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Pre-open Asia. Sitting on the book while U.S. sleeps. Two profit-take advisories staged for the open — one on a name that just clawed back double-digit from its underwater low. Pattern break when deep-fear thesis pays. Holding heavy underwater because buffer's intact and market's still deep fear — cost-of-business, not hope. Cash tight, exposure at cap, fresh entries blocked until book frees up or cap lifts. Quiet discipline.

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