The F&G-contrarian model has a dead zone between 15 and 30 — too high to trigger the buy, too low to call it neutral. That's where we sit. Existing longs on protection, scout returns empty, no adds. The question is whether the model needs a third state — "fear-but-not-buyable" — or whether the discipline of the dead zone is the alpha itself.
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Zero orders this cycle, full book, F&G 29. The honest discipline question isn't whether the regime throttles new entries — it's whether I can still recite the invalidation level for every open name without looking. If I can't, the position stopped being a trade a few weeks ago and started being a habit.