2026-07-10 eod — book static, three structural conditions still open, nothing tripped

zero fills, zero notional. book untouched since the 07-09 googl/gild basket. read live snapshot + risk policy fresh.

perfstate 07-10: fund ytd -52.4bps, spy +1076.2, excess -1128.5, gap to target -1628.5, te 2012.4, 174d left. since-inception excess slipped negative: -17.1 (fund -15.8 / spy +1.2) — was barely positive 07-09.

stop-loss review line confirmed live at -2000bps. deepest name cme -871bps (mark 240.27 vs 263.19 cost), ~1129 off the line — cme close was proposed but never seated; still on the stop-watch, still nowhere near. xom -652, pep -488, fdx -298 next; none near review.

standing un-cured: cash 1.73% ~27bps sub the 2% floor un-swept since 06-25; count 14 vs 18 floor; top-5 80.05% over 22% cap (spy 69.25% alone). beta 0.9216 on the 0.90 floor, 216bps room. no settlements — nothing to clear t+1. no opinion on any name.

2026-07-09 eod — book static, three standing conditions still open, nothing tripped

zero fills, zero notional. book untouched since the 07-09 googl/cme/gild basket. read live snapshot + risk policy fresh.

perfstate 07-09: fund ytd -76.9bps, spy +1027.6, excess -1104.5, gap to target -1604.5, te 2045.6, 175d left. since-inception excess still barely positive +2.1bps (fund -40.5 / spy -42.6).

stop-loss review line confirmed live at -2000bps. deepest name cme -892bps (mark 239.71 vs 263.19 cost), ~1108 off the line — cme close was proposed 07-09 to fund the basket, so if that leg didn't fully seat cme is still on the stop-watch. xom -747, pep -455, fdx -422 next; none near review.

standing un-cured: cash 1.74% ~26bps sub the 2% floor un-swept since 06-25; count 14 vs 18 floor; top-5 79.96% over 22% cap (spy 69.11% alone). beta 0.9206 on the 0.90 floor, 21bps room. no settlements — nothing to clear t+1. no opinion on any name.

2026-07-09 meeting — gild #79 resize 1.09%->2.0%, funded from cash

read live post-googl fill. googl seated at 69.6 sh / 2.58%, cme closed, book 14 names, cash $16,114, beta 0.9202. gild sitting 1.09% (79.4 sh, +9.09%, mark 135.50), the pre-committed second β0.33 leg that died at the floor for four sessions — googl's β1.267 finally carries it.

sized on live 07-08 close 135.82: 2.0% target = ~$19,789, current mv ~$10,760, add ~$9,006 = ~66 sh buy from cash. ~8.5M sh daily vol, work close vwap, no skew.

flag on the record: cash-funded, residual drops 16,114->~7,100, ~93bps under the 2% floor — re-opens iris's sub-floor warn the same session the googl/cme leg cured it. not blocking. iris confirms basket clears, beta 0.9202->0.9141, 141bps floor room. no fills until seated. no opinion on the name.

2026-07-09 meeting — googl re-cut to cme-funded after spy leg vetoed

spy-funded version (#78) vetoed at ops on the single-name cap — trim left spy at 70.70%, still over the 3.5% band; passive core can't come under the cap in one trim. daniel re-cut as #80 googl open + #81 cme close, funded off cme not spy.

sized live 07-08: googl 2.5% = ~$24,736 / 361.92 = ~68 sh buy. cme full close = 95.04 sh / 240.75 = ~$22,882, crystallizes ~-$2.1k unrealized on top of the ~-$4.1k standing realized. both deep-liquid, close vwap, no skew.

iris: basket clears, zero breaches. beta 0.9125->0.9132 holds floor (googl β1.247 in, cme β0.26 out, net lift). cash 1.71->4.02% cures sub-floor warn #42. 13->14, top-5 78.9%. cme close also retires my longest stop-watch item — deepest name -8.53%, ~1147 off the -2000 line. gs #74 ~0.16 sh nudge folds in if seated. no fills until seated. no opinion on either name.

2026-07-09 meeting — #78 spy trim is the googl funding leg, sized ~45 sh

#78 spy 71.5%->68.1% (~-3.4pp) is the funding leg of the googl pair, inseparable from #77. at 07-08 live close 745.40 that's ~$33.6k notional, ~45 sh to sell. spy 42.7M sh daily volume — a 45-sh trim is nothing, work at close vwap, no skew risk.

iris confirmed the trim standalone vetoes (β0.879, 213bps under the 0.90 floor); only paired with googl's β1.247 does it clear to 0.9103. so no standalone spy action — i work the whole basket as one ticket set, gs #74 nudge (~0.16 sh) folded in if seated to save a ticket.

book static since 07-06 msft/spy pair. nav 989,441, 13 names, beta 0.9125 on the floor. no ops action until seated. no opinion on any name.

2026-07-09 meeting — "open gs 2.5%" is a $168 nudge, not a new open

read live before speaking. gs #74 on the book at 24,569.30 / 2.483% / mark 1029.64, β1.274, 23.862 sh, entered ~1030 on 06-26 dislocation, flat since (-0.51%, +1.9bps active). resize to 2.5% = ~$168 = ~0.16 sh. rounding, not a position. room settled it stale (daniel/margaret/priya/iris all say same).

primary live trade this room is the googl/spy pair (#77/#78) + gild's second leg (#79) behind it. gs line is not that. if the room seats the $168 top-up i work it inside the googl basket to save a ticket; if not, no action.

no fills since 07-06 msft/spy pair. nav 989,441, 13 names, beta 0.9125 on the 0.90 floor. standing un-cured: cash 1.71% ~29bps sub-floor un-swept since 06-25; count 13 vs 18 floor; top-5 82.32% over 22% cap. cme deepest -8.53%, ~1147 to the -2000 line, untripped. no opinion on any name.

2026-07-08 meeting brief — book static, three standing conditions still open

read live to open the room. no fills since the 07-06 msft/spy pair. nav 989,441, 13 names, beta 0.9125 on the 0.90 floor.

perfstate: fund ytd -141.8bps, spy +934.5, excess -1076, gap to target -1576, 176d left. since last meeting fund -0.73 vs spy -0.84, excess +11bps. window active drivers xom +7.9, cme +7.7, bmy +7.5; detractors spgi -7.5, v -6.4, etn -6.4.

standing un-cured, flagged: cash 1.71% ~29bps sub-floor un-swept since 06-25; count 13 vs 18 floor; top-5 82.32% over 22% cap (spy alone 71.5%). stop-watch: cme deepest -8.53%, ~1147 to the -2000 line, untripped. no opinion on any name.

2026-07-08 eod — book static, cme still deepest, standing breaches un-cured

read live to close. no fills, no trades since the 07-06 msft/spy pair — book doesn't move between meetings. nav $989,441, 13 names, beta 0.9125 on-band.

fresh perfstate 07-08: fund ytd -141.8bps, spy +934.5, excess -1076, gap to target -1576, 176d left. since last meeting fund -0.73% vs spy -0.84%, excess +11bps. window contributors xom +6.3, cme +5.7, bmy +5.4; detractors spgi -9.6, v -9.1, etn -8.4.

stop-watch, live off risk policy (-2000bps review line): cme deepest at -8.53% (-853bps, mark 240.75) — still the standing cut candidate, ~1147 to the line, untripped. xom -500, fdx -450, etn -284 next, none past -500. no per-name stop near tripping.

un-cured standing conditions, none new: cash 1.71% (~16,900), ~29bps under the 2% floor, un-swept since 06-25 — sweep sgov, flagged repeatedly (iris 38-42 open), stale. count 13 vs 18-name floor, five under. top-5 82.32% over the 22% cap.

if this were a real broker: nothing to settle, no pending, no fails, no halts, no rejects, no breaks. no opinion on any name.

2026-07-07 eod — book static, cme bounced, standing breaches un-cured

read live to close. no fills, no trades since the 07-06 msft/spy pair — book doesn't move between meetings. nav $993,339, 13 names, beta 0.9133 on-band.

fresh perfstate 07-07: fund ytd -103bps, spy +971, excess -1074, gap to target -1574, 177d left. since last meeting fund -0.34% vs spy -0.51%, excess +17bps. day's contributors xom +7.1, cme +5.7, gild +5.4; detractors etn -10.8, v -4.7, gs -2.9.

stop-watch, live off risk policy (-2000bps review line): cme deepest at -8.53% (-853bps, mark 240.75) — bounced +2.55% today, pulled ~230bps back off the line, now ~1147 to review. still the standing cut candidate, still untripped. xom -463, etn -378, fdx -354 next, none past -500. no per-name stop near tripping.

un-cured standing conditions, none new: cash 1.70% (~16,900), ~30bps under the 2% floor, un-swept since 06-25 — sweep sgov, flagged repeatedly, stale. count 13 vs 18-name floor. top-5 82.40% over the 22% cap.

if this were a real broker: nothing to settle, no pending, no fails, no halts, no rejects, no breaks. no opinion on any name.

2026-07-06 eod — msft/spy pair seated, book static, standing breaches un-cured

read the book live to close. the 07-06 pair filled: msft 2.50% (64.5 sh, avg 383.84, mark 386.74, +0.76%), spy trimmed to 71.5% (713.4k mkt val, realized -3,904 on the leg). beta 0.9148 on-band, 13 names.

stop-watch, live number confirmed off risk policy (-2000bps): cme deepest at -10.80% (-1080bps, mark 234.76), ~920 to the review line — still the standing cut candidate, still not tripped. xom -813, fdx -445 next. nothing else past -800.

un-cured standing conditions, none new: cash 1.69% (~16,900), ~31bps under the 2% floor, un-swept since 06-25 — the msft/spy spread landed some cash but didn't clear the floor; next cash-funded fill deepens it. sweep sgov, flagged again, getting stale. count 13 vs 18-name floor. top-5 82.52% over the 22% cap.

if this were a real broker: spy trim realized -3,904 crystallized, msft add for t+1 settle, both clean, no fails. no halts, no rejects, no breaks. no opinion on any name.