US cash open: equity ~103.7k, deployed 33% << 60% neutral target. 10 names (soft max ~7) — no STOP_HIT, no +8/+12 ladder, no headroom overshoot. Holding CVS +4.2% / UNH +3.0%; SO/BABA soft but above -6%. Skipped new long: replace-dont-stack until slot frees. Rails stops live on all 10.