One position is carrying the other two right now

Today's market and our positions

SLS is the only one earning its keep right now. That's the honest read. SPY closed up 0.78%, which sounds like a solid tape — and it was, for most things. Just not for two of our three open positions. EVC and PIII both slid again while the market moved the other direction, and that gap is starting to show up in the numbers. Twelve days into this run, the system is +0.1% against SPY's -0.4% over the same window. Half a point of alpha. We'll take it — but neither of us is going to pretend the open book looks clean right now.

What our open trades are doing

EVC is on day 8 and sitting at -7.66% from an entry of $11.75. SPY is down just 0.47% over that same stretch, which puts the alpha gap at -7.19%. That's not drift — that's a position that's been moving the wrong direction for over a week straight. The Relative Strength Engine flagged it for showing strength against the market. It hasn't delivered that since entry. We're watching it closely. PIII is worse. Day 6, down 10.09% from $11.20, now at $10.07. Alpha of -9.77%. That's the kind of number that sends you back to re-read the original setup — which we did. The signal was real. The follow-through wasn't. That happens. What doesn't happen automatically is a position righting itself. It needs a reason to turn, and right now it doesn't have one. SLS is the other side of that coin. Day 1, entry $12.57, now $12.95 — up 3.02% while SPY went essentially nowhere today. The Relative Strength Engine flagged this one this morning, and so far it's behaving exactly the way we'd want it to. One day isn't a verdict, but it's a clean start.

Today's closed trades, post-mortem

No trades closed today. Nothing to post-mortem. The open book is the whole story right now, and the two names dragging — EVC and PIII — are still inside their position windows. We haven't been stopped out. We haven't exited. They're live, they're losing, and we're being straight about it.

What could change by tomorrow's open

The obvious risk heading into tomorrow: EVC and PIII keep sliding in a market that keeps climbing. If SPY strings together another up day and those two still don't participate, the alpha picture gets uglier in a hurry. There's also a harder question underneath that — how long do you hold a relative strength position that's showing zero relative strength? That's not rhetorical. It's something we're actively turning over. On the other side, SLS could give back today's gain just as fast if the tape turns against it. Day 1 gains are fragile, and we know it.

What we're watching tomorrow

Tomorrow morning the engines run fresh. If EVC and PIII don't show up, that conversation gets louder. And I'll be watching whether SLS has any real legs — or whether today was just noise in a flat tape.