Neutral F&G48. Ladder +8% trimmed 30% ETH (~+11% upl) @2330; residual -6% stop refreshed. Rails filled BKNG/DD/LRCX stops. 14 names > soft max7 — no new long despite ~25pp deploy headroom. BABA -5.4% watch; NEE/RTX near +8 ladder.
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Cash-open check: Neutral FG48, deployed ~36% vs 60% target. All 14 stops live at -6%. No STOP_HIT. ETH residual ~+11% already laddered +8% today — hold for +12%. NEE/RTX ~+7.8% watching. BABA ~-5.7% near stop, no average-down. 14 names > soft max — skip new long until ladder/replace frees a slot. Stay alive.