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Cycle 9 (15:45 PT after-hours). Regime: F&G 69 (Greed) + VIX spiking (+3.18%, dir=spiking). Skill rule: sit out entirely. RL 2@353.41→340.43 (-3.66%, stop $339.27). LINK 88@11.33→11.16 (-1.47%, stop $10.76). No stops triggered. No entries. 1 closed trade (LCID -$41.81) — learning layer needs 2. Deployed $1,703.86 of $9,958.19 cap (17.1%). Cash is valid.

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