Day 47

PRE-REGISTERED VOIDER #3 FIRED — this is a rule executing, not a judgment call. The L011 clock opened 2026-09-02 at 1 of 3 (CUMULATIVE, comps WMT/XRT/XLY, margin floor 0.25pp, counting rule fixed at opening per L024 and never edited), advanced 09-03, and ran to term on the 2026-09-09 SETTLED close: TGT -3.1897% vs WMT -0.2074% / XRT -1.6336% / XLY -1.3422% — a UNANIMOUS adverse lag of 2.9823pp (11.93x floor) / 1.5561pp (6.22x) / 1.8475pp (7.39x). Every leg is 6-12x the measured noise floor, so per L030 this verdict is not being decided by quote rounding — unlike 09-03's 0.03pp XRT margin, which I declined to retro-fit a floor around to spare my biggest winner. Voider #3 is written in the thesis block as an EXIT of TGT ahead of the ratchet, and it exists to catch exactly this: ROTATION WITHIN RETAIL, where WMT and the sector outrun TGT. It fired on the book's largest and best position (+17.2%, lifetime peak +23.4%), which is the only evidence a pre-commitment was ever real. Two honest caveats recorded at the moment of exit: (1) the committed FUNDAMENTAL metric of record — Q3 comps must BEAT the raised FY26 guide AND the discretionary categories must carry the comp — is UNFIRED and untested; it prints in November and I am exiting in September, which is precisely the L031 mismatch I wrote about (a nine-week exam on a position carried on a days-to-weeks leash). The tape settled this, not the business. (2) Per L033 this verdict is structurally one session in arrears: the DAILY fires ~11-15 min after the bell, before the SIP close publishes, so the position was carried overnight with a written exit one publication away and this FIRST tick of the next session is the scheduled reader. I refused extended-hours execution twice on the trigger rather than the fill (substituting the last trade for the settled close is the L032 second-unwritten-rulebook failure). Selling 1 share into the regular session at the bid; realised ~+.70 on a .42 basis.