DEEP — held the book, opened nothing

Tape: Risk-off in tech/chips (OpenAI IPO delay → SoftBank -13%, Micron soft, AI-hardware de-rating chatter), partly offset by a broadening small-cap rally, CAT record highs on AI-power backlog, and oil <$70 on the U.S.-Iran peace deal. Meme froth (Wendy's) fading.

Positions (all 5 re-justified, no exit flags):

• CROX +2.7% — Baird OUTP $150 thesis intact; today's 'Friday analyst calls: Crocs' is the 06-11 upgrade re-capped, no new catalyst. Hold.
• QURE +0.9% — today's Huntington's-FDA headline is the 06-17 Type B agreement re-reported, NOT a fresh BLA filing; add-gate (BLA confirmation + hold >$55) unmet. Hold, no add.
• KMX +0.1% — Q1 beat + Stephens OW $66 turnaround intact, earnings binary now behind; no 2nd catalyst → no add. Hold.
• TGT +4.6% — Wolfe OUTP $162 intact; shrugged off negative governance/LGBTQ-spend headlines while green on a red tape (L003 relative strength). Hold; watch the comps/traffic risk those headlines flag.
• VRNS +5.7% — Stephens OW $45 + take-private rumor intact; peak +9.5%, trailing stop arms near +10%. Hold, no rumor-chasing add.

No new buy. Nothing cleared the L003/L004 gates (fresh buy-rated catalyst + 2nd independent signal + entry below PT + relative strength). Per L005 I carry dry powder into a choppy risk-off tech tape; per L001 I won't force a 6th position on affordability. Headroom untouched: $0 deployed today, $500 daily / [path]$250 deployable after the $200 cash buffer.

DEEP — HOLD all five, open nothing

Sweep: CNBC RSS (macro/markets/earnings, 360 docs) + HN (30) + WebSearch over QUERIES + targeted catalyst searches. [path]31 min after the 13:37Z DEEP — tape essentially unchanged. Brief: logs/research/20260626T141103-signals.md.

Tape: Still risk-OFF in tech/chips — S&P down, OpenAI IPO reportedly delayed to 2027 (SoftBank -13%), CNBC running an "another DeepSeek moment" AI-hardware de-rating piece. Offsets: CAT record highs on AI-power infra, small-caps broadening, crude <$70 (Strait of Hormuz reopening, fragile). Meme froth (Wendy is) dead on day 2.

Catalysts touching the book:

• KeyBanc DOWNGRADED Nike to sector-weight (footwear turnaround slow) — peer-negative read-through for CROX, but CROX trades GREEN/idiosyncratic on its Baird OUTP $150 thesis (L003 relative strength). Crocs again named in CNBC Friday analyst-call roundup, no fresh rating beyond the 06-11 Baird upgrade.
• QURE Huntington-FDA headline = the 06-22 Type-B reversal re-reported (3-yr Phase I/II analysis accepted as primary BLA basis for accelerated approval), NOT a fresh BLA filing — BLA still only INTENDED Q3-26, stock -1.7% below cost. Add-gate (filing confirmation + price <$55) unmet.
• TGT negative noise (Cornell board-support record low; LGBTQ+ spending-loss survey) but stock GREEN through it = relative strength, thesis holding.

Book (all 5 intact, no exit flags): CROX +2.78% (peak +5.86%) · QURE -1.73% (peak +3.63%) · KMX +0.58% (peak +1.81%) · TGT +4.94% (peak +5.83%) · VRNS +7.70% (peak +9.47%, just under the +10% trailing-stop arm — watch).

Decision: HOLD all five, open nothing. No name cleared the L003/L004 gates (fresh buy-rated catalyst + 2nd independent signal + entry below PT + relative strength). Per L005 keep dry powder in a choppy risk-off tech tape; per L001 do not force a 6th position for affordability. Headroom untouched ($500 daily / [path]$250 deployable after the $200 cash buffer). Ticker memory updated for all five.

DEEP tick ([path]10:46 ET, [path]35 min after the 14:11Z DEEP). Fresh sweep: CNBC RSS (360 docs, cache tops 06-24) + HN (noise) + WebSearch over QUERIES + targeted analyst/catalyst searches. Brief persisted to logs/research/20260626T144939-signals.md. No trades, no exits — HOLD all five, opened nothing.

Tape: Risk-off in tech/chips persists on the 06-24 Micron memory-crisis print (chip-bull-crack narrative). S&P [path]-0.22%, Dow [path]flat/green, Tech [path]-0.20% — the Dow-green/tech-red breadth = small-cap/cyclical broadening (L006 rotation watch). None of my 5 names is a chip/AI-hardware name, so the de-rating is not a direct book hit.

Book (all intact, zero exit flags, all far above -10% stop, none at +10% trailing activation):

• TGT +5.14% (peak +5.83%) — Wolfe OUTP/Top-Pick $162 turnaround intact; Cornell governance noise only.
• VRNS +7.67% (peak +9.47%) — Stephens OW $45 + net-new SaaS ARR + 06-23 Bloomberg take-private rumor. No new development today (still preliminary, no official process). Peak just under +10% trailing-arm — watching, will NOT size up on the unconfirmed rumor (L004).
• CROX +4.26% (peak +5.86%) — Baird OUTP $150; holds green vs KeyBanc Nike footwear-downgrade peer noise = L003 rel strength.
• KMX +0.27% (peak +1.81%) — Q1 FY27 beat + Stephens OW $66; basing, no crack.
• QURE -0.23% (peak +3.63%) — AMT-130 FDA Type-B reversal intact; price <$55, breakout-add gate NOT met.

Why open nothing: No name cleared the L003/L004 entry gates (fresh buy-rated catalyst + 2nd independent signal + entry below PT + idiosyncratic relative strength). The only fresh affordable initiations (VELO3D, Tonix, Whitehawk, Boost Run) are speculative microcap/biotech that fail the quality gate — L001 (do not force a 6th name for affordability). Per L005, carry dry powder in a choppy risk-off tech tape.

Deployed today $0; full $500 daily headroom and $450.16 buying power preserved ([path]$250 deployable after the $200 cash buffer). All 5 ticker memories updated.

DEEP tick (15:27Z) — signal sweep run, no trades. HOLD all 5, carry dry powder.

Signals gathered

• RSS macro/markets/earnings + HackerNews: 400 docs ingested, 0 cashtag-tagged ticker signals (RSS uses names not $tags) → brief written to logs/research/20260626T152715-signals.md. No new candidate surfaced from the buzz layer.
• WebSearch sweep (movers / premarket / WSB / upgrades / rotation):
  • Tape = tech risk-off + rotation. Nasdaq [path]-1.5%, S&P [path]-0.7%; SoftBank -13% on reports OpenAI may delay its IPO to 2027; Mag7 weak on AI-cost worries. Money rotating into value/cyclicals/financials; CAT at record highs on AI-power-infra backlog ([path]$63B). UMich consumer sentiment [path]48.9, near historic lows.
  • Movers were either out of cap, pumps, or done deals: TTWO Buy init $290 (price [path]$243, tech, > per-trade cap); micro-cap pops WYY +45% / MIMI +61% (idiosyncratic pumps, not investable); MSTR high-beta crypto-meme (WSB-driven, insider Form 144s + class-action prep); Bio-Techne +19% = closed Merck $11.3B acquisition (no spread).

Decision: no new position

Three lessons converge on "do nothing":

• L006 (rotation vs alpha): my whole book is green today (CROX +3.9%, TGT +5.0%, VRNS +8.6%) largely because the value/cyber-defensive style box is catching the rotation bid off a tech selloff — that's factor beta. Adding more value/cyclical beta on a rotation day is doubling the bet that the rotation persists, not adding conviction.
• L004 (template ≠ conviction): every affordable candidate that fit was another "fresh buy-rated upgrade, entry below PT" clone — the same single methodological bet I already hold four costumes of. No name offered a second independent signal.
• L001 (affordability ≠ conviction): the only genuinely idiosyncratic catalysts (TTWO) sit above the $200 per-trade cap; I will not force a second-best name in just to deploy.

Held names all thesis-intact, no exit flags (FAST re-justified each at 15:18Z). VRNS peak +9.47% — one more leg arms the +10% trailing profit-stop; watching. Carrying $450.16 buying power / [path]$250 deployable above the $200 buffer / full $500 daily headroom as dry powder (L005). Equity $1,037.65, +3.8% vs the $1,000 start.

DEEP — 2026-06-26 (hold the book, keep dry powder)

Tape. Inflation tops 4%; hawkish Fed (Kashkari flags a 2026 hike, Goolsbee says inflation too high). A tech sell-off + a reported OpenAI IPO delay are driving a textbook rotation out of megacap growth into defensives/value — June's leading sectors are Basic Materials, Comm Services, Healthcare. S&P green today on the defensive bid but heading for a losing week; UMich consumer sentiment near historic lows. My five-name book sits squarely on the right side of this rotation and is green everywhere except a -1.1% QURE.

Positions — all HOLD, theses intact, zero exit flags:

• CROX +4.45% (peak +5.86) — Baird Outperform $150 NA/HEYDUDE turnaround intact; no fresh 2nd catalyst, add-gate unmet.
• QURE -1.14% (peak +3.63) — today's "uniQure to seek FDA approval for Huntington's" only reaffirms the planned Q3 BLA; it is not the BLA acceptance my add-gate requires, and the stock is fading on its own news. Hold the 2-share position; the breakout's already paid for. Watch for an actual BLA acceptance / 3rd OW init / a clean base >$55.
• KMX +0.53% (peak +1.81) — same Q1 FY27 beat already underwriting the thesis; holding the post-earnings base, no second confirming catalyst. Hold the starter.
• TGT +4.68% (peak +5.83) — Wolfe Outperform/Top-Pick $162 turnaround intact, but today's strength is partly defensive-rotation style-box beta (L006), not a fresh idiosyncratic signal, and the day's headlines are governance-negative (Cornell support lowest ever). No add. Hold the starter.
• VRNS +9.64% (new high-water, nearing the +10% trailing-stop activation) — best performer, but the move is the take-private rumor leg with no fresh confirming catalyst (deal confirmation / new print / 2nd analyst). My own thesis says "I will NOT size up on the rumor." Hold the 3-share starter; trailing stop is about to arm.

New deployment: NONE. No clean idiosyncratic catalyst-below-PT setup carrying a genuine second signal surfaced in my universe today (Bloom Energy = tariff-policy noise; Wendy's meme already failed to extend to day-2). Adding a 6th starter into a book that is already five decorrelated starters would be exactly L004 (method-replication masquerading as conviction) and L001 (affordability ≠ conviction). The highest-EV move is L005: do nothing on purpose and carry the $450 dry powder. Deployed today: $0 of $500 headroom.

Ops note: the per-symbol ticker-news RSS feed 404'd this tick (source down); decisioning leaned on the macro RSS catalog + WebSearch instead.

DEEP — 2026-06-26 (midday, market open)

Action: NO TRADES. Hold the book, keep dry powder ([path]$250 deployable after the $200 cash buffer).

Tape / signals

• Persisted brief: logs/research/20260626T164312-signals.md (RSS macro/markets/earnings + HN; 400 docs).
• Dominant theme: rotation OUT of tech/AI into small-caps, cyclicals & value (CNBC "big rotation out of tech," Citi cuts tech weighting, OpenAI IPO delay, Apple/MSFT price-hike drag on Mag7). Nasdaq/S&P clawing back midday after the chip-led sell-off.
• Macro is hawkish/risk-off: inflation tops 4%, Kashkari floats a 2026 rate hike, Warsh pressure eased. Top June sectors: Basic Materials, Comm Services, Healthcare.
• Big movers are chip/AI (Micron +17%, Qualcomm +9%) — out of reach (L001, $200 cap) and exactly the AI-cycle I avoid (L002).

Book review (all 5 theses intact; every add-gate UNMET)

• VRNS +9.07% (peak +9.64%) — best name, cybersecurity. Add gate = breakout WITH fresh confirming catalyst; none today. No size-up on the take-private rumor. Hold.
• TGT +4.84% — strong, [path]17% below Wolfe $162. Governance headlines (Cornell support record low) are known overhangs, not a break. No fresh 2nd catalyst → no add.
• CROX +3.83% — momentum, no fresh upgrade/pullback. Hold.
• KMX +0.09% — consolidating post-earnings base; hawkish-rate headwind to auto/CAF. No new catalyst → no add.
• QURE -0.88% — today's CNBC FDA headline is a RECAP of the known 06-17 Type B / Q3-BLA catalyst, NOT new. Back below the $47-48 base; add gate (BLA acceptance / 3rd OW / hold >$55) unmet. Hold.

Why nothing (discipline)

No holding's add-gate is met and no fresh new idea clears the L003 valuation gate + L004 second-signal bar today. The book is already long the rotation (4 of 5 are value/cyclical/consumer) — buying another value name would just stack factor beta, not alpha (L006). Per L005, carrying dry powder into a hawkish, risk-off rotation tape is the highest-EV move; per L001, I won't force exposure into the only affordable (chip) names. Exit flags: none; no stops near. Re-evaluate next DEEP.

DEEP tick — full signal sweep (360 RSS macro/markets/earnings + 30 HN + WebSearch); reviewed all 5 positions and the candidate universe. HOLD all 5, NO new deployment.

Tape. Rotation OUT of tech/AI INTO defensives/value/small-caps continues: inflation >4%, Kashkari expects a 2026 rate HIKE, Citi cuts tech weighting, S&P heading for a losing week, chips bleeding (Micron whipsaw, ON Semi -20% on the Synaptics deal, AVGO -3% on a Google/MediaTek TPU report). JNJ +3.5% confirms institutional flight to safety. NEW macro risk: Trump says Iran violated the ceasefire — Strait of Hormuz drone attacks (geopolitical/oil risk-off). My 5-name value/defensive book sits squarely on the right side of this rotation.

Positions (all theses intact, none near a stop, all trailing stops OFF):

• CROX +4.04% (peak +5.86%) — Baird OP $150, HEYDUDE/NA turnaround intact.
• QURE -0.73% (peak +3.63%) — FDA Type-B/AMT-130 BLA path (Q3-26) intact; only red name but holding the $47-48 base. Thesis unbroken.
• KMX -0.17% (peak +1.81%) — Q1 FY27 beat + Stephens OW $66 turnaround intact.
• TGT +4.89% (peak +5.83%, fresh high) — Wolfe OP/Top-Pick $162, extending. One of the book best.
• VRNS +8.84% (peak +9.64%) — multi-signal cyber + the 06-23 take-private rumor; peak at the cusp of +10% trailing activation. WebSearch reconfirmed the SAME facts (Blackstone/Thoma Bravo/Vista; Wells Fargo $45-50; [path]3.9x EV/27 rev vs [path]7.3x peers) with NO new development — still one unconfirmed rumor.

No new deployment, and why. No clean NEW idiosyncratic catalyst-below-fresh-buy-PT-with-a-2nd-signal setup surfaced in my universe. Today movers (NVDA/RKLB/MSFT upgrades, TKO MS OW) are off-theme (AI/tech) or outside the whole-share cap (L001). A 6th starter on the same analyst-catalyst template would be L004 clone-stacking, not a new conviction. VRNS add-gate stays UNMET (won't size a rumor, L004). With fresh Strait-of-Hormuz risk-off, carrying the $450 dry powder is the higher-EV move (L005).

Book equity $1,038.02 (+3.8% vs the $1,000 start), $450.16 buying power, $0 deployed today, full $500 daily headroom. Brief written to logs/research/20260626T171539-signals.md; ticker memory refreshed for all 5.

FAST tick — no action, whole book held; no exit flags, no broken theses.

Reviewed all 5 open positions against their stops and theses. Nothing flagged, nothing near a hard stop, all theses intact:

• CROX $126.715, +3.73% (peak +5.86%) — Baird Outperform $150 NA/HEYDUDE turnaround intact; well below PT, far above the -10% stop ([path]$109.94).
• QURE $47.10, -2.24% (peak +3.63%) — FDA Type-B reversal (AMT-130 primary BLA basis, Q3-26 submission) intact; minor red drift, no FDA setback, holding the $47-48 base zone. Far above the -10% stop ([path]$43.36).
• KMX $52.105, -1.37% (peak +1.81%) — Q1 FY27 beat + Stephens OW $66 turnaround intact; no guidance/SG&A/CAF crack. Far above the -10% stop ([path]$47.55).
• TGT $140.325, +4.39% (peak +5.83%, fresh high vs cost) — Wolfe OP/Top-Pick $162 turnaround intact, extending the upgrade move. Far above the -10% stop ([path]$120.98).
• VRNS $39.21, +7.96% (peak +9.64%, fresh high) — multi-signal cyber thesis (Stephens OW $45 + ARR beat + PE take-private rumor) intact. Peak now just under the +10% trailing-stop activation; watch next tick for the trailing profit-stop to arm. Take-private remains an unconfirmed rumor, so no size-up (L004). Far above the -10% stop ([path]$32.69).

Book: equity $1,033.29 (+3.3% vs $1,000 start), cash $450.16, 0 deployed today, full $500 daily headroom. No trades placed.

DEEP tick (14:28 ET, market open) — gathered signals (RSS macro/markets/earnings 360 docs + HN + WebSearch), wrote brief 20260626T182951-signals.md, refreshed all five ticker theses. No new position, no exit — full HOLD.

Regime (unchanged from the 17:53 DEEP): decisive rotation OUT of tech/AI/chips into value/cyclicals. Micron whipsawing, ON Semi -20pct on the Synaptics deal, Apple price-hikes sparking a demand/margin reassessment, S&P heading for a losing week, inflation >4pct with Kashkari flagging a 2026 hike. My book — CROX/KMX/TGT (consumer-value), QURE (gene-therapy), VRNS (cyber) — stays squarely in the winning style box. Crediting that honestly (L006): a chunk of today's green is rotation beta, not pure alpha; only TGT/VRNS show genuinely idiosyncratic relative strength.

New reads this tick:

• QURE — Bio-Techne (TECH) +19pct on Merck's $11.3B buyout keeps gene-therapy/tools M&A sentiment warm: supportive read-through for the AMT-130 BLA-path thesis. -2.6pct, basing $46-47, no FDA setback. Hold.
• Consumer sleeve (CROX/KMX/TGT) — UMich consumer sentiment is near historic lows ([path]48.9). A mild headwind to discretionary/used-car demand, but no fundamental crack in any name. It is a reason to hold dry powder, NOT to add consumer exposure.
• VRNS +8.8pct (peak +9.6pct) — closing on the +10pct trailing-stop activation; once peak crosses +10pct a profit-stop arms at half the peak gain. Thesis unchanged, single unconfirmed take-private leg, no size-up (L004).

Why no new trade. Today's big movers (AYI +21pct, BB +20pct) already popped on earnings — buying after a 20pct one-day pop fails my entry gate (buy BELOW a fresh buy-rated PT, not above a spike; L003). Bio-Techne is in a closed M&A deal (no edge). No candidate clears the L004 second-independent-signal bar, and a weak-consumer print argues for keeping powder, not forcing a 6th name (L001). Highest-EV move with theses intact and no qualifying catalyst is to do nothing on purpose (L005).

Account: equity $1,034.37 (+3.4pct vs $1,000 start), buying power $450.16, $0 deployed today, full $500 daily headroom. Five positions, zero exit flags, all comfortably above their -10pct hard stops and none has tripped the trailing activation. Ticker memories updated for all five.

DEEP — HOLD the full book, no new entry, no exits. [path]15:00 ET (19:00Z), market open. Equity $1,034.71 (+3.5% vs $1,000 start), buying power $450.16, deployed today $0, daily headroom $500, no exit flags.

Signal sweep (RSS macro/markets/earnings 360 docs + HN + WebSearch). Regime UNCHANGED from the 18:29Z brief: decisive rotation OUT of tech/AI/chips INTO value/cyclicals — now bifurcating within chips (MU +15% on a memory blowout vs ON -24%, ORCL -11%), with inflation topping 4% and Kashkari telegraphing a rate hike this year. New colour: cyclicals are starting to draw analyst DOWNGRADES and consumer-discretionary flashed caution (GPS -14% on a guidance cut). Today's fresh upgrade flow is concentrated in AI/semis (ARM PT->$320/$273, MU->$1,100) plus a 3M (MMM) Goldman Buy/$190 — all either the box I deliberately avoid (L002 chip-cycle bellwether risk, L001 affordability) or carrying no second independent signal.

No new entry clears the gate. L004 demands a fresh buy-rated catalyst + a SECOND independent signal + a buy below the fresh PT + a whole share inside the $200 cap. Nothing on offer qualifies: the upgrades are in the avoided box, and the on-rotation cyclicals are seeing downgrades, not fresh buy-the-dip setups. Per L001 I won't let 'the only affordable name' masquerade as the best idea, and per L005 dry powder INTO a still-hawkish tape is the higher-EV move. Carrying $450 cash.

Positions — all thesis-intact, no exit flags:

• VRNS 3 sh @ $36.32 -> $39.39, +8.45% (peak +9.64%): cyber sleeve, leading; trailing not yet armed (<+10% peak).
• TGT 1 sh @ $134.42 -> $140.705, +4.68%: consumer-value turnaround; idiosyncratic green despite a LGBTQ+ consumer-spend survey headline.
• CROX 1 sh @ $122.16 -> $127.17, +4.10%: consumer-value, holding the winning style box.
• QURE 2 sh @ $48.18 -> $47.23, -1.97%: gene-therapy; the TECH/Merck $11.3B buyout keeps the warm gene-therapy M&A read-through alive; minor red, base intact.
• KMX 2 sh @ $52.83 -> $52.02, -1.53%: the CNBC 'shares fall after beat' headline is the SAME owned Q1 FY27 print (EPS $1.31 beat, but used-retail GPU -$230 to $2,177, net earnings -11.8% on margin compression, multi-year turnaround). Known turnaround risk, not a thesis break — no guidance walk-back, SG&A reversal, CAF crack, or base breakdown. Add-trigger still unmet.

All five sit in the rotation's winning style boxes; per L006 I credit some of today's green to factor beta, not pure alpha — exactly why I'm not over-updating and sizing up. Updated KMX ticker memory and wrote the brief (logs/research/20260626T190258-signals.md).

DEEP — 2026-06-26 ([path]15:41 ET)

Action: NO new trades. HOLD all 5 positions. Carry the dry powder. No exit flags; every thesis intact.

Tape / signals

The dominant story is the Great Rotation out of mega-cap tech into small-caps, value and cyclicals — CAT +6.3%, DE +5%, rails/airlines bid, Russell 2000 leading; Citi cut its tech weighting; "another DeepSeek moment" tech sell-off plus a reported OpenAI IPO delay. Micron's blowout (memory crunch, supply tight beyond 2027) is the lone tech bright spot. Cross-currents: a hawkish-leaning Fed (Kashkari sees a hike this year; Goolsbee: inflation still too high) and a fresh geopolitical risk - Trump says Iran violated the ceasefire with drone attacks on Strait-of-Hormuz shipping (oil bid). Known event: FTSE Russell semi-annual rebalance after today's close = expected late-day volatility. Brief: logs/research/20260626T194123-signals.md.

Why hold and not deploy (the disciplined read)

1. My whole book is already long the winning factor. CROX/TGT (consumer-discretionary), KMX (auto-retail value), QURE (biotech), VRNS (data-security software, not AI-hardware) are all outside the mega-cap-growth box being sold. Per L006, piling more into the winning style box on a rotation day is over-updating on factor beta and mistaking it for alpha. The honest move is to credit the rotation, not to chase it.
2. A new buy would be a 6th template clone. Every name I own came from the same "fresh buy-rated upgrade, entry below PT" setup. L004: that is ONE bet on the template, not six convictions - don't add a clone without a genuinely differentiated, idiosyncratic, well-below-PT edge, which today's tape did not hand me.
3. CROX got its armed second catalyst - and I still didn't add. Piper Sandler upgraded CROX to Overweight today on improved NA DTC sales (a real, independent confirmation of the Baird NA-recovery thesis; BofA also recently to $145). That is exactly my armed add-trigger - BUT (a) CROX is already [path]$126 in one share and the $200 per-position cap rejects a second whole share ([path]$252), and (b) adding into a +6% green spike is buying more momentum, which my own add-gate explicitly forbids. Discipline > FOMO.
4. Carry powder into the known event. Per L005, the edge around the FTSE Russell rebalance is to hold dry powder for better post-rebalance entries, not to spend the afternoon before. I have [path]$250 deployable (cash $450 less the $200 buffer); it stays in reserve.

Positions (all HOLD, all theses intact, no stops near)

• CROX $126.11, +3.23% (peak +5.86%) - Piper OW reinforces thesis; cap-bound + momentum, no add.
• TGT $139.75, +3.97% (peak +5.83%) - Wolfe OW/Top Pick $162; [path]14% below PT.
• VRNS $39.88, +9.80% (new high-water) - multi-signal cyber/DSPM; won't size up on the take-private rumor; rebalance-flow watch.
• QURE $47.37, -1.68% - holding the $47-48 base; BLA path intact; add needs a new catalyst.
• KMX $52.135, -1.32% - turnaround intact; watch hawkish-Fed pressure on auto demand/CAF.

Guardrails clean: equity $1034.55 (>$600 kill-switch), deployed today $0 of $500, cash buffer fully intact.