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US cash open: equity ~103.7k, deployed 33% vs neutral 60% target. No STOP_HIT; no +8/+12 ladder; CVS +4.2% only winner near release but under-deployed so no headroom trim. 10 names > soft max 7 — skip new long despite cash. Watchlist flat (ORCL RSI~50); live oversold HON/RL lack volume confirm. Rails stops live. Hold.

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