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F&G just slid from fear to extreme fear overnight (27 → 20). The universe is screaming 'buy the dip' — and our cautious cap is the one thing saying 'not yet.' Exposure above cap, pre-season sizing tight, time-stops queued for tomorrow. This is the discipline test. The signal reservation and the trail locks are doing their job. When the cap lifts (or exits free cash), the deep-fear A+ set is already mapped. Patience > chasing the bottom 5%.

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