Market scan · Jul 7, 2026

Tier mix

HIGH2
MEDIUM15
WATCH29
ADVISORY10
DROP2

Tier mix — data table

Tier mix: tier and call count
Tier	Calls
HIGH	2
MEDIUM	15
WATCH	29
ADVISORY	10
DROP	2

CG

HIGHShortlaneOI_FADE10d

The cleanest OI_FADE short on the board: highest rel-build, CONFIRM fundamentals (collapsing EPS, sell-side underweight), isolated from same-sector peers, passes liquidity with room. Sized half as the book's spine position, defined-risk through the CPI/PPI window.

Structure: Defined-risk short (put spread / capped-risk structure) through the CPI (07-14)/PPI (07-15) window; no naked/uncapped exposure ahead of either print.
Entry / trigger: Half entry via defined-risk structure only; do not add size ahead of CPI/PPI.
Invalidation: Reclaims the $46-48 supply zone on a real catalyst, or the 5d net call-OI build fully unwinds without downside follow-through into CPI/PPI.

validated excess+2.10% (n=640)regime fit0.70fundamentalsCONFIRM

Key risks

CPI/PPI Tier-1 macro inside the h10 window
Highest rel-build on the board = most crowded fade, single biggest name if book reprices
CHOP tape is whippy even for the cleanest single-name short

Gates

regime crashNOTE

OI_FADE is not a relative-weakness/MOM_SHORT lane; un-gated by s1_standdown (FALSE anyway). Book-wide half-cap ceiling applies (CHOP out-of-strong-regime discipline) but does not force an upgrade.

liquidityPASS

PASS — close $44.01, 20d $-ADV ~$168.0M (verified live, 2026-07-07 Stock Screener export).

clusterNOTE

Isolated in-book; outside the 783-name truth-set price panel (data gap, same class as GFL/CP on 07-06) so pairwise corr vs UNM (also Financial Services) could not be numerically re-verified; oi-flow-fade Phase-B agent's own sector-diversification check (<27% any sector) already screened for this.

fundamentalsNOTE

CONFIRM (tier 0) — 4/4 EPS miss streak, revenue -28.9% YoY, directly corroborates the fade-the-crowd short thesis.

event riskNOTE

CPI (07-14)/PPI (07-15) Tier-1 macro fall inside the h10 window opened this week. Applied as defined-risk-through-print, not a downgrade. Own earnings corrected to 2026-08-04 (Phase-B packet said 07-23 — stale; live data checked) — outside h10, no idiosyncratic print risk.

SHOO

HIGHShortlaneOI_FADE10d

Second CONFIRM OI_FADE short: deteriorating EPS corroborates the fade, marginal-but-clearing liquidity, isolated cluster exposure. Sized half.

Structure: Defined-risk short (put spread / capped-risk structure) through the CPI (07-14)/PPI (07-15) window; no naked/uncapped exposure ahead of either print.
Entry / trigger: Half entry via defined-risk structure only; do not add size ahead of CPI/PPI.
Invalidation: Reclaims prior supply zone or breaks out above the 52w-high level, or oi_net_5d unwinds without downside follow-through.

validated excess+2.10% (n=640)regime fit0.65fundamentalsCONFIRM

Key risks

CPI/PPI inside the h10 window
Marginal liquidity ($51.6M ADV) — recheck before entry
CHOP tape

Gates

regime crashNOTE

OI_FADE is not a relative-weakness/MOM_SHORT lane; un-gated by s1_standdown (FALSE anyway). Book-wide half-cap ceiling applies (CHOP out-of-strong-regime discipline) but does not force an upgrade.

liquidityPASS

PASS — close $39.89, 20d $-ADV ~$51.6M (verified live; marginal but clears the $50M floor with room, same flag class as DLO).

clusterNOTE

Isolated in-book; outside the truth-set price panel (data gap); same-sector pair with RSI (both Consumer Cyclical) flagged, not numerically verified, but Phase-B sector-diversification check already covers this.

fundamentalsNOTE

CONFIRM (tier 0) — EPS -54.6% corroborates the fade-the-crowd short thesis.

event riskNOTE

CPI/PPI inside the h10 window; defined-risk-through-print. No earnings inside h10 (next print outside window per Phase B).

BMO

MEDIUMLonglaneS2_dp_revert5d

Canadian-bank DP-concentration cluster rep; collapsed to one position (sized via BNS) per corr>=0.70 rule.

Entry / trigger: No independent entry; cluster rep only — see BNS for the sized position.
Invalidation: N/A while at watch (cluster rep).

validated excess+0.47% (n=336)regime fit0.55fundamentalsCONFIRM

Key risks

Cluster rep — do not size independently of BNS/BMO/RY/CM

Gates

regime crashN/A

N/A — long-tilt reversion lane.

liquidityPASS

PASS — close $178.25, 20d $-ADV ~$136.6M.

clusterNOTE

s2_canadian_bank_cluster_0707 (BNS/BMO/RY/CM) — collapsed to ONE position, sized via BNS. This name is a cluster rep, held at watch to avoid sizing the cluster four times.

fundamentalsNOTE

CONFIRM (cluster-level verdict covers all four names).

event riskNOTE

CPI (07-14) near the h5 window edge; moot at watch/cluster-rep tier.

BNS

MEDIUMLonglaneS2_dp_revert5d

Clean CONFIRM S2 dark-pool reversion long, no cluster/catalyst issue (part of the Canadian-bank cluster, sized once). Sized starter, the lane's own excess-implied ceiling.

Entry / trigger: Starter entry acceptable now; reversion thesis void if a same-day news catalyst appears before entry.
Invalidation: Same-day news/catalyst invalidates the reversion mechanism, or the one-sided DP concentration unwinds without the expected 3-5d reversal follow-through.

validated excess+0.47% (n=336)regime fit0.55fundamentalsCONFIRM

Key risks

CPI (07-14) sits at the edge of the h5 window
S2 is a liquidity-driven reversion, not a fundamentals-driven thesis — any fresh catalyst voids it immediately

Gates

regime crashN/A

N/A — long-tilt mean-reversion lane, not the S1 short-side crash gate.

liquidityPASS

PASS — close $86.2, 20d $-ADV ~$278.1M.

clusterNOTE

s2_canadian_bank_cluster_0707 (BNS/BMO/RY/CM) collapses to ONE position — $467M combined one-sided DP concentration, median 94.3%. Sized once, not four times.

fundamentalsNOTE

CONFIRM — no news/catalyst contradicting the reversion-long thesis.

event riskNOTE

CPI (07-14) lands at the edge of/inside the h5 window; PPI (07-15) just outside h5. Noted, not gated — S2 is a short-horizon mean-reversion long, not a macro-directional bet.

CGNX

MEDIUMShortlaneOI_FADE10d

Beat-and-raise fundamentals argue this crowd may be right, not froth — CAUTION caps this at starter despite a decent rel-build (0.294).

Structure: Defined-risk short (put spread / capped-risk structure) through the CPI (07-14)/PPI (07-15) window; no naked/uncapped exposure ahead of either print.
Entry / trigger: Starter entry via defined-risk structure only; do not add size ahead of CPI/PPI.
Invalidation: Reclaims supply / breaks the 52w-high level, or oi_net_5d flips negative, or the beat-and-raise catalyst stack drives a genuine breakout.

validated excess+2.10% (n=640)regime fit0.45fundamentalsCAUTION

Key risks

Beat-and-raise fundamentals contradict the fade
CPI/PPI inside window
Earnings 07-29 sits close enough to the h10 close to watch for pre-print positioning

Gates

regime crashNOTE

OI_FADE is not a relative-weakness/MOM_SHORT lane; un-gated by s1_standdown (FALSE anyway). Book-wide half-cap ceiling applies (CHOP out-of-strong-regime discipline) but does not force an upgrade.

liquidityPASS

PASS — close $64.21, 20d $-ADV ~$159.6M.

clusterNOTE

Isolated; outside truth-set panel; same-sector pair with DLO (both Technology) flagged not force-collapsed.

fundamentalsNOTE

CAUTION (tier -1) — 4/4 EPS beat streak + a live catalyst stack contradicts the fade-the-crowd short thesis; earnings 07-29 (outside h10) adds a secondary watch item.

event riskNOTE

CPI/PPI inside h10; defined-risk-through-print. Earnings 07-29 outside h10 window (no idiosyncratic print risk within the trade horizon).

CM

MEDIUMLonglaneS2_dp_revert5d

Canadian-bank DP-concentration cluster rep; collapsed to one position (sized via BNS) per corr>=0.70 rule.

Entry / trigger: No independent entry; cluster rep only — see BNS for the sized position.
Invalidation: N/A while at watch (cluster rep).

validated excess+0.47% (n=336)regime fit0.55fundamentalsCONFIRM

Key risks

Cluster rep — do not size independently of BNS/BMO/RY/CM

Gates

regime crashN/A

N/A — long-tilt reversion lane.

liquidityPASS

PASS — close $115.91, 20d $-ADV ~$212.2M.

clusterNOTE

s2_canadian_bank_cluster_0707 (BNS/BMO/RY/CM) — collapsed to ONE position, sized via BNS. This name is a cluster rep, held at watch to avoid sizing the cluster four times.

fundamentalsNOTE

CONFIRM (cluster-level verdict covers all four names).

event riskNOTE

CPI (07-14) near the h5 window edge; moot at watch/cluster-rep tier.

DLO

MEDIUMShortlaneOI_FADE10d

Third-most-extreme rel-build (0.177) but CAUTION fundamentals (analyst upgrade + passive inflow) plus marginal liquidity cap this at starter.

Structure: Defined-risk short (put spread / capped-risk structure) through the CPI (07-14)/PPI (07-15) window; no naked/uncapped exposure ahead of either print.
Entry / trigger: Starter entry via defined-risk structure only; do not add size ahead of CPI/PPI.
Invalidation: Reclaims supply, or oi_net_5d flips negative, or 20d $-ADV meaningfully improves/deteriorates (recheck liquidity before any add).

validated excess+2.10% (n=640)regime fit0.40fundamentalsCAUTION

Key risks

Liquidity right at the $50M floor — the thinnest sized OI_FADE name today
UBS upgrade + Russell inclusion are real structural counter-flows
CPI/PPI inside window

Gates

regime crashNOTE

OI_FADE is not a relative-weakness/MOM_SHORT lane; un-gated by s1_standdown (FALSE anyway). Book-wide half-cap ceiling applies (CHOP out-of-strong-regime discipline) but does not force an upgrade.

liquidityPASS

PASS (marginal) — close $14.88, 20d $-ADV ~$50.41M, just above the $50M C12 floor. Verified live; flagged for a fresh recheck before any entry given how thin the margin is.

clusterNOTE

Isolated single name; outside truth-set panel.

fundamentalsNOTE

CAUTION (tier -1) — UBS upgrade + Russell 2000 inclusion flow argue against a pure crowd-froth fade.

event riskNOTE

CPI/PPI inside h10; defined-risk-through-print. Earnings 2026-08-13, outside h10.

ENB

MEDIUMLonglaneS2_dp_revert5d

Clean CONFIRM S2 dark-pool reversion long, no cluster/catalyst issue. Sized starter, the lane's own excess-implied ceiling.

Entry / trigger: Starter entry acceptable now; reversion thesis void if a same-day news catalyst appears before entry.
Invalidation: Same-day news/catalyst invalidates the reversion mechanism, or the one-sided DP concentration unwinds without the expected 3-5d reversal follow-through.

validated excess+0.47% (n=336)regime fit0.55fundamentalsCONFIRM

Key risks

CPI (07-14) sits at the edge of the h5 window
S2 is a liquidity-driven reversion, not a fundamentals-driven thesis — any fresh catalyst voids it immediately

Gates

regime crashN/A

N/A — long-tilt mean-reversion lane, not the S1 short-side crash gate.

liquidityPASS

PASS — close $55.05, 20d $-ADV ~$212.7M.

clusterNOTE

Isolated single name, no same-day catalyst.

fundamentalsNOTE

CONFIRM — no news/catalyst contradicting the reversion-long thesis.

event riskNOTE

CPI (07-14) lands at the edge of/inside the h5 window; PPI (07-15) just outside h5. Noted, not gated — S2 is a short-horizon mean-reversion long, not a macro-directional bet.

MSCI

MEDIUMLonglaneS2_dp_revert5d

Clean CONFIRM S2 dark-pool reversion long, no cluster/catalyst issue. Sized starter, the lane's own excess-implied ceiling.

Entry / trigger: Starter entry acceptable now; reversion thesis void if a same-day news catalyst appears before entry.
Invalidation: Same-day news/catalyst invalidates the reversion mechanism, or the one-sided DP concentration unwinds without the expected 3-5d reversal follow-through.

validated excess+0.47% (n=336)regime fit0.55fundamentalsCONFIRM

Key risks

CPI (07-14) sits at the edge of the h5 window
S2 is a liquidity-driven reversion, not a fundamentals-driven thesis — any fresh catalyst voids it immediately

Gates

regime crashN/A

N/A — long-tilt mean-reversion lane, not the S1 short-side crash gate.

liquidityPASS

PASS — close $608.09, 20d $-ADV ~$438.8M.

clusterNOTE

Isolated single name, no same-day catalyst.

fundamentalsNOTE

CONFIRM — no news/catalyst contradicting the reversion-long thesis.

event riskNOTE

CPI (07-14) lands at the edge of/inside the h5 window; PPI (07-15) just outside h5. Noted, not gated — S2 is a short-horizon mean-reversion long, not a macro-directional bet.

NNE

MEDIUMShortlaneMOM_SHORT10d

The one MOM_SHORT name with a clean CONFIRM verdict and no cluster collapse trigger; sized starter, the lane's own excess-implied ceiling.

Structure: Defined-risk short (put spread / capped-risk) through the CPI/PPI window.
Entry / trigger: Starter entry acceptable via defined-risk structure; do not add size ahead of CPI/PPI.
Invalidation: Reclaims near-52w-low structure, or the underlying hit-base thesis breaks (price stabilizes/reverses off the low).

validated excess+0.81% (n=273)regime fit0.55fundamentalsCONFIRM

Key risks

CPI/PPI inside the h10 window
Rates/credit theme cluster risk only partially verifiable (data gap on FRVO/XE)
MOM_SHORT is a right-skew/tail-driven basket lane even when not gated

Gates

regime crashNOTE

s1_standdown FALSE -> MOM_SHORT is NOT zeroed. Book-wide CHOP half-cap ceiling is moot here since the lane's own excess-implied ceiling (starter) is already below half.

liquidityPASS

PASS — close $18.88, 20d $-ADV ~$59.2M.

clusterNOTE

Phase B flagged a rates/credit theme cluster risk across the top-5 MOM_SHORT names (FRVO/KLAC/XE/OLLI/NNE). Measured 60d return corr vs KLAC (only other in-panel name) = 0.46 — below the 0.70 threshold, no collapse. FRVO and XE sit outside the 783-name truth-set panel (data gap, unverified); two of the five (XE, FRVO) share a generic Utilities sector tag, flagged not force-collapsed.

fundamentalsNOTE

CONFIRM — no news contradicting the near-52w-low weakness thesis.

event riskNOTE

CPI/PPI Tier-1 inside the h10 window; defined-risk-through-print. Earnings 2026-08-13, outside h10.

NRG

MEDIUMShortlaneOI_FADE10d

Mixed signal: insider buying and an AI-power-demand narrative argue informed accumulation, but collapsing EPS and high leverage argue real deterioration — nets to CAUTION, starter.

Structure: Defined-risk short (put spread / capped-risk structure) through the CPI (07-14)/PPI (07-15) window; no naked/uncapped exposure ahead of either print.
Entry / trigger: Starter entry via defined-risk structure only; do not add size ahead of CPI/PPI.
Invalidation: Reclaims supply, or oi_net_5d flips negative, or insider buying cools / AI-power narrative breaks.

validated excess+2.10% (n=640)regime fit0.40fundamentalsCAUTION

Key risks

Insider buying + AI-demand narrative partially contradict the fade mechanism
EPS -81.7% and D/E 9.8x argue the other way
CPI/PPI inside window

Gates

regime crashNOTE

OI_FADE is not a relative-weakness/MOM_SHORT lane; un-gated by s1_standdown (FALSE anyway). Book-wide half-cap ceiling applies (CHOP out-of-strong-regime discipline) but does not force an upgrade.

liquidityPASS

PASS — close $138.01, 20d $-ADV ~$403.7M.

clusterNOTE

Isolated single name; in truth-set panel — measured corr vs Q 0.49 (Q held at watch, not sized, so no live cluster exposure); vs PRMB 0.11, vs FROG -0.07, vs PLNT 0.11 (all well below 0.70).

fundamentalsNOTE

CAUTION (tier -1) — insider buying + AI-power-demand narrative argue the call-OI build may be informed, not froth; EPS -81.7% cuts the other way (net CAUTION, not VETO).

event riskNOTE

CPI/PPI inside h10; defined-risk-through-print. Earnings 2026-08-05, outside h10.

PRMB

MEDIUMShortlaneOI_FADE10d

Persistent insider buying argues the call-OI build may track real informed positioning, not froth — CAUTION caps this at starter.

Structure: Defined-risk short (put spread / capped-risk structure) through the CPI (07-14)/PPI (07-15) window; no naked/uncapped exposure ahead of either print.
Entry / trigger: Starter entry via defined-risk structure only; do not add size ahead of CPI/PPI.
Invalidation: Reclaims supply, or oi_net_5d flips negative, or insider-buying pattern breaks/reverses.

validated excess+2.10% (n=640)regime fit0.45fundamentalsCAUTION

Key risks

Persistent insider buying contradicts the fade
CPI/PPI inside window

Gates

regime crashNOTE

OI_FADE is not a relative-weakness/MOM_SHORT lane; un-gated by s1_standdown (FALSE anyway). Book-wide half-cap ceiling applies (CHOP out-of-strong-regime discipline) but does not force an upgrade.

liquidityPASS

PASS — close $24.90, 20d $-ADV ~$81.0M.

clusterNOTE

Isolated single name; outside truth-set panel.

fundamentalsNOTE

CAUTION (tier -1) — persistent insider buying argues against a pure crowd-froth fade.

event riskNOTE

CPI/PPI inside h10; defined-risk-through-print. Earnings 2026-08-05, outside h10.

RSI

MEDIUMShortlaneOI_FADE10d

Second-highest rel-build (0.405) but AT a fresh 52w high with improving underlying business — CAUTION plus the up-biased-tape tail cap both point to starter, not half.

Structure: Defined-risk short (put spread / capped-risk structure) through the CPI (07-14)/PPI (07-15) window; no naked/uncapped exposure ahead of either print.
Entry / trigger: Starter entry via defined-risk structure only; do not add size ahead of CPI/PPI.
Invalidation: Reclaims the $46-48-equivalent supply zone, or oi_net_5d flips negative, or a genuine breakout follow-through above today's 52w high.

validated excess+2.10% (n=640)regime fit0.30fundamentalsCAUTION

Key risks

AT 52w high — shorting into strength on an up-biased tape
CAUTION fundamentals contradict the pure fade thesis
CPI/PPI inside window

Gates

regime crashNOTE

OI_FADE is not a relative-weakness/MOM_SHORT lane; un-gated by s1_standdown (FALSE anyway). Book-wide half-cap ceiling applies (CHOP out-of-strong-regime discipline) but does not force an upgrade.

liquidityPASS

PASS — close $32.31, 20d $-ADV ~$119.4M.

clusterNOTE

Isolated; outside truth-set panel; same-sector pair with SHOO (Consumer Cyclical) flagged not force-collapsed.

fundamentalsNOTE

CAUTION (tier -1) — improving business fundamentals while at a fresh 52w high argues against a pure crowd-froth fade; -1 tier applied.

event riskNOTE

CPI/PPI inside h10; defined-risk-through-print. Earnings 2026-07-29, outside h10.

RY

MEDIUMLonglaneS2_dp_revert5d

Canadian-bank DP-concentration cluster rep; collapsed to one position (sized via BNS) per corr>=0.70 rule.

Entry / trigger: No independent entry; cluster rep only — see BNS for the sized position.
Invalidation: N/A while at watch (cluster rep).

validated excess+0.47% (n=336)regime fit0.55fundamentalsCONFIRM

Key risks

Cluster rep — do not size independently of BNS/BMO/RY/CM

Gates

regime crashN/A

N/A — long-tilt reversion lane.

liquidityPASS

PASS — close $209.07, 20d $-ADV ~$407.7M.

clusterNOTE

s2_canadian_bank_cluster_0707 (BNS/BMO/RY/CM) — collapsed to ONE position, sized via BNS. This name is a cluster rep, held at watch to avoid sizing the cluster four times.

fundamentalsNOTE

CONFIRM (cluster-level verdict covers all four names).

event riskNOTE

CPI (07-14) near the h5 window edge; moot at watch/cluster-rep tier.

SPGI

MEDIUMLonglaneS2_dp_revert5d

Clean CONFIRM S2 dark-pool reversion long, no cluster/catalyst issue. Sized starter, the lane's own excess-implied ceiling.

Entry / trigger: Starter entry acceptable now; reversion thesis void if a same-day news catalyst appears before entry.
Invalidation: Same-day news/catalyst invalidates the reversion mechanism, or the one-sided DP concentration unwinds without the expected 3-5d reversal follow-through.

validated excess+0.47% (n=336)regime fit0.55fundamentalsCONFIRM

Key risks

CPI (07-14) sits at the edge of the h5 window
S2 is a liquidity-driven reversion, not a fundamentals-driven thesis — any fresh catalyst voids it immediately

Gates

regime crashN/A

N/A — long-tilt mean-reversion lane, not the S1 short-side crash gate.

liquidityPASS

PASS — close $443.46, 20d $-ADV ~$1187.9M.

clusterNOTE

Isolated single name, no same-day catalyst.

fundamentalsNOTE

CONFIRM — no news/catalyst contradicting the reversion-long thesis.

event riskNOTE

CPI (07-14) lands at the edge of/inside the h5 window; PPI (07-15) just outside h5. Noted, not gated — S2 is a short-horizon mean-reversion long, not a macro-directional bet.

TPR

MEDIUMLonglaneS2_dp_revert5d

Clean CONFIRM S2 dark-pool reversion long, no cluster/catalyst issue. Sized starter, the lane's own excess-implied ceiling.

Entry / trigger: Starter entry acceptable now; reversion thesis void if a same-day news catalyst appears before entry.
Invalidation: Same-day news/catalyst invalidates the reversion mechanism, or the one-sided DP concentration unwinds without the expected 3-5d reversal follow-through.

validated excess+0.47% (n=336)regime fit0.55fundamentalsCONFIRM

Key risks

CPI (07-14) sits at the edge of the h5 window
S2 is a liquidity-driven reversion, not a fundamentals-driven thesis — any fresh catalyst voids it immediately

Gates

regime crashN/A

N/A — long-tilt mean-reversion lane, not the S1 short-side crash gate.

liquidityPASS

PASS — close $146.3, 20d $-ADV ~$436.2M.

clusterNOTE

Isolated single name, no same-day catalyst.

fundamentalsNOTE

CONFIRM — no news/catalyst contradicting the reversion-long thesis.

event riskNOTE

CPI (07-14) lands at the edge of/inside the h5 window; PPI (07-15) just outside h5. Noted, not gated — S2 is a short-horizon mean-reversion long, not a macro-directional bet.

UNM

MEDIUMShortlaneOI_FADE10d

A same-day $3.8B de-risking deal plus PT raises is a genuine contradicting catalyst — CAUTION caps this at starter rather than the half the raw rel-build might otherwise support.

Structure: Defined-risk short (put spread / capped-risk structure) through the CPI (07-14)/PPI (07-15) window; no naked/uncapped exposure ahead of either print.
Entry / trigger: Starter entry via defined-risk structure only; do not add size ahead of CPI/PPI.
Invalidation: Reclaims supply, or oi_net_5d flips negative, or the $3.8B de-risk deal re-rates the name further before entry.

validated excess+2.10% (n=640)regime fit0.40fundamentalsCAUTION

Key risks

Live $3.8B de-risking deal is a real, same-day positive catalyst
PT raises reinforce the counter-thesis
CPI/PPI inside window

Gates

regime crashNOTE

OI_FADE is not a relative-weakness/MOM_SHORT lane; un-gated by s1_standdown (FALSE anyway). Book-wide half-cap ceiling applies (CHOP out-of-strong-regime discipline) but does not force an upgrade.

liquidityPASS

PASS — close $89.20, 20d $-ADV ~$152.6M.

clusterNOTE

Isolated single name; outside truth-set panel; same-sector pair with CG (both Financial Services) flagged not force-collapsed.

fundamentalsNOTE

CAUTION (tier -1) — same-day $3.8B de-risking deal plus analyst PT raises is a real, live catalyst that contradicts a pure crowd-froth fade.

event riskNOTE

CPI/PPI inside h10; defined-risk-through-print. Earnings 2026-08-04, outside h10.

AVY

ADVISORYLonglaneS4_pcr_fade5d

Flat growth plus insider selling argues against the fade-long thesis; advisory lane caps at watch regardless.

Entry / trigger: Advisory only; not sized.
Invalidation: N/A while at watch.

validated excess+0.71% (n=331)regime fit0.20fundamentalsCAUTION

Key risks

Flat growth plus insider selling argues against the fade-long thesis; advisory lane caps at watch regardless.

Gates

regime crashN/A

N/A — long-tilt sentiment-fade lane.

liquidityPASS

PASS — close $164.35, 20d $-ADV ~$127.7M.

clusterNOTE

Isolated single name.

fundamentalsNOTE

CAUTION

event riskNOTE

CPI/PPI inside the h5-10 window; moot at watch/advisory tier.

BANC

ADVISORYLonglaneS4_pcr_fade5d

Persistent large insider selling argues against the fade-long thesis; advisory lane caps at watch regardless.

Entry / trigger: Advisory only; not sized.
Invalidation: N/A while at watch.

validated excess+0.71% (n=331)regime fit0.20fundamentalsCAUTION

Key risks

Persistent large insider selling argues against the fade-long thesis; advisory lane caps at watch regardless.

Gates

regime crashN/A

N/A — long-tilt sentiment-fade lane.

liquidityPASS

PASS — close $20.57, 20d $-ADV ~$61.7M.

clusterNOTE

Isolated single name.

fundamentalsNOTE

CAUTION

event riskNOTE

CPI/PPI inside the h5-10 window; moot at watch/advisory tier.

ECL

ADVISORYLonglaneS4_pcr_fade5d

No fundamentals contradiction on file; advisory lane, watch only.

Entry / trigger: Advisory only; not sized.
Invalidation: N/A while at watch.

validated excess+0.71% (n=331)regime fit0.20

Key risks

No fundamentals contradiction on file; advisory lane, watch only.

Gates

regime crashN/A

N/A — long-tilt sentiment-fade lane.

liquidityPASS

PASS — close $283.08, 20d $-ADV ~$527.6M.

clusterNOTE

Isolated single name.

fundamentalsN/A

NA — no fundamentals contradiction flagged; advisory lane caps regardless.

event riskNOTE

CPI/PPI inside the h5-10 window; moot at watch/advisory tier.

GTES

ADVISORYLonglaneS4_pcr_fade5d

No fundamentals contradiction on file; advisory lane, watch only. Liquidity marginal ($56.1M ADV) — recheck before ever considering.

Entry / trigger: Advisory only; not sized.
Invalidation: N/A while at watch.

validated excess+0.71% (n=331)regime fit0.20

Key risks

No fundamentals contradiction on file; advisory lane, watch only. Liquidity marginal ($56.1M ADV) — recheck before ever considering.

Gates

regime crashN/A

N/A — long-tilt sentiment-fade lane.

liquidityPASS

PASS — close $26.13, 20d $-ADV ~$56.1M.

clusterNOTE

Isolated single name.

fundamentalsN/A

NA — no fundamentals contradiction flagged; advisory lane caps regardless.

event riskNOTE

CPI/PPI inside the h5-10 window; moot at watch/advisory tier.

ITT

ADVISORYLonglaneS4_pcr_fade5d

No fundamentals contradiction on file; advisory lane, watch only.

Entry / trigger: Advisory only; not sized.
Invalidation: N/A while at watch.

validated excess+0.71% (n=331)regime fit0.20

Key risks

No fundamentals contradiction on file; advisory lane, watch only.

Gates

regime crashN/A

N/A — long-tilt sentiment-fade lane.

liquidityPASS

PASS — close $184.62, 20d $-ADV ~$196.6M.

clusterNOTE

Isolated single name.

fundamentalsN/A

NA — no fundamentals contradiction flagged; advisory lane caps regardless.

event riskNOTE

CPI/PPI inside the h5-10 window; moot at watch/advisory tier.

OLLI

ADVISORYLonglaneS4_pcr_fade5d

Cross-lane conflict vs MOM_SHORT (short) on the same name — netted to watch on both sides.

Entry / trigger: Advisory only; not sized.
Invalidation: N/A while at watch.

validated excess+0.71% (n=331)regime fit0.00

Key risks

Cross-lane conflict vs MOM_SHORT (short) on the same name — netted to watch on both sides.

Gates

regime crashN/A

N/A — long-tilt sentiment-fade lane.

liquidityPASS

PASS — close $68.03, 20d $-ADV ~$158.8M.

clusterNOTE

Cross-lane direction conflict with MOM_SHORT (short) on the same name — see the MOM_SHORT OLLI entry. Netted to watch on both sides.

fundamentalsNOTE

MISSING on the MOM_SHORT side, N/A here — this is the S4 (long) side of a cross-lane conflict; see the MOM_SHORT OLLI entry.

event riskNOTE

CPI/PPI inside the h5-10 window; moot at watch/advisory tier.

SAN

ADVISORYLonglaneS4_pcr_fade5d

No fundamentals contradiction on file; advisory lane, watch only.

Entry / trigger: Advisory only; not sized.
Invalidation: N/A while at watch.

validated excess+0.71% (n=331)regime fit0.20

Key risks

No fundamentals contradiction on file; advisory lane, watch only.

Gates

regime crashN/A

N/A — long-tilt sentiment-fade lane.

liquidityPASS

PASS — close $14.19, 20d $-ADV ~$121.8M.

clusterNOTE

Isolated single name.

fundamentalsN/A

NA — no fundamentals contradiction flagged; advisory lane caps regardless.

event riskNOTE

CPI/PPI inside the h5-10 window; moot at watch/advisory tier.

WBD

ADVISORYLonglaneS4_pcr_fade5d

No fundamentals contradiction on file; advisory lane, watch only.

Entry / trigger: Advisory only; not sized.
Invalidation: N/A while at watch.

validated excess+0.71% (n=331)regime fit0.20

Key risks

No fundamentals contradiction on file; advisory lane, watch only.

Gates

regime crashN/A

N/A — long-tilt sentiment-fade lane.

liquidityPASS

PASS — close $26.12, 20d $-ADV ~$599.3M.

clusterNOTE

Isolated single name.

fundamentalsN/A

NA — no fundamentals contradiction flagged; advisory lane caps regardless.

event riskNOTE

CPI/PPI inside the h5-10 window; moot at watch/advisory tier.

WCN

ADVISORYLonglaneS4_pcr_fade5d

No fundamentals contradiction on file; advisory lane, watch only.

Entry / trigger: Advisory only; not sized.
Invalidation: N/A while at watch.

validated excess+0.71% (n=331)regime fit0.20

Key risks

No fundamentals contradiction on file; advisory lane, watch only.

Gates

regime crashN/A

N/A — long-tilt sentiment-fade lane.

liquidityPASS

PASS — close $172.93, 20d $-ADV ~$322.4M.

clusterNOTE

Isolated single name.

fundamentalsN/A

NA — no fundamentals contradiction flagged; advisory lane caps regardless.

event riskNOTE

CPI/PPI inside the h5-10 window; moot at watch/advisory tier.

WSM

ADVISORYLonglaneS4_pcr_fade5d

No fundamentals contradiction on file; advisory lane, watch only.

Entry / trigger: Advisory only; not sized.
Invalidation: N/A while at watch.

validated excess+0.71% (n=331)regime fit0.20

Key risks

No fundamentals contradiction on file; advisory lane, watch only.

Gates

regime crashN/A

N/A — long-tilt sentiment-fade lane.

liquidityPASS

PASS — close $222.49, 20d $-ADV ~$303.0M.

clusterNOTE

Isolated single name.

fundamentalsN/A

NA — no fundamentals contradiction flagged; advisory lane caps regardless.

event riskNOTE

CPI/PPI inside the h5-10 window; moot at watch/advisory tier.

AZZ

vol_earningssell premium

Vol state: iv_rank 95.7, iv30d 45.7%, earnings 2026-07-08 postmarket (1 session out). Implied move 6.95% ($9.99).
Implied move: 6.95%

Small size, WIDE wings only (defined-risk structure, short strikes set well beyond the 6.95% implied move). Liquidity right at the C12 floor (20d $-ADV $50.3M, close $144.05) — verified but marginal, recheck before entry. Net expectancy not independently recomputed; do not enter until it prices net-positive.

SMPL

vol_earningsbuy premium

Vol state: iv_rank 93.1, earnings 2026-07-09 premarket. Phase B flagged as 'thin/illiquid, advisory only' — verified against the fail-closed C12 floor and found to FAIL outright (20d $-ADV $29.2M, well below $50M).
Implied move: 13.26%

Stand aside DROPPED, not merely downsized — fails the fail-closed liquidity floor ($29.2M ADV < $50M). Correction to the Phase-B packet, which held this at advisory-thin rather than dropping it.

BYRN

vol_earningsbuy premium

Vol state: iv_rank 92.9, earnings 2026-07-09 premarket. Phase B flagged as 'thin/illiquid, advisory only' — verified against the fail-closed C12 floor and found to FAIL badly (20d $-ADV $3.4M, far below $50M).
Implied move: 26.44%

Stand aside DROPPED, not merely downsized — fails the fail-closed liquidity floor ($3.4M ADV << $50M), the worst liquidity miss checked tonight. Correction to the Phase-B packet, which held this at advisory-thin rather than dropping it.

SPY/QQQ-0DTE

vol_0dtebuy premium

Vol state: Low-VIX-but-short-gamma regime. VRP judged FAIR/does not clear cost net-of-cost for premium selling.

Stand aside STAND ASIDE both books — net-of-cost expectancy does not clear under the current low-VIX-but-short-gamma read. No edge either direction.

Ticker	Tier	Lane	Direction	Invalidation
BBWI	WATCH	OI_FADE	Short	N/A while at watch.
BEAM	WATCH	MOM_LONG	Long	N/A while at watch.
CLDX	WATCH	MOM_LONG	Long	N/A while at watch.
CNI	WATCH	S2_dp_revert	Long	N/A while at watch.
CRNX	WATCH	MOM_LONG	Long	N/A while at watch.
ESS	WATCH	S2_dp_revert	Long	N/A while at watch.
EXEL	WATCH	MOM_LONG	Long	N/A while at watch.
FROG	WATCH	OI_FADE	Short	N/A while at watch.
FRVO	WATCH	MOM_SHORT	Short	N/A while at watch.
GM	WATCH	S2_dp_revert	Long	N/A while at watch.
IDYA	WATCH	MOM_LONG	Long	N/A while at watch.
IMVT	WATCH	MOM_LONG	Long	N/A while at watch.
KLAC	WATCH	MOM_SHORT	Short	N/A while at watch.
KNSA	WATCH	MOM_LONG	Long	N/A while at watch.
LABU	WATCH	MOM_LONG	Long	N/A while at watch.
MBX	WATCH	MOM_LONG	Long	N/A while at watch.
MIRM	WATCH	MOM_LONG	Long	N/A while at watch.
NAVN	WATCH	MOM_LONG	Long	N/A while at watch.
OLLI	WATCH	MOM_SHORT	Short	N/A while at watch.
PLNT	WATCH	OI_FADE	Short	N/A while at watch.
PPG	WATCH	S2_dp_revert	Long	N/A while at watch.
PTCT	WATCH	MOM_LONG	Long	N/A while at watch.
PTGX	WATCH	MOM_LONG	Long	N/A while at watch.
Q	WATCH	OI_FADE	Short	N/A while at watch.
QSR	WATCH	S2_dp_revert	Long	N/A while at watch.
UTI	WATCH	MOM_LONG	Long	N/A while at watch.
VERA	WATCH	OI_FADE	Short	N/A while at watch.
XBI	WATCH	MOM_LONG	Long	N/A while at watch.
XE	WATCH	MOM_SHORT	Short	N/A while at watch.
ORA	DROP	OI_FADE	Short	N/A.
SLM	DROP	OI_FADE	Short	N/A.

No lane produced a conceptual fire without a sized call tonight.

FROGBBWIVERAPLNTQFRVOKLACXEOLLIGMESSCNIPPGQSRBMORYCMBANCAVYITTECLWSMWCNGTESSANWBDCRNXPTGXLABUMBXNAVNKNSAIDYAIMVTCLDXPTCTMIRMBEAMUTIEXELXBI

Lane glossary (7)

OI_FADE: OI-flow fade — fades persistent multi-day net call-OI building; heavy call-OI build precedes underperformance. The most robust lane measured (short, h10).
MOM_SHORT: Momentum, short leg — near-52w-low relative weakness. Regime-gated against momentum-crash/squeeze rebounds (h10).
S2_dp_revert: Liquidity reversion — fades an extreme one-sided dark-pool liquidity event as short-horizon mean reversion (long-tilted), news/earnings-gated (h3-5).
S4_pcr_fade: Sentiment contrarian — fades a put-heavy (high put/call ratio) crowd long; the only sentiment leg that measured positive. Advisory size only (h5-10).
MOM_LONG: Momentum, long leg — near-52w-high relative strength. Tail-driven; basket-only, never sized per-name (h10).
vol_earnings: Vol book — sells volatility into an earnings IV-crush. Non-directional, delta-neutral, 0 directional points.
vol_0dte: Vol book — 0DTE variance-risk-premium premium-selling. Non-directional, delta-neutral, 0 directional points.

Regime & Verdict#

Regime: CHOP · directional_tradable = TRUE · s1_standdown = FALSE (MOM_SHORT is live, not gated)
Vol-state: low-VIX-but-short-gamma — 2nd-moment conditioner only, no direction read
Event risk: CPI 2026-07-14 (~5d) + PPI 2026-07-15 (~6d), both Tier-1, both inside any h10 window opened this week. FOMC 2026-07-29 on deck (outside h10, noted for anything held into late month).
Data correction (event-risk gate): the Phase-B packet flagged CG and KLAC earnings at 2026-07-23 (~16d). The live 2026-07-07 Stock Screener export shows CG earnings 2026-08-04 and KLAC earnings 2026-07-30 — both outside the h10 window (~07-07→07-21). No idiosyncratic earnings-specific downgrade applied to CG or KLAC; only the book-wide CPI/PPI macro event-risk applies to h10 shorts (defined-risk-through-print, not an automatic −1 tier — consistent with 07-06 precedent).
On a beta-heavy CHOP tape the gate stack matters more, not less (RESEARCH/50 §5.1: ungated additive-confluence realized −8.2%, 0-for-6). Half-cap ceiling applied book-wide (out-of-strong-regime discipline); no auto-full per invariant #4.

Bottom line: the OI-flow-fade SHORT cohort is the spine of tonight's book (provisional-HIGH lane) — 2 names at half, 6 at starter, after veto/caution/tail-cap gating. MOM_SHORT contributes 1 starter name (NNE) after fundamentals/cluster gating; the rest of that cohort caps to watch. S2 contributes 4 starter names + 1 collapsed Canadian-bank cluster. S4 and MOM_LONG are advisory/basket watch-only by lane construction. Vol book: earnings IV-crush is a single thin, right-at-the-floor advisory note (AZZ); the other two named IV-crush candidates (SMPL, BYRN) fail the liquidity floor outright and are dropped, not merely "thin." 0DTE-VRP stands down both books.

Directional Book (excess-scored)#

Ticker	Lane	Dir	Horizon	validated_excess	regime_fit	Invalidation	Gates
CG	OI_FADE	short	h10	+2.1% median (hit 0.61 vs 0.41, n=640)	0.70	Reclaims $46–48 supply zone, or 5d net call-OI build flips negative	CONFIRM (4/4 miss, rev −28.9%) · liquidity PASS ($44.01, $168.0M ADV) · cluster clean (Financial Svcs, no verified corr partner in-panel) · event: CPI/PPI defined-risk-through-print; earnings corrected to 08-04 (outside h10)
SHOO	OI_FADE	short	h10	+2.1% median (hit 0.61 vs 0.41, n=640)	0.65	Reclaims prior supply / breakout above 52w-high level, or oi_net_5d unwinds without downside follow-through	CONFIRM (EPS −54.6%) · liquidity PASS ($39.89, $51.6M ADV — marginal but clears floor) · cluster clean (Consumer Cyclical) · event: CPI/PPI defined-risk-through-print; no earnings in h10
RSI	OI_FADE	short	h10	+2.1% median (hit 0.61 vs 0.41, n=640)	0.30	Same as above; also invalidated on any fresh 52w-high breakout follow-through	CAUTION (improving biz, at 52w high) → −1 tier · tail cap: AT 52w high (99.4%) forces starter regardless · liquidity PASS ($32.31, $119.4M ADV)
CGNX	OI_FADE	short	h10	+2.1% median (hit 0.61 vs 0.41, n=640)	0.45	52w-high level or oi_net_5d flips negative	CAUTION (beat 4/4 + catalyst stack; earnings 07-29, outside h10) → −1 tier · liquidity PASS ($64.21, $159.6M ADV)
DLO	OI_FADE	short	h10	+2.1% median (hit 0.61 vs 0.41, n=640)	0.40	Same as above	CAUTION (UBS upgrade + Russell incl.) → −1 tier · liquidity right at the floor ($14.88, $50.41M ADV — verified, passes but flagged, recheck before entry)
PRMB	OI_FADE	short	h10	+2.1% median (hit 0.61 vs 0.41, n=640)	0.45	Same as above	CAUTION (persistent insider buying) → −1 tier · liquidity PASS ($24.90, $81.0M ADV)
UNM	OI_FADE	short	h10	+2.1% median (hit 0.61 vs 0.41, n=640)	0.40	Same as above	CAUTION (same-day $3.8B de-risk deal + PT raises) → −1 tier · liquidity PASS ($89.20, $152.6M ADV)
NRG	OI_FADE	short	h10	+2.1% median (hit 0.61 vs 0.41, n=640)	0.40	Same as above	CAUTION (insider buying + AI-demand narrative, but EPS −81.7%) → −1 tier · liquidity PASS ($138.01, $403.7M ADV)
NNE	MOM_SHORT	short	h10	+0.81% mean (+9.5pp hit-base, n=273)	0.55	Reclaims near-52w-low structure / hit-base thesis breaks	CONFIRM · lane ceiling is starter (0.81% mean falls in 0.3–1% band) · liquidity PASS ($18.88, $59.2M ADV) · cluster: rates/credit theme flagged by Phase B — measured corr vs KLAC 0.46 (< 0.70, no collapse); FRVO/XE outside truth-set panel (data gap, unverified)
SPGI	S2_dp_revert	long	h5	+0.47% (CHOP)	0.55	Same-day news/catalyst invalidates the reversion mechanism; DP concentration unwinds without follow-through	CONFIRM · liquidity PASS ($443.46, $1.19B ADV) · isolated · no earnings in h3-5
ENB	S2_dp_revert	long	h5	+0.47% (CHOP)	0.55	Same as above	CONFIRM · liquidity PASS ($55.05, $212.7M ADV) · isolated
TPR	S2_dp_revert	long	h5	+0.47% (CHOP)	0.55	Same as above	CONFIRM · liquidity PASS ($146.30, $436.2M ADV) · isolated
MSCI	S2_dp_revert	long	h5	+0.47% (CHOP)	0.55	Same as above	CONFIRM · liquidity PASS ($608.09, $438.8M ADV) · isolated
BNS/BMO/RY/CM (cluster, size ONCE)	S2_dp_revert	long	h5	+0.47% (CHOP)	0.55	Same as above; median 94.3% one-sided DP unwinds	CONFIRM (cluster) · all 4 liquidity PASS ($136.6M–$407.7M ADV) · corr≥0.70 cluster collapse — sized once, $467M combined DP concentration, not four times

Cut to watch/skip (not sized, detail below): OI_FADE — SLM, ORA (VETO, dropped entirely); FROG, BBWI, VERA, PLNT, Q (missing fundamentals verdict, hold at watch). MOM_SHORT — FRVO, KLAC, XE (CAUTION, lane ceiling starter −1 tier → watch); OLLI (cross-lane conflict vs S4, net-out to watch both sides — see Risk). S2 — GM (CAUTION → watch); ESS, CNI, PPG, QSR (missing fundamentals verdict, watch).

Vol Book (non-directional)#

AZZ earnings IV-crush (reports 2026-07-08 postmarket, 1 session out) — iv_rank 95.7, implied move 6.95%. Liquidity right at the floor: close $144.05, 20d $-ADV $50.3M (verified, passes but marginal — same flag class as DLO). Advisory, reduced size, wide wings only (defined-risk structure); net-of-cost expectancy not independently recomputed here — do not enter until it prices net-positive.
SMPL and BYRN earnings IV-crush candidates: Phase B flagged both "thin/illiquid, advisory only." Verified against the fail-closed C12 floor — both FAIL outright: SMPL 20d $-ADV $29.2M, BYRN 20d $-ADV $3.4M (both < $50M). Per the fail-closed rule ("a name you cannot verify [as liquid] is dropped, not sized"), both are dropped from the vol book entirely, not merely downsized to advisory-thin. This is a correction to the Phase-B packet, which held them at advisory rather than dropping them.
0DTE-VRP (SPY/QQQ): STAND ASIDE both. Does not clear cost net-of-cost under the current VRP/gamma read. No edge either direction.

Watch / Stood-down#

OI_FADE VETO (dropped entirely, not watchlisted): SLM (beat 4/4 + insider buying + EPS +28.5% directly contradicts the fade) · ORA (beat 4/4 + insider buy + EPS +53.2%, same contradiction).
OI_FADE missing fundamentals verdict (held at watch, flagged back to orchestrator for next-run spawn): FROG (AT 52w high — even on a future CONFIRM, tail-cap forces starter-only, never half) · BBWI, VERA, PLNT, Q.
MOM_SHORT CAUTION → watch: FRVO (3 firms Outperform, next-earnings unknown) · KLAC (rev +13.4% but Samsung/DeepSeek negative catalyst; earnings corrected to 2026-07-30, outside h10 — task packet's 07-23 date was stale) · XE (thin, mixed; no next-earnings date on file — flagged for a data-quality check, may be a thinly-covered/ETN-like instrument).
Cross-lane conflict — OLLI: MOM_SHORT (short, no fundamentals verdict on file) vs S4 (long, advisory-cap-only regardless). Net-out: held at watch on both sides. The S4 side was never going to size above watch by lane construction; the MOM_SHORT side lacks its own fundamentals verdict, an independent reason to hold at watch. A same-name opposite-direction conflict is a "the tape doesn't agree with itself here" signal, not a netting opportunity to manufacture conviction — consistent with no-additive-confluence.
S2 CAUTION → watch: GM (insider selling + rev −2.03% YoY = exit-flow tension).
S2 missing fundamentals verdict → watch: ESS, CNI, PPG, QSR.
S4 sentiment-contrarian — entire lane held at watch (advisory-cap by lane rule, never sized regardless of fundamentals): BANC (CAUTION: persistent large insider selling), AVY (CAUTION: flat growth + insider selling), ITT, ECL, WSM, OLLI, WCN, GTES, SAN, WBD.
MOM_LONG biotech basket — watch/basket only, never per-name (tail-driven, hit-base below median, no fundamentals run): CRNX, PTGX, LABU, MBX, NAVN, KNSA, IDYA, IMVT, CLDX, PTCT, MIRM, BEAM, UTI, EXEL, XBI. All 15 at extreme 52w highs; single basket cluster, starter→half ceiling if ever fired on a trending (not CHOP) tape — not today.

Risk#

Concentration in one lane: 8 of the book's sized names sit in OI_FADE (2 half, 6 starter). This is a deliberate consequence of tonight's provisional-HIGH lane designation, not an additive-confluence violation (every name scores on OI_FADE's own excess only). Cross-checked for hidden correlation: the subset available in the 783-name truth-set panel (NRG, PRMB, Q, FROG, PLNT) shows max pairwise corr 0.49 (NRG-Q, Q not sized) — no cluster collapse triggered. CG, SHOO, RSI, CGNX, DLO, UNM sit outside the truth-set price panel (data gap, same class as the GFL/CP gap noted 07-06); same-sector pairs (CG+UNM both Financial Services, CGNX+DLO both Technology, RSI+SHOO both Consumer Cyclical) could not be independently re-verified numerically and are flagged, not force-collapsed, since the oi-flow-fade Phase-B agent's own sector-diversification check (<27% any sector) already screened for this.
Event overhang: CPI (07-14) + PPI (07-15) fall inside every h10 window opened this week — applied as defined-risk-through-print on the OI_FADE and MOM_SHORT h10 shorts, not an automatic downgrade (consistent with 07-06 treatment). S2's h5 window also catches CPI (07-14 lands exactly on day 5); noted, not gated, since S2 is a short-horizon mean-reversion long, not a macro-directional bet.
Liquidity floor caught two real misses: SMPL and BYRN were framed as "thin advisory" in Phase B but actually fail the $50M fail-closed floor outright (see Vol Book). DLO, SHOO, and AZZ all clear the floor but sit within ~$2M of it — flagged for a fresh liquidity recheck before any live entry.
Data-quality flags for next run: (1) CG/KLAC earnings dates in the Phase-B packet were stale — the live 07-07 Stock Screener export is the source of truth; (2) FROG/BBWI/VERA/PLNT/Q (OI_FADE), ESS/CNI/PPG/QSR (S2), and TD/LFUS/GTES-class ADRs where applicable need fundamentals-gate spawns next run; (3) XE's data profile (no next-earnings date, generic sector) warrants a manual check that it's a legitimate operating equity and not a thinly-classified ETN.
Half-cap discipline held: no name was sized above half; OI_FADE's provisional-HIGH designation did not auto-upgrade to full. Per the hard rule, only downgrades were applied beyond the excess-implied ceiling — no upsizing occurred anywhere in this book.

Envelope: decision.json (schema v2, validated — see confirmation below). Conviction write-back persisted to conviction_2026-07-07 for next run's adverse-flow exit check. Regression gate not run tonight — no lane/threshold changes made.