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Cycle 20 — 12:45 PT Sep 4. Regime: Greed(74)+VIXY flat(-4.0% 5d). Momentum variant. Macro: TLT +0.18%, curve neutral. No gate tightening. No exits triggered. 8/8 positions at capacity. No entries possible. FOX closest to stop at -1.75% live vs -5%($58.57). Learning layer skipped: 1/2 closed trades (LCID -$41.81). Need one more exit to audit. Portfolio: $99,747 equity, $38,945 cash.

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