DEEP tick — full signal sweep (RSS macro/markets/earnings + HN + WebSearch over QUERIES); brief written to logs/research/20260625T140118-signals.md. Reviewed the book and the tape; HOLD all 5, no new orders, no exits (tick computed no exit flags). Carrying the $450 dry powder on purpose.

Tape: hot core-PCE print (3.4%, highest since Oct-2023) and BofA flagging rising correction risk into Q3. Intraday it is a mild small-cap/value ROTATION, not broad risk-on: IWM +0.65% (leading) while QQQ -0.17% / SPY -0.13% are red. Per L006 I credit the rotation rather than mistaking style-box beta for alpha.

Why no new capital deployed: the loudest movers are momentum spikes I am barred from chasing by the L003 valuation gate — Micron +19% / Qualcomm +15% (and never buy into a +19% pop), Wendy's +25% meme. None is a clean idiosyncratic entry sitting BELOW a fresh buy-rated PT. With BofA warning correction risk, cash into uncertainty is the higher-EV position (L005), and I won't force exposure just to act (L001).

Positions:

• KMX $52.905 (+0.14% vs cost, +4.2% on the day): today's standout. Own Q1-FY27 beat + CEO turnaround plan, amplified by the value/cyclical rotation — idiosyncratic strength on a friendly factor day (L006). Stephens OW $66 intact. Add-gate unmet.
• TGT $141.96 (+5.6%, fresh peak): best name in book; Wolfe OP/Top-Pick $162 (first positive comps in 5 quarters). Cornell chair-vote + LGBTQ+-spend survey are watch-items, not thesis breaks. Add-gate (<$162, 2nd catalyst) unmet.
• QURE $48.68 (+1.0%): FDA Type-B reversal thesis intact. The recirculated 06-22 "FDA reversal" headline is a RECAP of the owned 06-17 U-turn, not new info; price $48.68 is not the >$55 higher base my armed add-gate now requires. Hold, no add (L004).
• VRNS $37.25 (+2.56% vs cost): multi-signal cyber thesis intact (Stephens $45 / DA Davidson $37 + PE take-private chatter). Flat on the day, no fresh confirmation; won't size up on the rumor (L004).
• CROX $121.57 (-0.48%): Baird OP $150 HEYDUDE turnaround intact; flat, no catalyst. Starter in the turnaround-clone stack (L004).

Book: equity $1,027.92, cash/BP $450.16, deployed-today $0, daily headroom $500. Nothing to do but hold and let TGT/KMX/VRNS run.

DEEP tick (10:42 ET, market open). Gathered signals — RSS(macro/markets/earnings, 360 headlines) + HN + WebSearch over QUERIES — and wrote the brief to logs/research/. Decision: HOLD the full 5-name book, deploy $0. $0 deployed today, full $500 daily headroom intact; [path]$250 of the $450 buying power is deployable above the $200 cash buffer.

Tape: Risk-ON but AI/memory-led — Micron blowout (+10%) driving an AI rally, Qualcomm +15%, core PCE 3.4% read as in-line. BofA flags rising Q3 correction risk. Today's leadership is the AI-chip style box, NOT my idiosyncratic-turnaround edge — chasing extended NVDA/MU/QCOM upgrades (revisions, not fresh below-spot entries) would violate L001/L003, and crediting a lucky style box would repeat L006. The disciplined move is to stay in my lane.

Book — all five theses CONFIRMED intact by fresh news, no exit flags, all far above their -10% hard stops and below the +10% trailing activation:

• VRNS $38.05, +4.76% (peak +5.20%) — take-private leg CONFIRMED (Bloomberg 06-23: Blackstone/Thoma Bravo/Vista circling; Wells Fargo $45-50 vs [path]$38). Multi-signal cyber thesis intact. Still a RUMOR leg → keep STARTER, no size-up on the rumor (L004).
• TGT $141.44, +5.22% (peak +5.83%) — best name; Hollister back-to-college collection launches 06-28 (traffic catalyst) and the Cornell governance overhang resolved at the 06-10 AGM. Wolfe OP/Top-Pick $162 thesis intact.
• KMX $53.77, +1.78% (+5.6% on the day, reclaiming the post-earnings base) — Q1 FY27 beat reconfirmed (EPS $1.31, CAF now largest Tier-2 lender) but GPU/unit -$230 YoY, no FY27 guide, new CEO. Thesis intact; GPU line is the wall to watch.
• QURE $49.22, +2.16% — FDA Type-B/AMT-130 BLA path intact, holding the $47-48 base; no fresh headline.
• CROX $121.35, -0.66% — footwear turnaround clone intact; slightly red, no brand/guidance crack.

No new capital deployed. No add-gate met on any held name (each needs a clean breakout WITH a fresh SECOND independent catalyst below its buy-rated PT — none cleared today), and the candidate hunt surfaced only extended AI-infra/megacap upgrades, no fresh idiosyncratic name below a buy-rated PT inside the $200 whole-share cap. L005 favors carrying the dry powder. Appended DEEP observations to VRNS/KMX/TGT ticker memories; CROX/QURE unchanged (refreshed on the 14:31 FAST).

DEEP tick — full sweep, HOLD all 5, deploy $0

Second DEEP of the session (follows the 14:42 ET sweep, [path]35 min prior). Ran the full signal sweep — RSS (macro/markets/earnings, 360 headlines) + HackerNews + WebSearch over QUERIES — and re-checked every held thesis with fresh per-name searches. Picture materially unchanged; brief persisted to logs/research/20260625T151943-signals.md.

Tape: Risk-ON, AI/memory-led (Micron +16% blowout + raised guide; Qualcomm [path]+10% on doubled FY29 $40B non-handset target; banks bid post-stress-test). Leadership is the AI-chip / megacap-infra style box — NOT my idiosyncratic-turnaround edge. Chasing INTC (+250% YTD)/MU/QCOM revisions or RKLB would be extended-winner chasing (L001/L003/L006). Core PCE 3.4% (highest since [path]Oct'23) read as in-line.

Positions — all theses intact, no exit flags from scripts.tick (every name far above its -10% hard stop; all five peaks still < +10% so trailing stops are OFF):

• CROX 1 @ 122.16 -> 119.10, -2.50% (peak +5.86%). Only red name; Baird OP $150 NA/HEYDUDE turnaround intact, minor drift, far above [path]$109.94 stop. Hold.
• QURE 2 @ 48.18 -> 49.25, +2.22% (peak +3.30%). FDA Type-B reversal (AMT-130 primary BLA basis, Q3-26) intact. Hold.
• KMX 2 @ 52.83 -> 52.76, -0.13% (peak +1.81%). Q1 FY27 beat + Stephens OW $66 intact; watching the GPU/unit -$230 YoY line. Hold.
• TGT 1 @ 134.42 -> 140.92, +4.84% (peak +5.83%). Best name; Wolfe OP/Top-Pick $162 turnaround + Hollister back-to-college launch (06-28). Hold.
• VRNS 3 @ 36.32 -> 37.64, +3.63% (peak +5.20%). Take-private interest RE-VERIFIED as the same 06-23 Bloomberg rumor (Blackstone/Thoma Bravo/Vista, [path]3.9x vs peer 7.3x EV/rev) — still exploratory, NO deal -> STARTER, no size-up (L004). Hold.

Candidate hunt: Fresh calls today (BBBY Wedbush OP $10 micro-cap; FedEx Freight Jefferies Buy $200 — over the cap; GEHC RBC OP $80 already near PT; IBM/SpaceX/RKLB) — none is a fresh idiosyncratic name well below a buy-rated PT that fits one whole share under $200 WITH a clean second confirming signal. No held-name add-gate met.

Decision: HOLD all 5, deploy $0. No add-gate met, no compelling fresh idiosyncratic candidate, tape leadership outside my edge; L005 favors carrying the [path]$250 deployable dry powder over forcing exposure. Deployed today $0, full $500 daily headroom intact; buying power $450.16 with the $200 cash buffer protected. Equity $1,027.12 (+2.7% on the $1,000 start).

DEEP tick — 4th of the day ([path]11:54 ET), [path]37 min after the 11:17 ET DEEP.

Swept RSS (macro/markets/earnings, 360 headlines) + HN + WebSearch over QUERIES, plus a VRNS take-private re-check and a midday movers/upgrades scan. The picture is materially unchanged: risk-on tape led by AI/memory (Micron blowout, Citi peer read-through, Apple -5% on memory price hikes) and banks (post-stress-test JPM $50B buyback, GS dividend). Leadership sits in the AI-chip/megacap-infra + bank style box — outside my idiosyncratic-turnaround edge (L001/L003/L006).

Book: all 5 theses intact, no exit flags, prices [path]flat.

• VRNS +6.6% — take-private exploration unchanged from the 06-23 Bloomberg report; preliminary, no terms. STARTER, not adding on rumor (L004).
• TGT +4.9% — Hollister back-to-college launch 06-28 still the live catalyst; the "lowest-ever Cornell support" headline is the known 06-10 AGM result, not a new break. Best name.
• QURE +2.7%, KMX +0.5%, CROX -2.0% — all theses intact, CROX far above its [path]$109.94 stop.

Candidate hunt: only extended winners (NVDA Blackwell PT raises, RKLB Neutron pull-forward, GLW Truist PT) and ill-fitting names (Take-Two GTA VI pre-orders) surfaced. None meets the gate — a fresh idiosyncratic name well below a buy-rated PT, one whole share under $200, with a clean second confirming signal (L003/L004). No held-name add-gate met.

Decision: HOLD all 5, deploy $0. $0 deployed today, full $500 daily headroom intact; buying power $450.16, $200 cash buffer protected. L005 — carry the dry powder rather than force exposure.

DEEP tick ([path]12:30 ET) — fifth DEEP of the day. Ran the full sweep: RSS macro/markets/earnings (360 headlines) + HN + WebSearch over QUERIES + VRNS/movers checks. Wrote logs/research/20260625T163153-signals.md. HELD all 5, deployed $0.

Tape: Risk-ON, AI-infra led and UNCHANGED from the prior four DEEPs — Micron blowout (+13%) still leading; CAT at all-time highs (Project Kilby data-center power), IBM surging (sub-1nm chip + JPM upgrade + Palo Alto deal), Bloom Energy near highs; banks bid post stress-test (JPM $50B buyback, GS dividend). Apple -5% (memory price hikes). Core PCE 3.4% digested in-line. Leadership sits squarely in the AI-chip/power-infra + bank style box — NOT my idiosyncratic-turnaround edge. Chasing those is extended-winner chasing (L001/L003/L006).

Positions — all theses intact, no exit flags, none near a stop:

• KMX $53.06 (+4.5% on the DAY vs $50.79 close; +0.4% vs cost): Q1 FY27 beat + Stephens OW $66 working; the "shares fall" headline is stale/reversed. Hold.
• VRNS $38.27 (+5.4%): same 06-23 Bloomberg take-private rumor (preliminary, no process). New: Wedbush Ives OW but PT only $37 — already ABOVE it; Stephens $45 + ARR beat carry the thesis. STARTER, no size-up on rumor (L004). Hold.
• TGT $140.26 (+4.3%): Wolfe OP/Top-Pick $162; Hollister x Target back-to-college launches 06-28 (near-term traffic catalyst); Cornell low support = known 06-10 AGM. Hold.
• QURE $49.59 (+2.9%): UniQure to seek FDA approval for Huntington gene therapy (AMT-130, Q3-26 BLA; Cantor OW $61) re-confirmed by today RSS. Hold.
• CROX $118.82 (-2.7%): only red name; Baird OP $150 NA/HEYDUDE turnaround intact, far above [path]$109.94 stop. Hold.

Candidate hunt: No fresh idiosyncratic name sitting well below a buy-rated PT, fitting one whole share under $200, WITH a clean second confirming signal (L003/L004 gate). No held-name add-gate met. Today fresh calls are all extended AI-infra winners.

Decision: HOLD the 5-name book, deploy $0. L005 — carry the dry powder. $0 deployed today, full $500 daily headroom intact; buying power $450.16, $200 cash buffer protected.

DEEP tick — 2026-06-25 [path]13:07 ET (6th DEEP today)

Action: HOLD all 5 positions, deploy $0.

Ran the full sweep — RSS macro/markets/earnings (360 headlines) + WebSearch over QUERIES + per-name book and candidate checks. Sixth DEEP of the day, [path]36 min after the 12:31 ET sweep, and the picture is materially unchanged.

Tape: Risk-on, AI-infra/memory led (Micron +16%, IBM/Qualcomm bid, Apple -6% on memory-crunch price hikes), banks bid post-stress-test, Wendy's meme rally failing on day two, Bitcoin ETFs bleeding. Leadership sits in the AI-chip/power + bank style box, outside my idiosyncratic-turnaround edge. Chasing MU/IBM/NVDA/RKLB is extended-winner chasing (L001/L003/L006).

Book (all theses intact, no exit flags from tick):

• VRNS +6.7% (book leader) — take-private rumor unchanged from 06-23 Bloomberg; starter, don't size on rumor (L004).
• TGT +4.0% — Hollister x Target back-to-college (06-28 catalyst) live; no new break.
• QURE +3.0% — UniQure FDA Huntington (AMT-130) headline reconfirms Type-B reversal thesis.
• KMX +0.2% — turnaround intact; fresh PT raises UBS $57 / MS $44, Stephens OW $66 anchor.
• CROX -3.3% (only red) — Baird/Williams Trading both Buy $150; far above [path]$109.94 stop.

Candidate hunt: Fresh buy-rated calls are all extended AI-infra/momentum (MU/IBM/NVDA/RKLB/HOOD) or single-analyst with no second signal (MPLT Needham $42). None clears the L003/L004 gate — a fresh idiosyncratic name well below a buy PT, one whole share under $200, with a clean second confirming signal. No held-name add-gate met.

Discipline: L005 — carry the deployable dry powder rather than force exposure. $0 deployed today, full $500 headroom intact; buying power $450.16, cash buffer $200 protected, equity $1,029.47 well above the $600 kill switch.

DEEP tick (7th of the day) — full sweep, picture unchanged from the prior six. Risk-ON tape led by AI-infra/memory (Micron +16%) + banks (JPM all-time high, $50B buyback) post stress-test — squarely outside my idiosyncratic-turnaround style box. Biggest single-name moves were extended earnings/M&A pops (Acuity +21%, BlackBerry +20%, Bio-Techne +19% on a Merck take-out). No fresh idiosyncratic candidate clears the L003/L004 valuation+second-signal gate; chasing today leaders is exactly L001/L003/L006.

Book: all 5 theses intact, no exit flags, none near a stop. VRNS (+8.0%, book leader) is the only name with a live catalyst — the 06-23 take-private exploration — and it is UNCHANGED (preliminary, no terms), so it stays a STARTER (L004), no size-up on one rumor leg. TGT +4.0%, QURE +2.7%, KMX -0.3%, CROX -3.2% (only red, far above its stop).

Decision: HOLD all 5, deploy $0. No add-gate met; L005 — carry dry powder rather than force exposure. deployed_today $0, daily headroom $500 intact; buying power $450.16 ($200 buffer protected), equity $1,030.20 well above the $600 kill switch.

DEEP — 2026-06-25 mid-session

Action: NO new trade, NO adds, NO exits. Refreshed all 5 theses; carry dry powder.

Tape & signals

• Memory super-cycle is the headline. Micron blowout (rev $41.5B, record GM [path]84.6%, Q4 guide [path]15% above consensus, +16%) confirms a STRUCTURAL memory shortage — and it is corroborated by an INDEPENDENT second signal: Apple (-6%) and Microsoft (-3.8%) are RAISING product prices, explicitly citing the memory crunch. That is exactly the two-signal setup L004 wants. But every memory leader is far above the $200/trade cap — MU $1219, WDC $675, STX $1029, SNDK $2314. This is L001 in its purest form: the on-theme leaders are unaffordable, so the disciplined move is to HOLD THE CASH, not reach for a second-best memory-adjacent name. No trade on the best theme of the day — on purpose.
• Macro hawkish: core PCE 3.4%, hottest since Oct-2023. Rate-cut odds fade; keep rate-sensitive sizing modest (already do).
• Other movers are chases: Acuity +21%, BlackBerry +20% (earnings pops), CAT at ATH (AI-power). All violate my buy-WELL-BELOW-a-fresh-buy-rated-PT gate (L003). Pass.
• Biotech M&A heat: Bio-Techne +19% acquired by Merck ($11.3B) — a gene-therapy re-rating that tailwinds QURE (see below).

Position review (all theses intact, zero exit flags)

• QURE +3.1% (peak +3.6%): RSS reaffirms the Huntington AMT-130 FDA filing intent + sector M&A tailwind, but it is a RECAP of the 06-17 Type-B reversal I already traded, and price $49.66 is below my pre-committed add gate (BLA acceptance/filing CONFIRMATION, a 3rd OW initiation, or a clean hold >$55). Gate not cleared -> HOLD, no add.
• KMX +2.7% on the day: today's CNBC piece recaps the same Q1 FY27 beat I own. Turnaround thesis (Stephens OW $66) intact -> HOLD.
• TGT +3.7% vs entry: Cornell-governance recap (06-10 vote, past) + Hollister back-to-college partnership; Wolfe Top-Pick $162 comps-inflection thesis intact -> HOLD.
• VRNS +9.47% = lifetime peak, just under the +10% trailing-activate line; thesis intact (Stephens OW $45, ARR beat, PE rumor). Let it run -> HOLD, no add on the rumor.
• CROX -2.3% (peak +5.9%): Baird OP $150 NA/HEYDUDE thesis intact, well above the -10% stop -> HOLD.

Risk posture

• Equity $1031.85 (> $600 kill-switch). Buying power $450.16; deployable after the $200 cash buffer ≈ $250. Deployed today $0, headroom $500. Carrying dry powder is the highest-EV move when the only clean catalyst is unaffordable (L001) and the tape is hawkish (L005 — keep powder for a better entry).

DEEP tick — market open, signals gathered (380 RSS/HN docs + WebSearch sweep), brief persisted (20260625T191124-signals.md). No new trade — carry full dry powder.

Macro is unchanged and hawkish: core PCE 3.4% (hottest since Oct-2023), Bitcoin-ETF record outflows + bond-ETF inflows = a defensive, rate-sensitive tape that punishes high-multiple names.

Screened today's movers against the gates and found nothing clean inside the $200 cap:

• Acuity +21% / BlackBerry +20% — earnings pops; buying these chases a +20% move (violates L003 buy-below-fresh-PT).
• Bio-Techne +19% — Merck $11.3B buyout, deal already struck.
• CAT (ATH) / IBM (surge on AI-power + sub-1nm chip + JPM upgrade) — both far above the per-trade cap (L001).
• KVYO $14.0 — looked at hard, rejected. Goldman Buy $26 PT is real, but the initiation was 06-24 and the tape shrugged; the stock is -58% YTD, sitting on its 52-wk low ($12.53) with a fresh CFO departure. That is a falling knife with zero relative-strength confirmation into a SaaS-hostile hawkish tape — the textbook L001 (affordability ≠ conviction) + L003 (need price-action confirmation, not just a cheap PT) trap. Pass.

Held book — all 5 theses intact, no exit flags, no add-gates cleared:

• VRNS +8.14% (peak +9.47%, just under the +10% trailing arm) — best name, Stephens OW $45 + ARR beat + take-private rumor; still one unconfirmed rumor leg (L004) so stays a 3-sh starter.
• TGT +3.79% / QURE +3.49% / KMX -1.21% / CROX -2.85% — all re-justified, all well clear of stops.
• QURE gets a sector tailwind from the biotech-M&A heat (Bio-Techne/Merck), but that is a read-through, not a QURE-specific catalyst — no add (already added 06-24).
• Darden Q4 (soft Olive Garden comps, soft FY27 guide, Evercore->In-Line) is a soft middle-income-consumer read — logged as a macro demand-side watch on the consumer names (TGT/CROX), not a thesis break.

Deployed today $0; $450 buying power and the full $500 daily headroom carried as dry powder (L001/L005). Updated QURE/TGT/CROX ticker memories with the new sector reads.

DEEP tick — 9th sweep of 2026-06-25 ([path]15:48 ET). Decision: HOLD all 5, deploy $0.

Signals: RSS macro/markets/earnings (360 headlines) + HN + WebSearch over QUERIES + per-name checks. Picture materially unchanged across the day's sweeps. Macro stays hawkish (core PCE 3.4%, highest since Oct-2023; bond-ETF inflows surging). Leadership is AI-infra/memory + banks (Micron +16%, CAT ATH on Project Kilby, JPM $50B buyback) — a factor style box OUTSIDE my idiosyncratic-turnaround edge (L006) and mostly above the $200 cap (L001).

Movers all fail the gate: Acuity +21% / BlackBerry +20% (earnings pops, L003), Bio-Techne +19% (Merck buyout, done), CAT/IBM (>>$200), Trip.com -13% / Polestar -11% (idiosyncratic blowups).

New candidate AOSL (Alpha & Omega Semi): Lake Street initiated Buy $58 PT today, quote $45.05 ([path]22% below PT, affordable). PASSED — +7.3% ON the initiation day riding the broad semi rally = AI-infra BETA not relative strength (L006); chasing the pop, not the L003 green-against-a-selloff signal; lone initiation = single L004-template signal. Watch, do not own.

Book: all 5 theses intact, NO exit flags, no add-gate cleared. VRNS +6.7% (take-private rumor, starter — no add on one unconfirmed leg, L004); TGT +3.6% (Wolfe $162 + Hollister 06-28); QURE +2.7% (AMT-130, added 06-24); KMX -1.0% (Stephens $66 turnaround); CROX -2.5% (Baird $150, far above [path]$110 stop).

No new trade. Carry full $450.16 buying power / $500 daily headroom as dry powder (L001/L005). $200 cash buffer protected; equity $1,028.75 well above the $600 kill switch.