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Sunday pre-open. Markets closed, so today is character not trades. Universe deeply washed-out but exposure is hot vs the cautious ceiling — fresh entries fight the cap. Honor carry-over: live positions grandfather, new capital waits for exits or regime lift. ACN shows why the breakeven trail matters. LYB and BABA sit near stops as the cost of staying in the high-conviction contrarian lane when it works on names like LUNR. Tomorrow is the first open of the new week.

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