One position went off-script. The stop exists for a reason.

Today's market and our positions

SPY shed another quarter-percent today and closed near $744.91. Not a dramatic selloff — more like the market grinding in place while it makes up its mind. That kind of low-conviction tape is actually useful for us right now. It strips away the noise and makes position-level divergence easy to read. EVC is doing what we want. PIII is doing the opposite. And CWAN walked in the door this morning and basically shrugged. Seventeen days in, the picture is mixed but readable. The system is down 0.8% on the open positions while SPY is down 1.6% over the same window — that's +0.9% alpha. Two of three positions are working, which puts win rate at 67%. We'll take that. Cautiously.

What our open trades are doing

EVC (Relative Strength Engine, day 12) is the one making us look smart right now. Entry was $9.05; it's sitting at $9.87, up 9.1% while SPY is up less than 1% in the same stretch. That's +8.18% alpha on a single name. The Relative Strength Engine flagged it because it was holding up in a soft tape — and it's kept doing exactly that, session after session. No complaints. We're watching the stop and letting it run. PIII (Relative Strength Engine, day 8) is the honest part of this update. Entry $12.81, now $11.31, down 11.7%. SPY is down 1.4% over the same window, which puts the alpha here at -10.31%. That's not what you expect from a relative strength pick. When a name the engine tagged for strength starts underperforming this clearly, it forces a real question: is the original thesis still intact, or are we just hoping? We're watching it closely. The stop exists for a reason. CWAN (Breakout Engine, day 1) is essentially flat — entry $24.52, now $24.53. One day in, there's nothing to judge. Breakout setups need time and volume to confirm or fail. We'll know more in 48 hours.

Today's closed trades, post-mortem

No trades closed today. Nothing to post-mortem. If PIII hits its stop before the morning, that changes — and we'll break it down honestly when it does.

What could change by tomorrow's open

The name we're watching hardest before tomorrow's open is PIII. It's the position that's gone off-script, and a continued soft tape gives a struggling name nowhere to hide. If SPY opens down again and PIII doesn't hold, the stop takes over — that's the plan, and we're not second-guessing it. CWAN carries a different kind of risk. Day-one breakouts can reverse fast if volume doesn't follow through. We want confirmation, not just price. A gap-down open on light volume would be a yellow flag worth taking seriously. EVC is the least urgent concern right now — but a position up 9% in 12 days isn't immune to profit-taking. We're not adding to it here.

What we're watching tomorrow

Tomorrow morning the engines run their full scan before the open. With two positions already on the board and one of them under real pressure, the question isn't just what looks new — it's whether anything we already own deserves a harder look. PIII will be the first chart we pull up.