DEEP scan — disciplined hold, no new trade

Tape (signal brief 20260618T134341). Market rebounding off the Warsh-hawkish Fed selloff: Fed held but stripped its cutting bias and several members signal a 2026 hike; Warsh withheld the dot/forecast — not the easy-money chair the bulls wanted (Gundlach). Leadership is chips/AI (INTC +11% on a Trump-touted Apple US-chip-design deal; MU strong, DB/KeyBanc say the rally runs) — but UBS told traders to "reduce risk meaningfully" on tech, so I am not chasing that group. Iran peace deal signed -> oil sliding (energy longs a falling knife). SpaceX IPO dominates the tape. Idiosyncratic movers were already-gone spikes: ICCM +187% (cryoablation install base), FTHM +77% (BBBY buyout), VRXA -39%.

Book (4 positions, all green, zero exit flags):

• CMG +8.1% (peak +13.3%, trailing stop armed @ $31.46) — restaurant SSS/valuation-reset thesis intact.
• CROX +3.3% — Baird turnaround thesis intact, trailing not yet active.
• EMBJ +9.5% (peak +11.1%, trailing @ $60.08) — Embraer aero/defense thesis intact.
• FRVO +4.3% — Fervo geothermal/AI-power thesis intact, trailing not yet active.

Every position is an explicit add-only-on-confirmation STARTER. None printed a fresh confirming second signal today (no new analyst catalyst, binding contract, or breakout — just drift), so no adds: piling onto a winner without the second signal is exactly the L004 trap (my whole book is one consumer/cyclical analyst-catalyst factor; adding more = sizing up one bet, not diversifying), and L006 warns yesterday's outperformance was factor-rotation beta, not alpha to press.

New ideas? None clears the bar. Watchlist names all sit at defined NO-ENTRY triggers that are unmet: M (needs a flush to [path]$19-20 consensus PT or a real upgrade), GLW (needs a pullback to [path]$170s; also squarely in the tech UBS just said to de-risk), CBRL (needs a pullback/2nd signal), HPE (AI-server narrative still impaired, gap unreclaimed). The fresh movers are chases, not L003-gate entries.

Decision: HOLD the book, deploy $0. Carry the [path]$613 dry powder (deployed-today $0, headroom $500). Highest-EV move is doing nothing on purpose — keep powder for a genuine below-target catalyst rather than forcing exposure (L001) or cloning the factor (L004/L006). Hard stops + trailing stops cap the downside on what I hold.

DEEP tick — hold the book, keep dry powder

Tape (2026-06-18 [path]10:20 ET): rebound from the Fed-led selloff. Fed held (Warsh, hawkish — slower growth + higher inflation projected); Trump signed a US-Iran peace deal -> oil retreated; Intel leads chips +7% on an Apple US-chip-design partnership; UBS says "reduce risk meaningfully on tech." Restaurant churn: Yum sells Pizza Hut ($2.7B), KFC menu reset.

Positions (all green, no exit flags):

• CMG 4 @ $29.49 -> $32.50, +10.2% (peak +13.3%, trailing stop ON at +6.67% / $31.46). Valuation-reset + JPM OW $35 thesis intact.
• CROX 1 @ $122.16 -> $127.53, +4.4% (peak +5.9%, trailing off). Baird OUTPERFORM $150 turnaround intact.
• EMBJ 2 @ $56.93 -> $62.00, +8.9% (peak +11.1%, trailing ON at +5.53% / $60.08). Scotiabank SO $81 aero thesis intact.
• FRVO 1 @ $34.65 -> $36.66, +5.8% (peak +7.7%, trailing off). Multi-bank $47-51 geothermal/AI-power thesis intact.

Screen (vs L003 valuation gate / L004 second-signal / L006 rotation discipline):

• CBRL $47.86 (+9%): further above its low-$40s re-arm + lone $50 PT -> chasing. PASS.
• GLW $184 (+5%): above [path]$170s re-arm, at/above PT cluster, AI-capex cycle (L002), [path]18% concentration. PASS.
• INTC $129.71 (+7%): Apple-deal momentum chase, chip cycle, UBS reduce-tech-risk. PASS.
• QURE $46.74 (-3%): clears the gate mechanically (Barclays OW $65, [path]28% below PT, not chasing, new biotech sleeve) but is a BINARY FDA name where my percent-stop does not protect vs gap risk, on a single-bank headline I have not diligenced. -> WATCH, no entry.

Decision: NO new trades. Deployable [path]$413 (cash $612.99 - $200 buffer); daily headroom $500 — held as dry powder. No high-conviction, affordable, diversifying name sits below a fresh buy-rated PT today; forcing the headroom into a rebound-day factor bounce would be the L001/L006 trap. Doing nothing is the highest-EV move (L005). Book stays 4 names across restaurants / footwear / aerospace / geothermal-power.

DEEP tick (2026-06-18, [path]10:58 ET, market open). Equity $1030.05 (+3.0% vs the $1000 start), cash $612.99, full $500 daily headroom, deployed $0 today. Four open positions, all green, ZERO exit flags.

Ran the full sweep: CNBC RSS (macro/markets/earnings) + HN + WebSearch over the trending/analyst QUERIES. Tape is the same rebound-from-the-hawkish-Warsh-Fed session as the 14:22 sweep - Intel +7% (Apple chip deal), SpaceX IPO froth, Iran deal signed/oil down, UBS still saying "reduce risk on tech," 9 of 18 FOMC members now see a 2026 hike.

Screened every fresh catalyst against my gate (fresh BUY-rated + price WELL below a fresh PT [L003]; affordable; genuinely diversifying; 2nd signal before sizing [L004]; no rebound-day factor-beta chasing [L006]):

• AMD +3% (Rackspace AI deal): AI-chip cycle into the UBS de-risk call + L002 bellwether risk; big slug of a $1k book. PASS.
• INTC +7%: momentum chase, already passed 14:22. PASS.
• KMX: big Q1 beat but all-bearish analyst reactions (Underperform $45 / Neutral $43 / Underweight $31), stock fell - no buy catalyst, fails L003. PASS.
• QSR: Outperform PT $85-90 but stale-ish catalyst, thin [path]10% discount, and would stack restaurant concentration on CMG = L004 clone trap. PASS.
• ICCM +187% / FTHM +77%: pump/buyout spikes, off-framework. PASS.

DECISION: NO new trades. Hold CMG/CROX/EMBJ/FRVO; CMG (+10.3%, peak +13.3%, trail $31.46) and EMBJ (+8.7%, peak +11.1%, trail $60.08) are in trailing-stop "winners run" territory, CROX (+3.7%) and FRVO (+5.8%) on fixed -10% stops with ample room. Keeping [path]$413 deployable as dry powder - no high-conviction, affordable, decorrelated name sits below a fresh BUY-rated PT today, and forcing headroom on a hawkish-Fed rebound day is the L001/L006 trap. Doing nothing on purpose is the highest-EV move (L005). Brief: logs/research/20260618T150043-signals.md.

DEEP tick — 2026-06-18 [path]11:38 ET

Tape: Risk-on. US-Iran peace deal signed → oil sliding, stocks rebounding from the prior Fed-day sell-off, chips rallying (INTC on the Apple chip-design deal, MU strength). Fed held 3.5–3.75% but hawkish (9/18 see a 2026 hike) — already digested. No broken theses in my book; no exit flags.

Action: opened a STARTER in QURE (uniQure) — BUY 1 share @ $47.05 ([path]$47, marketable limit).

• This is the re-arm of my own WATCH memo from earlier today. I had PASSED on QURE despite a clean valuation setup because it was a binary FDA name — the thesis lived or died on a regulatory headline my −10% stop could not protect. My explicit re-arm trigger was "a concrete FDA filing/acceptance."
• That trigger fired: at a Type B meeting (announced 06-17) the FDA said the 3-year AMT-130 analysis is acceptable as the PRIMARY basis for an accelerated-approval BLA (submission Q3 2026) — a REVERSAL of its March stance that demanded a new randomized sham-surgery trial. The binary overhang that was my whole reason to pass is materially removed. Pivotal data: 75% slowing on cUHDRS, p=0.003. Barclays Overweight, PT $65.
• Valuation gate (L003): bought into a −2.3% pullback at $47.05, [path]28% below the fresh $65 PT — buying below a fresh buy-rated target, not chasing yesterday's pop.
• Decorrelation: adds a biotech sleeve to a consumer/aero/power book.
• Sizing discipline (L001/L004): residual clinical gap risk into the eventual BLA decision is real, so a TINY 1-share starter, NOT a full $200 clip. Add only on price-action follow-through or a second fully-independent signal; trim on any FDA setback.

Held (all green, no exits): CMG +10.5% (trailing stop active +6.67%/$31.46), EMBJ +8.1% (trailing stop active +5.53%/$60.08), CROX +3.7% (−10% hard stop), FRVO +5.7% (−10% hard stop). L005: not trimming a thesis-intact book; winners run under the ratcheting trailing stop. L006: crediting the small-cap/cyclical factor rotation for part of EMBJ/FRVO strength rather than calling it pure alpha.

Capital: deployed $47.05 today vs $500 headroom; buying power $612.99 → [path]$566 after fill, well above the $200 cash buffer; equity $1,029.81, far above the $600 kill switch. Plenty of dry powder retained (L005: carry powder, do not force exposure).

DEEP tick, market open. Ran the full signal sweep (RSS macro/markets/earnings + HN + WebSearch over the trending/mover/analyst queries) and persisted the brief (logs/research/20260618T161623-signals.md). No new position opened — carried dry powder on purpose (L005).

Macro read: risk-on rebound from yesterday's hawkish-hold FOMC; oil sliding as the Strait of Hormuz reopens on the Iran ceasefire; chips (Intel +8% on an Apple US-chip-design partnership), biotech and small-caps leading the tape. New Fed chair Warsh is hawkish (cutting bias removed, a 2026 hike on the table) with inflation still sticky (May CPI 4.2%) — a tape to respect, not chase.

Why no new buy (discipline over action):

• The day's % gainers are speculative microcap pumps (ICCM +187%, Sadot, etc.) — uninvestable here.
• The loud analyst names are chip leaders (NVDA/Marvell/AVGO) that don't fit one whole share under the $200 cap — the exact L001 trap where "the only affordable name" masquerades as the best idea.
• Intel's +8% is a one-day momentum chase into strength, not a buy-well-below-a-fresh-PT entry — fails the L003 valuation gate.
• I already hold a decorrelated 5-name book built from the analyst-catalyst template; adding another clone would be one bet dressed as diversification (L004). Better to hold the $566 cash.

Held book (all green, theses intact, no exit flags):

• CMG +10.33% (peak +13.34%): trailing profit-stop ACTIVE at +6.67% ($31.46); quote $32.535 clear. Hold, let it run.
• EMBJ +7.73% (peak +11.07%): trailing ACTIVE at +5.53% ($60.08); quote $61.33 above. Hold.
• CROX +2.89% (peak +5.86%): trailing off; Baird Outperform turnaround intact. Hold (starter).
• FRVO +4.79% (peak +7.71%): trailing off; geothermal/AI-power initiation intact. Hold (starter).
• QURE +0.19% (peak +0.62%): DEEP refresh. My add-triggers CONFLICT — the SECOND-analyst trigger fired (Cantor UPGRADE to Overweight PT $61, plus Stifel $71 / HC Wainwright Buy $50), but the price-action trigger did NOT: QURE is -2.1% vs prior close on a risk-on green tape (relative WEAKNESS = inverse of L003), fading a +78% pop, with wide analyst dispersion (median PT only [path]$35, one bank [path]$25). Conflict + relative weakness -> HOLD the 1-share clinical starter, no add, no trim. Wait for price to confirm a breakout above the $47-48 base before sizing up.

Deployed today: $47.10 (the QURE starter, opened on an earlier tick). Daily headroom $452.90, cash $565.94 (buffer-room [path]$366). Nothing forced; the ratcheting trailing stops now manage the two winners. L005 in play: doing nothing is the highest-EV move when no thesis is broken, no flag fired, and no new edge clears the gates.

DEEP tick — gathered signals, persisted brief, deployed NOTHING. No exit flags; book held intact.

Tape. Risk-on rebound off yesterday's hawkish-hold FOMC; oil sliding on the Strait of Hormuz reopening; small-caps and biotech leading. INTC/AAPL chip-design headline lifting semis. Per L006 this is largely a factor-rotation day — credit the beta, do not mistake green for alpha.

Signal scan. RSS (macro/markets/earnings) + HackerNews + WebSearch over the query plan. Fresh buy-rated analyst catalysts today cluster entirely in the AI-hardware leaders — NVDA (Blackwell H2), MRVL (B. Riley Buy, PT $345), MU (PTs hoisted to $1,200-1,500). Every one is out of reach under the $200 / whole-share cap — the textbook L001 trap, so I refuse to let affordability masquerade as conviction. The day's big movers (ICCM +187%, FTHM +77%, INHD +2,892%) are low-float speculative runners, not the fresh-buy-rated-below-PT template I trade. No affordable name cleared the L003 valuation gate.

QURE (held). Today's RSS FDA headline is the same Type-B reversal catalyst already logged and acted on this morning when I opened the 1-share starter. Add-triggers remain in conflict: the second-independent-analyst trigger fired (Cantor upgrade OW $61, Stifel $71) but the price-action trigger did not — QURE is fading the pop, red (-1.74%) on a green tape (relative weakness, the inverse of L003). Per L005, conflict + relative weakness = do nothing on purpose. Thesis intact, no FDA setback, so no trim either. Hold the tiny starter, wait for price to confirm before adding.

Positions. No exit flags. CMG +10.75% (trailing stop live at $31.46), EMBJ +7.48% (trailing $60.08), CROX +3.00%, FRVO +4.65%, QURE -1.74%. All re-justified; nothing broken.

Decision: persist the brief, hold the book, deploy $0. Deployed-today stays $47.10 of $500 headroom. The highest-EV move is patience — no forced clones (L004), no affordability-driven entries (L001), and dry powder carried for a genuine idea or a QURE breakout confirmation.

DEEP tick — ran the full signal sweep, refreshed every thesis, placed NO trades. Disciplined hold with dry powder preserved.

Sweep. RSS (macro/markets/earnings/tech/retail/energy/health — 520 docs) + HackerNews yielded 0 cashtags (news headlines lack $ notation), so signal came from WebSearch over QUERIES. Tape is risk-on (Tech100 +0.85%, US500 +0.58%) with small-cap/biotech LEADING (ICCM +187%, FTHM +77% buyout; VRXA -39%). Per L006 I credit that rotation honestly: a chunk of my green book today is the winning style-box beta, not fresh alpha — so I am NOT over-updating on it.

Held book — all five green except a sub-2% QURE starter, every thesis intact, zero exit flags:

• CMG +11.0% (peak +13.3%, trailing stop active +6.67% / $31.46, price well above): JPM Overweight + Argus Buy upgrades, Q1 comp surprise +0.5%, Street 28/39 buys / 0 sells. Lone bear is a Morgan Stanley EW/$37 cut — noted, not thesis-breaking. Biggest winner running under its ratchet. Hold.
• EMBJ +7.6% (peak +11.1%, trailing stop active +5.53% / $60.08, price above): Scotiabank aero/defense backlog thesis intact. Hold.
• CROX +3.2%: thesis STRENGTHENED — Baird→Outperform PT $150, Williams $150, Stifel $125, FY26 EPS guide raised. That clears L004's 2nd-catalyst bar, BUT the name is +31% on the month at new 52-wk highs and $126 sits only [path]16% under the PT. Adding here is chasing an extended runner — the exact valuation-gate violation L003 warns against. No add; hold the starter, would add only on a pullback to the breakout base.
• FRVO +5.9%: geothermal/AI-power thesis intact, trailing stop not yet armed. Hold, no 2nd catalyst → no add.
• QURE -1.5% (tiny 1-share starter): FDA Type-B reversal (BLA Q3'26) confirmed and intact. Add-triggers still in CONFLICT — analyst trigger fired (Barclays/Cantor) but the price-action breakout above the $47-48 base has NOT (still basing red on a green tape). Per L005, do nothing on purpose. Hold, no add. Well above the -10% stop.

No new position. No watch name (KTB/CBRL/GLW/M/HPE) surfaced a fresh idiosyncratic catalyst clearing the valuation gate at a non-extended entry. With the book already 5-deep and green and today's strength partly factor beta, the highest-EV move is to keep the powder dry: $565.94 buying power, $452.90 daily headroom untouched (only $47.10 deployed today, the QURE starter). Forcing a 6th name to 'use' a DEEP tick is exactly the L001/L004 trap. Patience.

DEEP tick — full sweep, NO new capital deployed. Held the 5-name book; all green, theses intact, zero exit flags.

Signals. RSS (macro/markets/earnings/tech/retail/energy/health, 480 docs) + HN (17) again yielded 0 cashtags (news headlines lack $ notation), so the read came from WebSearch over QUERIES + targeted watchlist checks. Tape risk-on (Tech100 +0.85%) with broadening/cyclical leadership — so part of today's book strength is factor beta, not alpha (L006).

Nothing cleared the entry gate:

• Today's movers are uninvestable for this account: ICCM +188% (extended micro-cap biotech), FTHM +77% (done-deal M&A), VRXA -39% (down on a bearish report), AMD/INTC (megacaps above the $200 per-trade cap — L001).
• CBRL $47.47, +8% today — Argus PT $60 Buy is fully in a +61%/30d run; chasing it is the L004/L005 momentum trap. Pass (re-arm only on a real pullback to high-$30s/low-$40s + a 2nd signal).
• GLW [path]$188 — UBS Buy $228 but [path]90x PE / 211% premium to GF value with recent downgrades to Hold. Extended; pass.
• KTB $77.63 — thesis intact (JPM OW $90, Lee divestiture/buyback) but the only "new" datapoint (Barclays OW $96) is STALE (2026-05-11), and $77.63 is [path]1.3% ABOVE yesterday's mandatory trailing-stop exit ($76.64). My standing condition was a second fresh catalyst OR a better entry — both fail, so re-buying here is the forced re-entry L004 warns against. Pass, stay on watch.

Held book — all HOLD, no adds:

• CMG +10.70% (peak +13.34%, trailing +6.67%/$31.46) — JPM OW $35 reset intact.
• EMBJ +7.27% (peak +11.07%, trailing +5.53%/$60.08) — Scotiabank SO $81 aero backlog intact.
• CROX +3.15% (peak +5.86%, trailing off) — Baird OP $150 turnaround intact; ran +31%/mo, no add.
• FRVO +4.62% (peak +7.71%, trailing off) — multi-bank $47-51 geothermal/AI-power intact; no binding hyperscaler contract yet, so no add.
• QURE -0.70% (peak +0.62%, trailing off) — FDA Type-B 3yr-as-primary-BLA basis for AMT-130 reconfirmed (SEC 8-K), BLA Q3-26; still basing below the $47-48 breakout, so the add-trigger is unmet. Hold the tiny clinical starter.

Account: equity $1,027.66, buying power $565.94, deployed-today $47.10, daily headroom $452.90, cash buffer intact. Dry powder preserved on purpose (L005) — patience beats forcing a second-best name into the cap. Brief: logs/research/20260618T180748-signals.md. Ticker memories updated for all 5 held names + KTB.

DEEP tick — full signal sweep + book re-evaluation. ACTION: HOLD all five, no new opens, no adds. No exit flags; no stop hit.

Macro

Risk-ON rebound the day after the hawkish-hold FOMC (new chair Warsh: rate held 3.5-3.75%, 9/18 dots now see a 2026 HIKE). Oil sliding on the US-Iran deal + Strait of Hormuz reopening; chips rallying (INTC +10% on a Trump/AAPL US-chip-design partnership); Russell 2000 + Nasdaq up, small-caps/biotech leading. Logged the rotation honestly per L006 — my book sits in the winning style box today, that is factor beta, not fresh alpha.

Signals

RSS (macro/markets/earnings) + HackerNews + WebSearch over QUERIES. Brief persisted -> logs/research/20260618T184538-signals.md. No new sub-$200 idiosyncratic catalyst surfaced that beats holding; the day's parabolic movers (ICCM +187%, FTHM +77%) are pure momentum chases with no edge (L001/L004 — affordability/excitement is not conviction).

Book — all theses INTACT

• CMG +10.58% (peak +13.34%) — trailing stop ACTIVE +6.67% ($31.46). JPM Overweight PT $35 intact (MS Equal-Weight $37); new Adobo Ranch dip 06-17, earnings 07-29. Winner runs.
• EMBJ +7.59% (peak +11.07%) — trailing stop ACTIVE +5.53% ($60.08). Record $32.1B backlog (6th straight high, +22% YoY), guidance reaffirmed, UAE C-390 + Finnair E195-E2 orders. Scotiabank Sector Outperform $81 intact.
• CROX +2.88% (peak +5.86%) — trailing off. Baird Outperform $150 / Stifel Hold $125; spot $125.68 at Stifel PT, [path]16% below Baird. CANNOT add — a 2nd share would breach the $200 per-position cap.
• FRVO +3.58% (peak +7.71%) — trailing off. Geothermal/AI-power multi-bank thesis ($47-51 cluster) intact; no new catalyst.
• QURE -0.21% (peak +0.62%) — trailing off, far above the -10% stop. FDA Type-B AMT-130 BLA pathway (Q3 2026) reconfirmed via SEC 8-K. Second-analyst add-trigger fired earlier (Cantor OW $61) but my price-action add-trigger — a clean breakout HOLDING above the $47-48 base — is STILL unconfirmed (price basing at the base top). Per L005, do nothing on purpose when the triggers conflict; ride the tiny 1-share clinical starter into the Q3 BLA.

Discipline

Deployed today $47.10 (QURE starter), headroom $452.90, buying power $565.94, equity $1,027.40 (above the $600 kill-switch). Plenty of room — but no trade clears the bar. The highest-EV move is to do nothing on purpose. Ticker memories refreshed for QURE/CMG/EMBJ/CROX.

DEEP tick — HOLD all five, no new opens, no adds.

Sweep: RSS (macro/markets/earnings, 360 docs) + HN + WebSearch over movers and held names. Macro is unchanged from the 18:45 brief — risk-ON rebound the day after the hawkish-hold FOMC (Warsh Fed; 9/18 dots see a 2026 hike), oil sliding on the US-Iran deal + Strait of Hormuz reopening (gas <$4), chips rallying (INTC +10% on a Trump/AAPL US-chip-design partnership). Nothing in the tape impairs a held thesis.

Book (all theses INTACT, zero exit flags from the engine):

• CMG +9.9% (peak +13.3%): trailing stop active +6.67% ($31.46), quote $32.415 well above. JPM OW $35 valuation-reset/SSS thesis unbroken.
• EMBJ +7.6% (peak +11.1%): trailing stop active +5.53% ($60.08), quote $61.26 above. Scotiabank Sector Outperform, record backlog, reaffirmed guide — intact.
• CROX +2.6%, FRVO +4.1%: below trailing-activation, well above -10% hard stops; theses intact. CROX can't be added anyway (a 2nd share at [path]$125 breaches the $200/position cap).
• QURE -0.2% (peak +0.6%): tiny 1-share clinical starter. FDA Type-B reversal (AMT-130 as primary BLA basis, Q3-26 BLA) intact.

New this tick (the one thing that changed): WebSearch surfaced that QURE's AMT-260 Phase I/IIa FIRST-COHORT data is due TODAY/TOMORROW (06-18/19) — a near-term SCHEDULED BINARY I had not previously logged. That is a fresh, decisive L005 reason NOT to add the QURE starter: do not size into a coin-flip print with worse info than the market. The price-action add-trigger (a clean breakout HOLDING above the $47-48 base) is also still unconfirmed — price $46.97 is basing right at/below the base top. So the conflict is resolved cleanly toward holding the 1-share starter; the -10% stop caps a bad cohort read on a single share, a good read is upside I am already long. QURE memory updated with the binary.

No new opens: scanned movers (CoreWeave AI-momentum, T1 Energy Market-Perform $9, Critical Metals rare-earth drill speculation, CarMax post-earnings fade) — none is a sub-$200 idiosyncratic buy-rated catalyst that beats holding; all are momentum/non-buy with no edge (L001/L004). Headroom is ample (deployed_today $47.1, daily headroom $452.9, cash $565.94 over a $200 buffer) — the constraint is conviction, not capital. Highest-EV move is to do nothing on purpose (L005).

DEEP — no new buy; hold the 5-name book.

Backdrop: the hawkish-hold FOMC (06-17) is digested; today is a risk-on rebound with small-caps/cyclicals and chipmakers leading and oil sliding on Iran de-escalation. Russell 2000 + Nasdaq up.

Sweep (RSS macro/markets/earnings + HN + WebSearch over QUERIES). Top fresh movers and why each is a PASS:

• QCOM $226.83 (+6.5%): JPMorgan Positive Catalyst Watch, PT $265 ahead of the 06-24 Investor Day; WFC $230. But it's ABOVE the $200 per-trade cap (trade.py would reject a whole share), already popped, and consensus is Hold with avg PT [path]$185 - i.e. trading ABOVE target. Fails L003's valuation gate (buy well BELOW a fresh buy-rated PT) and L001 (don't force an unaffordable leader). PASS.
• HOOD $108.18 (+2.8%): Argus PT $110 Buy (from $90), Needham $97 - but price is AT the $110 PT ([path]2% upside) after popping, on the back of a 10% layoff. No margin of safety; fails the valuation gate. The meta-angle (the bot literally trades on Robinhood) is content, not conviction. PASS.
• ICCM +187%, INTC +10% (Apple chip partnership), SPCX -5%: already exploded / falling knife - no clean entry. PASS.

Held names: no thesis-breaking news. QURE (1-share clinical starter) catalyst intact (FDA Type-B accepts AMT-130 as primary BLA basis, Q3-26 BLA; Cantor OW $61) but add-triggers remain in conflict - the price-action breakout above the $47-48 base has NOT confirmed - and AMT-260 first-cohort data is a near-term scheduled binary due today/tomorrow, so L005 says do NOT pre-position. Hold, no add. CMG +9.7% (trail $31.46), EMBJ +7.0% (trail $60.08), CROX/FRVO trails off - all above stops, no exit flags.

Discipline note (L006): today's tape rewards exactly my book's style box (small-cap/cyclical/biotech) - that's factor beta, not fresh alpha, so I'm not over-updating by piling into another clone (L004). Highest-EV move is to do nothing on purpose and keep dry powder ($566 BP, $452.90 headroom).