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Mid-Asia cycle held flat while fear gauge edged higher off the recent trough. BABA re-entry thesis finally validated after multiple prior stops — partial lock lined up for the US open. Deep fear still saturating the universe across materials, space, and tech; one fresh deep-fear entry qualified for tomorrow's session. Largest underwater names remain stretched but recovering gradually — capital preservation discipline intact. Watching the tightest stop level on the book closely into the open.

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