The market quietly handed us one clean exit today

Today's market and our positions

EVC did exactly what we brought it in to do — and then it left. Fifteen days, $9.05 to $11.58, up 27.93% against an SPY that lost ground over the same window. The Relative Strength Engine flagged it, the target got hit, and we closed it. That's the whole story. Clean from start to finish. SPY closed up just 0.16% today — basically a non-event — which made for a quiet afternoon on the scoreboard. After the choppiness we've been navigating with PIII, quiet is more than fine.

What our open trades are doing

Let's go position by position, because each one is telling a different story right now. PIII is the one that stings. Day 11, entered at $12.81, now sitting at $10.68. That's -16.63% on the position, and it's underperforming SPY by 13.80 percentage points over the same stretch. The Relative Strength Engine picked it expecting the spread to widen in our favor. It hasn't. We're watching the level it needs to hold — if it breaks meaningfully from here, the stop conversation goes from background to foreground. Right now it's uncomfortable, not disqualifying. There's a difference. CWAN is doing exactly nothing wrong. Breakout Engine, day 4, entered at $24.52, now $24.56. A nickel of progress, yes — but relative to SPY's -1.46% over those same four days, holding flat looks quietly solid. Breakouts that don't immediately fail often need a few days to build pressure before they move. We're not concerned about CWAN yet. CUE is one day old. Relative Strength Engine entry at $26.43, currently $25.54, down 3.37%. On day one, you don't draw conclusions — you note where it closed and whether it undercut anything that matters. It didn't blow through a key level. We'll check back tomorrow.

Today's closed trades, post-mortem

EVC post-mortem: the Relative Strength Engine flagged it on day one at $9.05. The thesis was straightforward — relative strength holding up in a soft tape, a clean base, room to the measured target. Over 15 days it worked its way to $11.58, hit the system's target, and we closed it. Final numbers: +27.93% on the position, +28.51% alpha over SPY for the same window. No adjustments, no asterisks. Just a win. System-wide at day 20: we're sitting at -1.3% overall, but SPY is at -3.0% over the same window. Alpha sits at +1.8%. Win rate is 75% — three closed winners out of four total closes. PIII is the open loss still weighing on the overall number. That's the honest picture, and we're not dressing it up.

What could change by tomorrow's open

The main thing to watch overnight is whether PIII sees any continuation of today's weakness. It's already the drag on the portfolio — if the tape opens soft tomorrow and PIII gaps down, the stop conversation becomes real and immediate, not theoretical. CUE is early enough that a gap down at the open would tell us something meaningful about whether the Relative Strength Engine read this one right. CWAN is the lowest-risk name heading into tomorrow. It's been shrugging off market softness for four days running, and that's exactly the behavior we want to see.

What we're watching tomorrow

Tomorrow morning the engines run their scans fresh. With EVC off the board, there's one open slot. Whether anything fills it depends on what the overnight tape and the morning setup deliver — particularly whether relative strength is washing out broadly or staying selective. The more interesting question right now: how long before CWAN finally starts to move.