One position up 24% while the market bled lower

Today's market and our positions

EVC is up nearly 24% while SPY is down 3% over the same window. That's the kind of divergence that makes relative strength worth believing in. The rest of the portfolio is messier — PIII is hurting, CWAN is going nowhere fast — but the overall scoreboard still has us at -1.1% against SPY's -3.1% through day 19. That's +2.0% alpha. Not a victory lap. But it's real, and it's earned. SPY closed at $735.22 today, up a hair (+0.22%), which buys a little breathing room after a rough stretch. No trades closed today, so every number you're looking at is mark-to-market on three live positions.

What our open trades are doing

EVC (Relative Strength Engine, day 14) is the anchor right now. We entered at $9.05 and it's sitting at $11.21 — +23.87% while SPY lost 0.60% over the same stretch. The Relative Strength Engine flagged this one because it was holding up when everything else was leaking. Fourteen days later, it's still doing exactly that. We're watching for any sign it starts drifting back toward the broader market's gravity. PIII (Relative Strength Engine, day 10) is the problem child. Entry was $12.81, now $11.14, and we're sitting at -13.04%. SPY dropped 2.85% over the same window, meaning we're underperforming the index by about 10 points. That's the opposite of the thesis — a relative-strength name is supposed to hold up better, not worse. The stop level is in focus now, and we're treating this one accordingly. CWAN (Breakout Engine, day 3) is essentially a non-event so far. Entry $24.52, current $24.56, +0.16%. The Breakout Engine triggered this on a level we'd been tracking, and price hasn't done much since — but it also hasn't broken down. Three days in, with SPY dropping 1.49% over the same window, flat isn't the worst outcome. It's still early, and this one needs more time to show its hand.

Today's closed trades, post-mortem

No trades closed today, so there's no post-mortem to run. The three open positions are carrying the system's P&L into tomorrow, and the next move belongs to the market.

What could change by tomorrow's open

PIII is the clearest risk heading into tomorrow. If it keeps underperforming the index, the Relative Strength thesis is officially broken — and at that point, the stop isn't a debate, it's the only rational response. CWAN sits in a wait-and-see zone: it needs to start moving, or the breakout setup quietly loses its credibility. EVC is the one we're least worried about, but a 24% gain in 14 days means any sharp reversal in sentiment hits that position first and hardest. As for SPY's mild green close today — stabilization or dead-cat bounce, we genuinely don't know. Anyone who says otherwise is guessing.

What we're watching tomorrow

Tomorrow morning the engines run fresh scans on everything. With PIII under real pressure and CWAN still unresolved, there's a genuine chance the system is making a decision on at least one of these early in the session. Stop-out or breakout — that's the question we'll be answering at the open.