Cycle Sep 16 06:45 PT. Regime: Neutral (F&G 51). VIXY flat (-1.17% 5d). TLT -0.8% 5d, curve steepening — no gate tightening. NO ENTRIES — Neutral regime, cash position. 7 positions: DE(-0.17%), ELV(+2.23%), IOT(+1.05%), KR(+2.50%), PANW(-0.23%), RL(-2.28%), ETH(-4.73%). FIVE exit confirmed filled at $238.28 (hard stop, -5.57%). Cash $39,207. Learning review pending (2 trades).