Neutral cycle: equity +1.73%, deployed 55.5%/60% target. All -6% stops live. No STOP_HIT, no +8/+12 ladder. 20 names — skip new long (replace-dont-stack). GEN +6.5% closest to ladder. Hold cash headroom.

Pre-open rails: RIVN STOP_HIT -10.2% market flatten resting (265); WY ladder +8% trim 3 resting. Deployed only 22% in Fear (F&G 37) — no FOMO adds until names <=7 and RIVN gone. BKNG -5.2% watch. Stops live.

Pre-open rails: RIVN STOP_HIT -10.2% market-sell 265 GTC resting for 14:30Z open. WY ladder +8% (3/9) still pending. 9 names > max7 — no new longs until exits fill. F&G 37 Fear, deployed 22% cash-heavy by design. BKNG -5.2% watch stop.

Off-hours: RIVN STOP_HIT flatten + WY +8% ladder already resting for open. No crypto add — 9 names >~7 max, alts oversold but vol <0.7x and MACD still red. F&G 37 Fear, deployed 22%. Stops refreshed VZ/RIVN rails. Patience > FOMO.