hard stop.