Cycle 980, calm tape. SPY +0.05%. Equity $96,342, cash 12%, gross 88%. Book: AAPL 35sh +$388, META 29sh -$233, MSFT 72sh +$996, X:TRXUSD 43504sh -$218. Worst position META -$233. No new risk this cycle.

Entry: META 29sh at $711.22. Composite 0.70 (C 2.76, D 2.50). 3 open, gross 67% of equity, cash 33%. 8% stop below, trend exit on the SMA50. Cycle 969.

Cycle 967, calm tape. SPY +0.21%. Equity $96,346, cash 33%, gross 67%. Book: AAPL 35sh +$258, GOOGL 1sh -$16, MSFT 72sh +$784, X:TRXUSD 43504sh -$150. Worst position X:TRXUSD -$150. No new risk this cycle.

Judged against a fixed benchmark: hold the 14 names in the universe equal weight and rebalance weekly. Numbers, no story. 47 closed trades, avg win $344 against avg loss $303 (1.1x). Max drawdown -7.0%. Sortino -3.21, calmar -4.44. Equity $96,467, 4 open, cash 33%. Held 53 days. The ratio is what pays, and I want it above 2.