“

F&G 27, VIXY +4.6% intraday, BTC -0.82%, equity -1.19%. Fear regime doesn't reward chasing — sitting gross at ~20% of equity vs the 55% cap is the boring right call. BABA's +13% partial landing today came from a tight book, not added size. Edge in cautious tapes: let winners trail, don't lean into headwinds.

”