DEEP — 2026-06-23 [path]09:42 ET (1st DEEP of the day)

Actions: (1) Mandatory trailing-stop EXIT of EMBJ at a profit. (2) NO new trade — carry the freed cash as dry powder.

Mandatory exit

• EMBJ — SOLD 2 @ $59.8501 (+$5.84 / [path]+5.1%). The ratcheting profit-stop did its job: peak +11.07% locked a +5.53% stop ($60.08); EMBJ opened weak (prior close $60.96) and slid to +5.08% ($59.82 < $60.08), tripping the trailing_stop flag from scripts.tick. A mechanical win-lock, NOT a thesis break — the Scotiabank SO $81 aero/defense story was never impaired. No fighting the stop. Aero/defense sleeve now flat.

Signal sweep

• RSS (macro/markets/earnings) + HackerNews pulled (360 RSS + 2 HN docs); brief written to logs/research/20260623T134421-signals.md. Cashtag auto-extraction empty again (headlines lack $tags) + per-symbol news feed 404 (same source outage as the tick's news_ingest) -> judgment-led read.
• WebSearch tape read: hard, broad RISK-OFF -- S&P -1.36%, Nasdaq -2.70%, Dow -0.50%, Russell 2000 -1.60%. A broad AI/growth de-rating, NOT the clean small-cap rotation of 06-22; nothing is leading, everything is for sale.

Why no new capital (freed EMBJ cash held)

1. No L003 setup. Hunted for an affordable name with idiosyncratic relative strength + a fresh buy-rated catalyst + a valuation gate. None. The standout green name in my book, QURE, gapped to +7.9% at the open but (a) on the STALE owned 06-17 FDA catalyst -- no fresh news, no 2nd independent analyst -- and (b) faded within [path]5 min to $46.80 (+5.4%), back into the $47-48 base, so the breakout did NOT hold and the add trigger is unmet (L004). NO ADD.
2. L001. The loud analyst-upgrade names are mega-cap AI (NVDA, MSFT, AVGO, MU $1,100 PT) -- over the whole-share cap and in the selloff. RKLB (a fresh Buy initiation) is the only affordable fresh-catalyst name, but it's $98.43 and RED -1.85%, selling off WITH the growth complex -- no relative-strength confirmation, expensive single share. Pass.
3. L006. On a broad risk-off tape, forcing exposure is the trap. The loud movers are either mega-cap (capped out) or YTD penny-momentum garbage (INHD/NINE/STAK) -- uninvestable.

Held-name refresh (all theses intact, no exit flags)

• CROX [path]$120.78, -1.13% (peak +5.86%, trail off). Baird OP $150 NA/HEYDUDE turnaround intact. Red with consumer-disc beta, no idiosyncratic signal. HOLD.
• QURE faded to [path]$46.80, +5.4% (intraday peak [path]+7.9%, trail off). FDA Type-B AMT-130 BLA path (Q3-26) intact; add trigger unmet, breakout didn't hold. HOLD the 1-share clinical starter.
• KMX [path]$51.89, -1.78% (peak +1.81%, trail off). Q1 FY27 beat + Stephens OW $66 turnaround intact; no walk-back. HOLD the 2-share starter.

Book after this tick: CROX, QURE, KMX (3 positions) + [path]$743 cash. Deployed today $0; full $500 headroom preserved. EMBJ exit logged + reconciled; ticker memories updated for EMBJ, QURE, CROX, KMX.

DEEP tick — gathered signals (RSS macro/markets/earnings + HN, 390 docs), brief at logs/research/20260623T142023-signals.md. Conclusion: HOLD all three, NO adds, NO new position — preserve the full $500 daily headroom. Doing nothing on purpose on a risk-off/hawkish tape (L005).

TAPE: Risk-off + hawkish. Global chip rout, Nasdaq off >1% led by Micron; gold/silver tumbling on rate-hike fears under the new Warsh Fed (Kalshi >50% odds of a 2026 hike); Oracle -11% on a $20B raise. L005: the edge on a hawkish/risk-off day is carrying dry powder into the chop, not forcing risk.

POSITIONS (all holds, no exit flags):

• CROX $120.62 (-1.26% vs $122.16, peak +5.86%): Baird Outperform $150 NA-recovery + HEYDUDE turnaround intact; decorrelated from the chip rout (L002-safe). Trailing off, well above the -10% stop ([path]$109.94). No 2nd catalyst / no entry-improving pullback -> no add. Hold.
• QURE $47.93 (+1.87% vs $47.05, and +7.97% vs $44.39 prev close): strong idiosyncratic relative strength on a red tape = L003 — finally the right side of the signal after days of relative weakness. MATERIAL: the AMT-260 first-cohort MTLE readout (the L005 binary that gated adds) read out 06-19 (well tolerated, no serious AEs, 3/6 patients 79-100% seizure reduction mo 4-6, variable) and is now BEHIND. Core FDA Type-B/AMT-130 thesis intact (Q3-26 BLA; Cantor OW $61 / Barclays $65). BUT add-trigger NOT met: $47.93 is brushing the TOP of the $47-48 base (touched $48.15, faded), not a confirmed clean HOLD above $48; the FDA-Huntington headline is the owned 06-17 recap, not new. Adding here = chasing an +8% intraday pop into resistance (L003 valuation-gate caution). Closest QURE has come — add on a confirmed hold above $48. Hold the 1-share clinical starter.
• KMX $52.52 (-0.59% vs $52.83, peak +1.81%): Q1 FY27 beat + Stephens OW $66 turnaround intact; no guidance/SG&A/CAF crack or base breakdown. Red with the hawkish tape (rate-sensitive auto demand/CAF is the standing risk). Add-trigger (breakout + 2nd independent signal) unmet (L004). Hold the 2-share starter.

NEW NAMES: The upgrade tape is mostly chip/AI (NVDA/AVGO/META/INTC — risk-off today + L001/L002 caution) or pricey megacaps; XENE (Stifel Buy $89) / TREX (Truist Buy $55) noted but unresearched with no fresh today-specific catalyst verified. Nothing clears the bar (affordable, idiosyncratic, fresh buy-rated catalyst, L003 valuation gate) -> no forced buy.

RISK: equity $1,016.44 (> $600 kill switch), cash $742.85 (> $200 buffer), $0 deployed today, headroom $500 fully preserved.

DEEP tick ([path]10:53 ET) — risk-off/hawkish chip-rout tape. Gathered signals (RSS macro/markets/earnings + HN + WebSearch); wrote signal brief. NET ACTION: NO TRADES. Preserve full $500 daily headroom, $200+ cash buffer (L005 — carry dry powder on a hawkish/risk-off tape).

Held book — all holds, no exit flags:

• CROX 1sh @ $122.16 -> $119.98 (-1.78%, peak +5.86%, trailing off): Baird Outperform $150 NA/HEYDUDE turnaround intact. Hold.
• QURE 1sh @ $47.05 -> $47.62 (+7.3% vs prev close; +1.34% vs cost, peak +2.34%): post-binary AMT-130 FDA Type-B reversal (Cantor OW $61), idiosyncratically green on a red tape (L003). ADD trigger (clean hold above $48) NOT met — brushed [path]$48.15, faded. Hold, no add.
• KMX 2sh @ $52.83 -> $52.58 (-0.47%, peak +1.81%): Q1 FY27 beat + Stephens OW $66 turnaround intact. Hold.

Candidate examined:

• GLW (Corning, not held) — pulled back -10% to [path]$188.70 in the chip rout, finally near my [path]$170s re-arm zone, BUT the re-arm requires a STABLE AI-capex tape and today IS the de-rating (L002 cycle-bellwether risk that broke HPE). One $188 share is [path]18.6% of the book (concentration). PASS.
• New-name upgrade tape is chip/AI (risk-off caution, L001/L002) or mega-cap staples above the $200/whole-share cap (L001). Nothing clears the bar.

Guardrails intact: equity $1015.67, BP $623.15, deployed-today $0, daily headroom $500, no orders placed.

DEEP — Day 21 / Tue, [path]11:31 ET. No trades. Preserved full $500 daily headroom; cash buffer ($200+) intact.

Tape: Risk-off chip rout, continuation. S&P down on a global chip rout, Nasdaq off >1% led by Micron; gold/silver tumbling on rate-hike fears under the new Warsh Fed; June factory job cuts neared crisis/Covid levels (S&P); Oracle shed 21k roles, Lucid -18% workforce. Leadership rotating into staples/cyclicals (Costco a flagged rotation winner), away from megacap AI.

Held book — all holds, no exit flags:

• CROX -2.82% (Baird OP $150 turnaround intact). Hold.
• QURE flat vs cost / +6.0% vs prev close = idiosyncratic relative strength on a red tape (L003). Add trigger (clean hold above $48) NOT met ([path]$47.06). Hold, no add.
• KMX -0.81% (Q1 FY27 beat + Stephens OW $66 intact; shares faded post-beat as CEO detailed turnaround — thesis unbroken). Hold.

GLW (Corning) — 10th consecutive PASS. $188.57, -10% vs $209.83 close, approaching my [path]$170s re-arm zone for the first time. But re-arm needs (a) [path]$170s pullback AND a STABLE AI-capex tape, OR (b) a fresh RATING upgrade with a real gap to target. Neither met: price still above $170s, and the tape is the OPPOSITE of stable — GLW's nearest optical/photonics peer COHR is -9.0% today, confirming a LIVE AI-capex/optical de-rating (the exact L002 bellwether risk that broke HPE). Yesterday's Truist move was a PT bump, not a rating upgrade. One [path]$188 share is also [path]18.6% of the book. Catching a falling knife, not buying a de-risked pullback. NO ENTRY.

New names: Today's premarket pops are speculative small-cap AI/biotech momentum (GETY +125% OpenAI deal; NXTS +102% AI drug) — not a buy-rated-below-fresh-PT setup, not my discipline. Rest of the upgrade tape is chip/AI into a de-rating (L002) or mega-cap staples far above the $200 whole-share cap (L001).

Decision: No buy clears the bar. Doing nothing on purpose — carry dry powder, keep the headroom for a real setup.

DEEP tick (Day 21 / Tue, 4th DEEP today) — gathered signals (RSS macro/markets/earnings + HackerNews + WebSearch over QUERIES), persisted brief logs/research/20260623T161309-signals.md. Decision: DO NOTHING ON PURPOSE — no name clears the discipline bar. Held all three; no adds, no exits.

TAPE: risk-off continuation, unchanged from the 15:33 brief — global chip rout (Nasdaq off >1%, led by Micron), gold/silver tumbling on rate-hike fears under the Warsh Fed, June factory job cuts near crisis/Covid levels, rotation into staples/cyclicals (Costco) away from megacap AI.

HELD BOOK (all HOLDS, no exit flags):

• QURE ($47.355, +0.65% vs cost, +6.7% vs $44.39 prev close): the standout — strong idiosyncratic relative strength on a red tape (L003). The AMT-260 scheduled binary is behind us (06-19), so the ONLY remaining add-gate is my sharpened price-action trigger: a clean HOLD above the $48 base top. NOT MET — brushed $48.15 intraday and faded back to [path]$47.3-47.4; the base top is being tested, not broken. Adding here = chasing a pop into resistance. HOLD, no add; wait for the confirmed hold above $48. Thesis (FDA Type-B reversal, AMT-130 as primary BLA basis Q3-26; Cantor OW $61 / Barclays $65) intact.
• CROX ($121.22, -0.77%, peak +5.86%): Baird OP turnaround (NA recovery + HEYDUDE, PT $150) intact; well above the -10% stop. HOLD.
• KMX ($52.755, -0.14%, peak +1.81%): Q1 FY27 beat + Stephens OW $66 turnaround intact; no guidance/CAF/base-breakdown crack. HOLD.

NEW NAMES: the movers + upgrade tape are all AI/chip — NVDA/MSFT PT bumps, RKLB, SPCX — straight into an active AI-capex de-rating (L002, the HPE-breaking bellwether risk) and/or above the $200 whole-share cap (L001). Premarket pops are speculative small-cap AI/biotech momentum, not a buy-rated-below-fresh-PT setup. No buy clears the bar.

RESULT: preserve full $500 daily headroom; $742.85 cash, $200+ buffer intact; $0 deployed today. Equity $1,016.94, BP $623.15.

DEEP tick ([path]12:52 ET). Tape: hard risk-off — global chip rout (Micron-led), Nasdaq off >1%, rate-hike fears (gold/silver tumbling), and a factor rotation INTO value/cyclicals and AWAY from mega-cap AI.

Action: opened a 1-share TGT starter @ $134.42 (notional [path]$134). Catalyst: Wolfe Research upgraded Target to Outperform AND named it a Top Pick into year-end, PT $162 (entry [path]17%% below the fresh buy-rated PT — L003 valuation gate). This is NOT just an analyst-note clone of KMX (L004): it carries a real second independent signal — Q1 FY26 delivered Target's first positive comparable sales in five quarters (rev +7%% to $25.4B) and customer acquisition inflected to +4.1%% trailing-4wk vs a -8%% 52-wk trend. L003 relative strength: TGT was GREEN +3.6%% on a red, risk-off tape — uniquely outperforming a selling market = idiosyncratic confirmation, and the pop is upgrade-specific (above its sector), not just rotation beta (L006). Decorrelated big-box sleeve vs CROX/QURE/KMX; L002-safe. Sized as a STARTER (1 sh) because it shares the turnaround+upgrade template with KMX — method-replication is ONE bet (L004); per-trade cap fits only 1 whole share anyway. Risks: value-trap reputation, tariff/owned-brand cost pressure, unproven new management (Cornell AGM vote 06-10 now past, ISS QualityScore 1).

Passed: QGEN (MS OW $42, only [path]13%% upside — thin valuation gate); IBM/AMD/Synopsys (mega-caps out of the $200 per-trade cap, L001); M/CMG/CBRL/KTB (no fresh same-day catalyst). Stayed disciplined (L001) — only deployed where a genuinely good name fit one whole share below the cap.

Held book — all thesis-intact, no exit flags, no adds: CROX [email] (-1.26%%, peak +5.86%%), QURE [email] (+0.47%%, peak +2.34%%), KMX [email] (-1.34%%, peak +1.81%%). All drifting with the soft tape, none near stops; add-triggers unmet (KMX needs a clean base breakout + 2nd signal). Deployed today $134.42 of $500 headroom; cash buffer intact (BP [path]$489 after fill, > $200 floor).

DEEP tick — no new position, no sells. Disciplined dry-powder hold into tomorrow's binary.

Tape. Textbook ROTATION, not risk-off: a Korean chip tumble cascaded into a US semi rout (Micron -11%, NVDA -3%, Nasdaq -1.1%), but the Russell 2000 is +1.45% as proceeds rotate into value/cyclicals, small-caps, financials and industrials. Warsh's first FOMC decision and Micron earnings both land tomorrow (Wed 06-24).

Positions (all thesis-intact, zero exit flags, all above their -10% stops; no trailing stops active):

• QURE +8.3% on the day (44.39->48.07) — decorrelated biotech momentum off the 06-19 AMT-260 readout; the standout idiosyncratic winner. Testing the '$48 hold' add-gate intraday but not a confirmed multi-session base.
• TGT +3.8% (129.73->134.715) — yesterday's... today's Wolfe Outperform/Top-Pick upgrade pop holding; idiosyncratic relative strength on a red tape (L003), partly aided by value rotation (L006).
• KMX [path]flat (-0.2%) — muted rotation participation, post-earnings base holding.
• CROX -2.1% on the day — the laggard; consumer-disc did not lead the rotation. Thesis intact, comfortably above stop.

Why no buy (the high-EV move is doing nothing on purpose):

1. L006 — my book (CROX/KMX/TGT/QURE) is ALREADY long the winning style box. Adding another value/cyclical turnaround name today stacks more factor beta and dresses style-box rotation up as fresh conviction.
2. L004 — CROX, KMX and TGT are already three clones of the same template (fresh buy-rated upgrade, entry below the new PT). A fourth clone is one bet on the template, not a fourth conviction. I already deployed my single best idiosyncratic idea today (TGT, on genuine relative strength).
3. L001 — the loudest upgrades on the wire (NVDA, MSFT) are out of the $200/whole-share cap AND on the wrong side of today's chip de-rating. No affordable, decorrelated name with a FRESH idiosyncratic catalyst + a real second signal presented itself.
4. L005 — Warsh's first FOMC decision + Micron earnings are scheduled binaries tomorrow. Carry dry powder INTO the event; a flush buys better entries, and I'm already long the names I believe in. Headroom $365.35 and [path]$488 buying power preserved.

Add-gates to watch next DEEP: QURE only on a confirmed hold above $48 across sessions (post-FOMC); none of the consumer/retail clones add without a fresh second catalyst and price still well below PT.

(Ops note: per-symbol ticker-news endpoint 404'd this tick — auto news_ingest captured 0 rows and manual fetch_ticker_news also failed; macro RSS feed was healthy. Macro read sourced from CNBC RSS + WebSearch.)

DEEP tick (14:05 ET) — full signal sweep run (RSS macro/markets/earnings + HN + WebSearch over QUERIES); brief written to logs/research/20260623T180655-signals.md. HOLD all four, deployed $0.

Tape: global chip/AI rout is the day's story — Korean market tumble, MU -11.4%, NVDA -3.2%, TSM -5.2%, INTC PT bumps notwithstanding. Rotation into value/defensives, but uneven (CAT -3.6% on tariff margin guide at [path]49x P/E; ASTS -14.6% on Blue Origin pad explosion). Gold/silver tumbling on rate-hike fears.

Why no trade — L005, doubled. Tomorrow (6/24) is a DOUBLE scheduled binary: the Warsh FOMC decision AND Micron Q3 — and MU is the chip-cycle bellwether (L002). Deploying fresh capital the afternoon before two coin-flips is exactly the low-EV pre-positioning L005 warns against; the -10% hard stops already cap downside, and dry powder lets a post-event flush buy better entries. No in-cap, idiosyncratic, buy-below-a-fresh-buy-rated-PT setup (L003) surfaced in the sweep — the only buzzy names are chip/AI (MU/NVDA/INTC), wrong side of the rout and the very binary I want to avoid.

Book is well-placed for this tape (value/defensive tilt) and every thesis re-justified intact:

• CROX -0.79% (peak +5.86%) — Baird OW $150 NA/HEYDUDE turnaround; no second catalyst, no breakdown.
• QURE +1.11% (peak +2.34%) — FDA Type-B/AMT-130 BLA (Cantor OW $61); clinical name insulated from the rout; breakout add-trigger still unconfirmed, no add.
• KMX -1.37% (peak +1.81%) — Q1 FY27 beat + Stephens OW $66 turnaround; CNBC confirms the earnings BEAT, dip is tape/rate-fear, not thesis.
• TGT -0.01% (peak +0.22%) — Wolfe OP/Top-Pick $162; new governance overhang (record-low investor support for Chair Cornell) read as accountability catalyst, thesis intact.

KMX/CROX/TGT stay ONE methodological bet (turnaround + fresh buy-rated upgrade), all starters — no add without a second independent signal (L004). No exit flags; nothing above its +10% trailing-activation peak. Deployed today $134.65, headroom $365.35, BP $488.73. Ticker memories updated for all four.

DEEP tick (14:43 ET) — refreshed the signal sweep [path]35min after the 18:06 DEEP (RSS macro/markets/earnings + HN + WebSearch over movers/FOMC). Brief: logs/research/20260623T184352-signals.md. HOLD all four, deploy $0.

Factual correction (matters for honesty + content): earlier-today briefs called tomorrow a "double binary (Warsh FOMC + Micron)." That's wrong — the Warsh FOMC already happened 2026-06-17 (hawkish HOLD, funds 3.50–3.75%, dot-plot lifted to [path]3.8% YE). There is no FOMC on 6/24. The only scheduled binary tomorrow is Micron Q3 (cons [path]EPS $20 / rev $34.7B; HBM4 + FY27 guide), and MU is the chip-cycle bellwether (L002). My book has zero chip exposure, so Micron is a macro-sentiment risk, not a position risk.

Tape (unchanged): global memory/chip rout led by Micron, S&P/Nasdaq off [path]2%; clean rotation into defensives (WMT +2%, JNJ, KO green; Evercore pushing negative-beta names). Gold/silver still tumbling on rate-hike fears. My value/defensive book sits on the right side of it.

Why no trade — discipline, not a binary. No in-cap, idiosyncratic, buy-below-a-fresh-buy-rated-PT setup surfaced (L003). The buzzy upgrades are out of reach or off-thesis: IBM +5% on JPM OW ([path]$280/sh — blows the $200 cap and whole-share affordability, L001); NVDA/RKLB/MSFT are chip-AI, wrong side of the rout. Forcing a trade into $365 headroom just because it exists is exactly L001/L004. Dry powder also sits cleaner ahead of the Micron print.

Held book re-justified, all four theses intact:

• CROX 1sh @ 122.16, quote 120.82 (-1.10%, peak +5.86%): Baird OW $150 NA/HEYDUDE turnaround; no 2nd catalyst, no breakdown. Hold.
• QURE 1sh @ 47.05, quote 48.065 (+2.16%, peak +2.34%): CNBC today — "UniQure to seek FDA approval for Huntington's gene therapy" — directly confirms the AMT-130 BLA thesis; clinical name insulated from the rout. Retesting the $47-48 base top but breakout add-trigger still unconfirmed → no add. Hold.
• KMX 2sh @ 52.83, quote 51.67 (-2.20%, peak +1.81%): CNBC confirms the Q1 FY27 earnings BEAT + CEO turnaround plan; the dip is tape/rate-fear, not a thesis crack. Stephens OW $66. Hold.
• TGT 1sh @ 134.42, quote 134.075 (-0.26%, peak +0.22%): Wolfe OP/Top-Pick $162 big-box turnaround; Cornell investor support at a record low = accountability overhang, thesis intact; Hollister x Target back-to-college tie-up a minor positive. Hold.

KMX/CROX/TGT remain ONE methodological bet (turnaround + fresh buy-rated upgrade), all starters — no add without a 2nd independent signal (L004). No exit flags; none above its +10% trailing-activation peak. Deployed today $134.65, headroom $365.35, BP $488.73. Ticker memories updated (QURE/KMX fresh CNBC headlines, CROX carries the FOMC-timing correction).

DEEP tick — 2026-06-23 midday — no trade, carry dry powder

Tape: Hard risk-off. Global chip rout, Nasdaq -2% led by Micron; gold/silver tumbling on rate-hike fears; Hormuz/Iran headlines. Classic L005 chop.

Book (all 4 starters, theses intact, none near a stop):

• CROX -0.75% ($121.25) — Baird Outperform turnaround (PT $150) intact; mild market-beta red, no thesis crack. Stop [path]$109.94. Add-gate unmet.
• QURE +1.85% ($47.92) — idiosyncratic relative strength on a red tape (L003). Today's "UniQure to seek FDA approval for Huntington's" headline REAFFIRMS the 06-17 Type B reversal; it's continuation, not a fresh second signal. Add-gate (confirmed HOLD above $48) sitting right AT the line, not above → no add.
• KMX -1.94% ($51.81) — Q1 beat + upgrade wave intact; new CEO's "turnaround takes years" framing is a KNOWN, already-priced risk (not a thesis-break). AGM today. Post-earnings base drifting lower → add-gate unmet. Stop [path]$47.55.
• TGT -0.22% ($134.13) — day 2; today's TGT flow is net NEGATIVE (Cornell support lowest ever, LGBTQ+ spend loss), the opposite of the fresh positive second catalyst the add-gate requires → no add. Wolfe turnaround thesis intact. Stop [path]$120.98.

New names: none. The day's "biggest gainers" are microcap moonshots (INHD, CAST, …) — exactly the forced-exposure trap L001 warns against. No idiosyncratic, investable relative-strength leader surfaced.

Decision: No exits (zero exit flags, four intact theses), no adds (every add-gate is unmet), no new position. Hold $365 daily headroom / $488 buying power as dry powder into a risk-off chip-rout tape — L005: doing nothing on purpose is the highest-EV move when nothing clears the bar. The book is already four clones of the same turnaround+fresh-catalyst template (L004 = one bet), so a 5th would add correlation, not conviction.

Deployed today $134.65 (the TGT starter, earlier) / headroom $365.35 — unchanged this tick.

DEEP tick — hold the book, no new trade; QURE add armed for tomorrow

Tape: sharp RISK-OFF — AI/chip rout (Micron-led, Nasdaq [path]-2%), CAT -3.6%, GEV -7.3%, gold/silver down on rate-hike fears. Micron earnings Wed 06-24 after close is the only scheduled binary; no FOMC tomorrow (June FOMC was 06-16/17). deployed_today $134.65 (TGT, opened earlier today), daily_headroom $365.35, buying_power $488.73 (cash buffer $200 floor).

Positions — all 4 healthy, no exit flags, all theses intact:

• QURE [email] -> $49.17, +10.8% on the day (idiosyncratic biotech relative strength on risk-off, L003). FDA Type-B/AMT-130 BLA thesis intact (Cantor OW $61 / Barclays $65). Breaking ABOVE the $47-48 base into the close — price-action add-trigger confirming intraday.
• KMX [email] -> $51.77 (-2.0%). Q1 beat + Stephens OW $66 turnaround intact; consolidating on the soft tape.
• TGT [email] -> $134.16 (-0.2%). Wolfe OP/Top-Pick $162 turnaround intact; holding the upgrade pop. Governance overhang = watch, not a break.
• CROX [email] -> $121.31 (-0.7%). Baird OP $150 turnaround intact.

Action: NO new trade. (1) TGT was already today's deployment; QURE/KMX/TGT/CROX are mostly ONE turnaround-clone methodological bet kept at starters (L004), with QURE the lone distinct biotech sleeve. (2) The one genuinely fresh setup — QURE's base breakout — is real and L005 is now clear (no FOMC tomorrow; QURE's own binary behind us), BUT I will not chase the high-of-day in the final minutes, and my own sharpened standard wants a MULTI-SESSION hold above $48 (today is the first close above it). I already own a share for the upside. QURE add ARMED for tomorrow's first DEEP: +1 tiny share if it opens and holds >[path]$48 with price <$61; skip on a hard gap or a fail back into the base. Signal brief: logs/research/20260623T200036-signals.md.