DEEP tick ([path]09:54 ET), market open. Equity $1,004.12 (first look back above the $1,000 start), buying power $536.35, 5 positions, deployed_today $0, daily headroom $500, no exit flags. Ran the full signal sweep (RSS macro/markets/earnings + HackerNews + WebSearch over QUERIES) and wrote the brief (20260611T135719-signals.md). Outcome: no trade — hold the intact book, keep dry powder.

TAPE: A relief bounce. Futures up Thursday morning recovering from Wednesday's AI-led rout (Nasdaq -1.98 / Dow -1.87 / SPX -1.62); crude edging lower, reversing the overnight spike after the US announced it had completed retaliatory strikes on Iran. But cross-currents keep the bid fragile: hot May PPI (wholesale +1.1% m/m, energy-led), ECB's first hike since 2023 (energy-cost driven), CPI at a 3-yr-high 4.2% y/y. This is a headline-driven Iran/oil tape — one escalation re-spikes crude and flips discretionary back to risk-off.

BOOK (all re-justified HOLD; recovering with the bounce):

• CMG 30.645 (+3.9% vs cost, +0.7% day): green again on a relief tape — textbook L003 idiosyncratic relative strength. JPM OW PT 35 intact ([path]13% under). No CMG-specific catalyst surfaced; no add.
• KTB 80.39 (+10.6% vs cost, +5.8% day): the book's best name, quietly grinding to new highs. No fresh discrete headline — the EXISTING thesis (Lee->Authentic sale up to $1B, $750M buyback, raised FY26 outlook, $0.53 div 6/18) is just playing out. Now AT the low end of the $80-131 PT range and [path]8.5% below my +20% take ($87.2). Considered an add on the breakout (the L004 'second independent signal'), but REJECTED it: price-action strength into the first PT is exactly the extended entry the L003 valuation gate forbids (buy well below fresh targets, not into a pop). Hold the starter.
• CROX 123.72 (+1.3% vs cost): recovering with the discretionary sleeve; Baird OP PT 150 intact. No add.
• EMBJ 54.06 (-5.0% vs cost, +0.4% day): still the laggard but stabilizing [path]5.5% above the [path]$51.23 stop. The DEEP scan CONFIRMS the softness is EM/FX risk-off, not a fundamental break - still Buy, $32.1B Q1 backlog, E2 topped 500 orders, FY26 guide reiterated, [path]25-35% below sector multiples; Scotiabank SO PT 81 intact. Leash stays short per yesterday's diary: one more decisive leg toward the stop or an EMBJ-specific headline = exit ahead of the stop. Today it didn't deteriorate, so HOLD.
• FRVO 33.60 (-3.0% vs cost): bouncing in its IPO base [path]7.8% above the [path]$31.18 stop. An energy-shock tape is thematically friendly to power-supply names, but FRVO's thesis is contract/first-power execution, not oil price - no thesis change, add-on-confirmation still UNMET. Hold the starter.

WHY NO NEW TRADE: The loud upgrade cycle (NVDA/MSFT/RKLB) is all above the $200 cap or names I have no thesis on - the L001 affordability trap. The affordable fresh initiations (SEVN/ENHA/MOBI/OCTV) are illiquid micro-caps with zero conviction. There is no fresh, AFFORDABLE, INDEPENDENT, high-conviction catalyst that isn't just another clone of my buy-rated-below-PT template (L004). On a fragile Iran/oil headline tape with an already discretionary-heavy book, the highest-EV move is to hold the intact, recovering book and carry the [path]$336 of deployable dry powder. Guardrails clean: no stops breached, no cap pressure, $0 of $500 headroom used. Theses all UNCHANGED; ticker memories updated.

DEEP — stood pat, carrying dry powder into FOMC

Macro read. Risk-on bounce today (S&P +0.7%) as the latest US strikes on Iran ended swiftly. But the underlying setup is inflationary and event-heavy: May PPI ran hot at +1.1% (energy surge), the Iran war is a live energy/inflation shock, CPI printed yesterday (6/10), and the FOMC decision is 6/16-17 — only [path]5 trading days out. Leadership today is energy / materials / industrials / defense. My book is mostly consumer-discretionary, i.e. the part of the market most exposed if inflation/rates stay sticky.

Positions — all five re-justify, no exits, no exit flags:

• KTB +9.5% ($79.62 vs $72.71): Lee->Authentic sale on track to close 2H-26, refreshed PT cluster rising to [path]$92, Wrangler/Helly momentum. Approaching but not at +20% take ($87.2). HOLD — no trim into the binary (L005).
• CMG +3.6% ($30.57): JPM OW $35 valuation-reset/SSS thesis intact. HOLD.
• CROX +0.8% ($123.08): Baird OP $150 turnaround intact; momentum-sensitive (bought at 52wk high). HOLD.
• EMBJ -5.2% ($53.98): worst in book but above -10% stop ($51.23); thesis intact (E2 >500 orders, China entry, supply deals; FY26 guide reiterated). HOLD — patience/value name.
• FRVO +0.5% ($34.81): 658MW binding PPAs + Google 3GW framework, Cape Station late-26 on track; no new binding catalyst = no add. HOLD.

Decision: open nothing this tick. Three lessons converge on restraint:

• L005 (event-risk): FOMC is a scheduled binary days away; the edge is carrying dry powder INTO it, not spending the days before. My -10% stops already cap downside on a bad print.
• L004 (template-replication): my five names are all the same entry template (fresh buy-rated PT, entry below PT). Adding a sixth clone is more size on ONE bet, not a new conviction.
• L001 (don't force exposure): no genuinely new, decorrelated, valuation-gated, high-conviction idea was on offer. Chasing today's war-driven energy spike would be the inverse of the L003 valuation gate (buying the pop, not below a fresh target).

Holding [path]$336 deployable dry powder (cash $536 less the $200 buffer) into FOMC. Doing nothing on purpose is the highest-EV move here.

Research brief: logs/research/20260611T143202-signals.md

DEEP tick ([path]11:02 ET, market open). Gathered fresh signals (RSS macro/markets/earnings, HackerNews, WebSearch) and persisted the brief (20260611T150525-signals.md). Refreshed all five ticker memories with the macro read-through. No exit flags; no position near a hard stop/take. Decision: stand pat, open nothing — disciplined do-nothing into the FOMC binary (L005).

Macro intensified vs the 10:30 DEEP: ECB hiked 25bp to 2.25% (first hike since 2023, energy-driven); crude back above $90 as Trump threatened to seize Iran's Kharg Island oil infrastructure; May PPI +1.1% on an energy surge. CPI (6/10) printed 4.2% YoY — hottest since April 2023 — though core +0.2% ran a touch soft. Fed is [path]98% priced to HOLD at the 6/16-17 FOMC, with the first [path]70% hike odds not until December. Net tape: inflation + energy shock + rising rates, which pressures a consumer-discretionary book broadly. Thursday's big analyst calls (SpaceX, NVDA, TSLA, INTC, MU, ORCL, META) are all out-of-reach mega-caps (L001) — nothing affordable and decorrelated. Hugo Boss +8% on a Frasers $2B takeover is an apparel-M&A read-through adjacent to KTB, not a fresh standalone signal.

Book (all HOLD, theses structural and unbroken):

• CMG 30.33 (+2.8% vs 29.49). JPM OW PT35 valuation-reset/SSS thesis intact, [path]13% under PT. Far from stop/take.
• KTB 79.96 (+10.0%) — book's best, extending the breakout; Lee-divestiture/capital-return thesis strengthening. Nearing but not at the +20% take ([path]87.2). Per L005 I do not trim a thesis-intact winner ahead of the take.
• CROX 123.07 (+0.7%). Baird OP PT150 NA/HEYDUDE turnaround intact; 2nd share breaches the $200 per-trade cap and the add-on-confirmation trigger is unmet (L004).
• EMBJ 54.59 (-4.1%) — weakest, but [path]6.6% above the -10% stop and [path]33% under the Scotiabank SO PT81 (widest valuation gate). E2 >500 orders, China entry, FY26 guide reiterated. Patience/value name.
• FRVO 35.11 (+1.3%) — 658MW binding PPAs + Google 3GW framework + Cape Station late-26 on track; multi-bank OW-OP $47-51. No new binding-contract catalyst (the add trigger), so no add.

Why nothing: the book is already concentrated in the consumer-discretionary/upgrade-clone template (L004) heading into a hot-inflation + energy-shock + ECB-tightening tape with a FOMC binary 5 trading days out. L005 says carry dry powder INTO the binary rather than deploy the afternoons before; L003's valuation gate says don't chase the war-driven energy spike. No genuinely new, decorrelated, valuation-gated, high-conviction idea is on offer, and L001 says don't force exposure. Holding [path]$336 deployable dry powder (after the $200 cash buffer) into the FOMC. Deployed today: $0; daily headroom unchanged at $500.

DEEP tick ([path]11:37 ET). Ran a fresh signal sweep (RSS macro/markets/earnings + HackerNews + WebSearch over QUERIES). Decision: stand pat, open nothing. No exit flags, no broken theses, no trades.

What changed since the 15:05Z DEEP / 15:22Z FAST ([path]30 min): essentially nothing structural, plus one marginal wrinkle — the broad tape turned modestly RISK-ON intraday (S&P/Nasdaq/Dow futures +0.4-0.7%) after the US signaled it CONCLUDED its strikes on Iran and Trump said retaliation is done if Iran holds fire. That partial geopolitical de-escalation eases the energy-shock overhang on the consumer-discretionary book at the margin — but it is a tailwind for names I ALREADY own, not a reason to deploy fresh capital. Still hot: May CPI 4.2% YoY (hottest since Apr-2023), May PPI accelerating, ECB +25bp; traders now price the next Fed move as a HIKE, while the 6/16-17 FOMC is [path]98% a HOLD (the scheduled binary, L005); first [path]70% hike odds not until December.

Movers all out of reach (L001): Oracle -10% on a $20B AI raise, NVDA +1%, SpaceX IPO tomorrow — mega-caps the $200/trade cap excludes. UBS flagged a fast-casual name (CMG-adjacent; already held). Nothing new, decorrelated, valuation-gated AND affordable.

Book P&L @ 15:37Z feed (all re-justify; theses unbroken):

• KTB 79.77 (+9.7%) — books best; Lee-divestiture/$750M buyback + JPM OW PT90. Approaching but NOT at the +20% take ([path]87.2). L005: do not trim a thesis-intact winner the week before FOMC.
• CMG 30.645 (+3.9%) — L003 relative-strength leader; JPM OW PT35, [path]13% upside left.
• FRVO 35.24 (+1.7%) — binding 658MW PPAs + Google 3GW framework + Cape Station late-26; [path]13% above its [path]31.18 stop.
• CROX 123.075 (+0.8%) — Baird OP PT150; momentum-only, a 2nd share would breach the per-trade cap (L004).
• EMBJ 54.66 (-3.9%) — only red name; [path]6.7% above its [path]51.23 stop; widest valuation gate ([path]33% below Scotiabank SO PT81).

Why no add: the book is already concentrated in the consumer-discretionary/upgrade-clone template (L004) into a hot-inflation + rate-hike-repricing tape with a FOMC binary 5 trading days out. L005 says carry dry powder INTO the binary, not deploy the days before — a flush buys better entries, a melt-up I am already long. Ticker memories were comprehensively refreshed 15 min ago at the 15:22Z FAST and nothing name-specific changed, so no re-touch this tick. Buying power $536.35, daily headroom $500 untouched, [path]$336 deployable held as dry powder into the 6/16-17 FOMC.

DEEP tick ([path]12:19 ET, 16:19Z), market open. Captured the account feed via the Robinhood MCP, ran scripts.tick -> DEEP. Equity $1,006.52, buying power $536.35, deployed-today $0, daily headroom $500. Five open positions, NO exit flags. Ran a fresh signal sweep (RSS macro/markets/earnings 360 docs + HN + WebSearch); per-symbol ticker-news source is 404 right now so no auto-captured headlines this tick. DECISION: STAND PAT — open nothing, no exits, all five HOLD. Brief: logs/research/20260611T161918-signals.md.

Macro read unchanged vs the earlier ticks today: hot inflation (May CPI 4.2% YoY, May PPI +1.1% on an energy surge), ECB +25bp, Iran war but the US has CONCLUDED retaliatory strikes -> crude eased back, a marginal risk-on relief bounce (tape recovering from Wed AI-led sell-off; Oracle -11%). SpaceX IPO tomorrow. The 6/16-17 FOMC is [path]98% priced HOLD but the market now flirts with the next move being a HIKE — a scheduled binary (L005). Upgrades/movers are out-of-reach mega-caps (NVDA, RKLB, Navan) -> L001. No new decorrelated, valuation-gated, AFFORDABLE, high-conviction idea on offer.

Positions (16:17Z feed):

• CMG 4 @ 29.49 -> 30.885 (+4.7%): JPM OW PT35 valuation-reset/SSS, rel-strength leader (L003), [path]12% under PT. HOLD.
• KTB 1 @ 72.71 -> 79.88 (+9.9%, book best): Lee-divestiture/$750M-buyback thesis STRENGTHENING; nearing not at the +20% take ([path]87.2). No second independent signal to justify an add (L004); per L005 no trim into next week FOMC. HOLD.
• CROX 1 @ 122.16 -> 122.685 (+0.4%): Baird OP PT150 NA/HEYDUDE; 2nd share breaches the $200 cap, no 2nd catalyst (L004). HOLD.
• EMBJ 2 @ 56.93 -> 54.64 (-4.0%, weakest): Scotiabank SO PT81 aero/defense, widest valuation gate; [path]6.5% above the [path]51.23 stop; thesis intact (E2 backlog >500, FY26 guide reiterated). HOLD.
• FRVO 1 @ 34.65 -> 34.905 (+0.7%): multi-bank OW-OP $47-51 geothermal-as-AI-power; [path]12% above the [path]31.18 stop; add-only-on-confirmation UNMET. HOLD.

Lessons applied: L005 (carry [path]$336 dry powder INTO the FOMC binary rather than deploy/trim the week before), L004 (don't add a 6th clone of the same analyst-upgrade template into a hot-inflation tape; demand a second independent signal before sizing up), L003/L002/L001 honored. The Iran de-escalation is a marginal tailwind for names I ALREADY own, not a reason to deploy fresh capital. No trades this tick.

DEEP tick ([path]12:56 ET, market open). Full sweep: RSS macro/markets/earnings (360 docs) + HN + WebSearch; per-symbol ticker-news source still 404. No cashtag signals. DECISION: STAND PAT -> open nothing, no adds, no exits. Brief: logs/research/20260611T165822-signals.md.

Why nothing:

• Macro turned HOTTER. May PPI +1.1% MoM (vs 0.6% exp), 6.5% YoY = highest since Nov 2022 (energy/gasoline driven); core +0.4% the lone soft spot. Stacks on hot May CPI 4.2%. The 6/16-17 FOMC is [path]98% priced to HOLD but the prints keep pushing the next-move-is-a-HIKE repricing -> a scheduled binary (L005). A worsening inflation print the week before the dots is the opposite of a fresh-capital trigger; the edge is carrying dry powder INTO the event. Iran de-escalation/risk-on bounce is a tailwind for names I ALREADY own, not a reason to deploy.
• No qualifying candidate. Today's movers/upgrades are out-of-reach mega-caps (Micron, Lululemon, AMD $560 PT, RKLB) -> L001. Only sub-$50 analyst buys are biotech binaries (DYN/MBX/OLMA) outside my decorrelated-quality template, plus TD Cowen Buy $32 on GAP -- which just fell 14% on cut guidance (broken thesis, not a buy). Adding a 6th clone of the same analyst-upgrade template would be one bet that the template works, not a new conviction (L004).

Book check (no exit flags per tick; FAST re-justified all five 13 min ago): equity $1006.1 (>$600 kill-switch), deployed-today $0, full $500 headroom unused, [path]$336 deployable after the $200 buffer.

• KTB +10.3% (80.20) book best; Lee-divestiture/$750M-buyback/JPM OW PT90 thesis strengthening; [path]8% below the +20% take ([path]87.2); price-action run is not a 2nd signal -> no add (L004).
• CMG +4.6% (30.855); JPM OW PT35 valuation-reset/SSS, L003 rel-strength leader, [path]12% under PT; intact.
• CROX +0.4% (122.65); Baird OP PT150 NA/HEYDUDE turnaround; intact.
• FRVO +0.1% (34.695); multi-bank OW-OP $47-51 geothermal-as-AI-power; [path]11% above stop; intact.
• EMBJ -4.5% (54.38) weakest vs cost but [path]6% above its -10% stop; Scotiabank SO PT81 aero/defense; normal single-catalyst starter chop, no thesis damage.

Lessons applied: L005 (carry dry powder into the FOMC binary; do nothing on purpose), L004 (no 6th template clone, no momentum-only add), L001 (don''t let affordability masquerade as conviction).

DEEP — NO ADD, hold the 5-name book; carry dry powder into FOMC

Tape (Thu 06-11, [path]13:40 ET): Dow [path]+0.7% to a record [path]50,289; chips/AI-hardware leading (NVDA/AMD/DELL/SMCI on Oracle's $70B datacenter-capex plan; INTC +10% on a BofA Underperform->Buy upgrade, PT $135; ILMN +3.7% JPM->Outperform), while ORCL itself -9/-11% on debt/cash concerns. BUT the real macro shift is hawkish: May PPI ran HOT (+1.1%, energy/Iran-war driven, 'accelerating prices'), pushing odds toward a Fed HIKE this year, not cuts. Iran strikes resumed (Kharg Island energy hub threatened) = oil/geopolitical risk. FOMC is June 16-17 (next week, [path]3 trading days out) — 98.3% priced to hold, but Warsh's first meeting + the SEP/dot-plot make the tone a live event.

Book health (all theses INTACT, no exit flags, all well inside guardrails; re-justified at the 17:25Z FAST too):

• CMG 4 @ 29.49, last 31.06 (+5.3%) — JPM OW PT $35 valuation-reset/SSS turnaround.
• KTB 1 @ 72.71, last 81.63 (+12.3%, book leader) — Kontoor Lee-divestiture + $750M buyback, JPM OW PT $90.
• CROX 1 @ 122.16, last 124.43 (+1.9%) — Baird Outperform PT $150, NA/HEYDUDE turnaround.
• EMBJ 2 @ 56.93, last 55.69 (-2.2%, lone laggard, well above the [path]51.23 stop) — Embraer, Scotiabank Sector Outperform PT $81.
• FRVO 1 @ 34.65, last 35.33 (+2.0%) — Fervo geothermal/AI-power, multi-bank PT $47 cluster.

Why no new position:

1. L005 (event discipline) — FOMC next week; hot PPI makes the dots/Warsh tone a genuine live risk. Carry dry powder INTO the event rather than deploy the afternoons before. Doing nothing on purpose is the highest-EV move.
2. L004 (template = one bet) — 4-5 of my 5 names are the same 'fresh buy-rated analyst PT-gap' template. A 6th clone compounds a single risk factor, not diversification.
3. No candidate clears the bar — today's affordable movers are chip-cycle (INTC, L002 risk + chasing a +10% pop), a +31% chase (RKLB $103), a cold single-line upgrade clone (ILMN), or uninvestable microcap pumps (INHD +2,892%, STAK, STI +315%). RSS+HN buzz brief extracted 0 cashtag signals.
4. Book is 100% consumer-discretionary + 1 aero + 1 power — hot inflation + an energy spike is a consumer-wallet headwind; adding more discretionary beta now is the wrong direction.
5. Capacity — buying power $536, only [path]$336 deployable above the $200 cash buffer; per-trade cap $200. $500 daily headroom unused (deployed_today $0) — but 'room exists' is the L001 forcing trap, not a reason to buy.

Signal brief persisted to logs/research/ (paces the next DEEP). Hold all 5; FAST ticks continue the per-position re-justification.

DEEP — 2026-06-11 [path]14:15 ET — deliberate no-trade: carry dry powder into FOMC

Tape. Dow [path]+0.7% to a record ([path]50,289) on rate-cut hopes; PPI (May) ran +1.1% MoM, energy-driven and hotter than the core read — a mixed inflation signal, not a clean cooling. Live Iran/Hormuz oil-supply geopolitical risk. Retail tape bifurcated (ANF/KSS/BBY/ULTA beat; LULU cut its outlook, GAP -14%). FOMC is June 16-17 — next week.

Book (all theses intact, no exit flags).

• CMG [email] -> 31.14 (+5.6%) — restaurant/SSS reset, JPM OW $35.
• KTB [email] -> 80.60 (+10.8%, +6.1% TODAY) — portfolio transformation; PT cluster ratcheting to [path]$92, CFO Alkire takes Helly Hansen. Now within [path]8% of the +20% take. Confirming, not new.
• CROX [email] -> 125.52 (+2.7%) — Baird OP $150 turnaround.
• EMBJ [email] -> 55.45 (-2.6%) — Embraer aero/defense, Scotiabank SO $81; widest valuation gate in the book, well above the -10% stop, thesis intact.
• FRVO [email] -> 35.19 (+1.5%) — geothermal AI-power, multi-bank [path]$47.

Decision: deploy $0. Hold the book. This is a do-nothing-on-purpose call (L005), and it is the highest-EV move here for three converging reasons:

1. FOMC next week (L005). The edge is to carry dry powder INTO a scheduled binary, not spend it the week before. A flush buys better entries; a melt-up I am already long across five names.
2. No genuinely new, multi-signal idea (L004). The whole book is one template — a fresh buy-rated analyst catalyst with entry below the new PT — across decorrelated names. A sixth clone is more of the same single bet, not a sixth conviction. The only big mover today (KTB +6%) is a continuation of an open thesis; add-only-on-confirmation means a pullback or a new vector, not chasing momentum into the take-profit zone.
3. No flush on offer. Tape is at record highs with rate cuts already in the narrative — there is no risk-off dislocation handing me a better entry today.

Capital state. Invested [path]$477, cash $536 (buffer min $200, so [path]$336 theoretically deployable, $500 daily headroom untouched). Plenty of dry powder preserved for post-FOMC.

Watch into next tick: KTB approaching +20% take ([path]87.2); EMBJ the lone red name (stop [path]51.23); FOMC reaction June 16-17.

DEEP tick ([path]14:50 ET) — researched the tape, HOLD ALL FIVE, no new deployment. Deployed today 0; daily headroom 500 intact; [path]$336 deployable above the $200 cash buffer left dry on purpose.

Signals. RSS (360 macro/markets/earnings items) + HN + WebSearch sweep over QUERIES. Tape: Dow record [path]50,289 (+0.74%), market reading May PPI dovishly into multiple-cut hopes despite the +1.1% energy-driven headline (mixed). Movers: ARM +4.8% (Mizuho PT raise, agentic-AI), 3M +3.7% (legacy-liability settlement), IBM -2.4% (cautious enterprise-software note); Oracle -11% earlier this week on AI-capex/cash concerns. Geopolitics easing — Trump CANCELED the Thursday Iran strikes, cooling Hormuz/oil risk. WSB/Stocktwits surfaced no actionable affordable cashtag. Brief: logs/research/20260611T185103-signals.md.

Why no buy. No surfaced name clears the entry gate: an affordable (<$200 whole-share) on-theme leader sitting BELOW a fresh buy-rated PT with relative-strength confirmation (L001/L003). ARM is both out-of-cap and an AI-hardware name the book deliberately avoids (L002). FOMC 6/16-17 is [path]3 trading days out — per L005 the edge is carrying dry powder INTO the binary, not spending it the days before; per L004 the book is already one analyst-template factor, so a clone is correlated risk, not diversification. Doing nothing is the highest-EV move here.

Book (all thesis-intact, no exit flags): CMG 31.07 (+5.4%), KTB 80.58 (+10.8%, closest to the +20% take [path]87.2), CROX 125.37 (+2.6%), EMBJ 55.675 (-2.2%, lone laggard, [path]8% above stop), FRVO 35.07 (+1.2%). All re-justified on the 12:43 FAST; tape did not change any per-name thesis.

DEEP — signals gathered, no trade (carry dry powder)

Tape (2026-06-11, risk-ON): Dow +0.74% to a record [path]50,289, Nasdaq +0.8%, S&P +0.3%. Leadership = chips/AI-hardware: INTC +9% on a BofA double-upgrade (CPU orders surging), with NVDA/AMD/MU/LRCX/AMAT up 3-8% (Blackwell ramp). Macro drivers: Iran signaling a deal close (oil/geopolitics de-escalation) and PPI read as cooling, lifting multiple-rate-cut hopes. Idiosyncratic: MMM +3.7% (legacy-liability settlement); IBM -2.4% (soft enterprise-software note); banks (JPM/AXP) soft on NIM.

Book health: all five positions theses intact, no exit flags.

• KTB +10.8% ([path]$80.54 vs 72.71) — best, [path]$10 under JPM $90 PT
• CMG +5.7% ([path]$31.18) · CROX +2.6% ([path]$125.35) · FRVO +2.0% ([path]$35.34) · EMBJ -1.1% ([path]$56.33, only red, modest)

Decision: NO new buy. Reasoning:

1. Today's leadership is the AI-hardware/chip theme my own lessons tell me to underweight — L001 (affordability masquerading as conviction; the chip leaders are big YTD moves I would be chasing) and L002 (chip-cycle bellwether risk that broke HPE). I already hold the smarter, decorrelated AI-demand angle via FRVO (AI-power supply), which sidesteps chip-guide risk.
2. L004: the book is already five 'fresh buy-rating, entry below PT' clones across decorrelated sleeves (restaurants/apparel/footwear/aero/geothermal). A sixth clone today would be more of the same single bet on the template, not a new conviction. No fresh idiosyncratic catalyst today clears the L003 valuation gate WITH an independent second signal.
3. L005: nothing-on-purpose is the highest-EV move when there's no edge — carry the dry powder. Headroom $500, deployed-today $0, cash buffer respected (cash $536, min $200).

Updated all five ticker memories with today's read; persisted the signal brief. Watchlist (CBRL/GLW/HPE/M) unchanged — no fresh buy-rated catalyst-below-PT setup today.