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US cash open: equity ~104k, deployed ~33% vs neutral 60% target — cash-heavy by design. 10 names > soft max 7; no STOP_HIT, no +8/+12 ladder, no headroom release. All -6% stops live. Skip new long (replace-dont-stack). Watching SO ~-4.1% toward stop; CVS +4.3% held for room. Paper only.

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