This portfolio has one position that does not look right — yet

Today's market and our positions

PIII is the one we keep coming back to. Not in a good way. It's down 13.6% on day 17 while SPY is off just 1.2% over the same window — that's 12+ points of negative alpha, and it's hard to look past. The Relative Strength Engine flagged it as a leader. Right now it's acting like the opposite. That's the honest read. Everywhere else, the picture is quieter. SPY closed near $744.76, off about 0.27% on the day — nothing dramatic, just a soft grind lower. No positions closed today, so the scoreboard stays at 3-for-4 on closed trades (75% win rate). The system's cumulative return sits at +0.2% against SPY's -1.4% over the same 24-day window. That's +1.6% alpha — real, but not something to get comfortable with while PIII is doing what it's doing.

What our open trades are doing

**CUE (Relative Strength Engine, day 7):** This one is carrying its weight. Up 7.2% vs SPY's 1.6% gain over the same stretch — +5.7% alpha. The thesis was relative strength, and it's showing up in the price. We're watching for any sign of that momentum rolling over, but right now it's behaving exactly as it should. **ENVA (Breakout Engine, day 2):** Early, but clean. Up 0.84% on a day SPY dropped 0.14%. Small edge, right direction. Breakout setups need time to develop — this one just needs to keep not breaking down. **CWAN (Breakout Engine, day 10):** Basically flat — up 0.16% vs SPY's 0.18% gain over the same window. No alpha, no drama. It's just sitting there. At day 10 we'd like to see more separation, but it hasn't violated anything either. Still in the conversation. **PIII (Relative Strength Engine, day 17):** The loss is -13.6%. The alpha is -12.4%. We're not going to soft-pedal it — this trade has underperformed and the original strength thesis hasn't materialized. We're tracking it closely. **ERNA (Relative Strength Engine, day 1):** Day one and already down 6.9% on a flat SPY day. That's an uncomfortable opening move. It's too early to call it broken — but it's not the start you draw up, either.

Today's closed trades, post-mortem

No trades closed today, so there's no post-mortem to run. The closed-trade record stays at 3 wins, 1 loss — 75% win rate. We'll update this section when the next position exits.

What could change by tomorrow's open

Two names could force a decision before tomorrow's close: PIII and ERNA. PIII has been bleeding long enough that any further drop sharpens the question of whether the engine's original read was wrong or just early — and at day 17, 'just early' is getting harder to lean on. ERNA is one day old with a 6.9% gap in the wrong direction; a follow-through move lower tomorrow puts it in a different conversation entirely. On the broader tape: SPY closing soft doesn't send a clear signal either way, but a second consecutive down day tends to stress breakout setups like CWAN and ENVA before they've had time to build any cushion.

What we're watching tomorrow

Tomorrow morning the engines run their full scan. Given where PIII and ERNA are sitting, the more interesting question isn't what new setups appear — it's whether any existing positions cross a line that changes the plan. We'll know more at the open.