One position is cracking while three others barely need the market

Today's market and our positions

SPY did almost nothing today — down five basis points, closing near $772.87. Flat days like this are actually useful. They strip away the rising tide and force each position to justify its spot in the book on its own. No hiding. And what the book showed today is that most of what we're holding doesn't need SPY's help. PIII and CORT held their ground. SNOW did too. That's the Relative Strength Engine doing exactly what it's built to do — surface names that want to go up regardless of what the index is doing. Twenty-six days in, we're sitting at +5.9% system-wide. SPY has done +2.9% over the same stretch. That's +3.0% alpha. It's still early and we're not getting ahead of ourselves — but the positions doing the work are doing it cleanly, and a flat market just confirmed it.

What our open trades are doing

Let's run through what matters. PIII is the standout today. Both entries — day 7 at $10.25 and day 5 at $10.45 — are sitting at $12.83, up 25.2% and 22.8% respectively. Alpha on those two positions is +24.95% and +22.19% vs SPY. That kind of divergence is exactly what the Relative Strength Engine is built to find. CORT is right there with it: entry at $91.92, now $114.23, up 24.3% with nearly +20% alpha over 14 days. SNOW is on a similar track — up 23.5% from $270.92, now $334.70, with +18.95% alpha at 15 days in. Those three are carrying the portfolio, and they're carrying it well. EVC is a different story. We have three separate entries in the name. The oldest one — day 28 at $11.75 — is now slightly underwater at $11.70, down 0.43% while SPY has gained 2.82% over the same window. That's -3.25% alpha, and it's hard to spin. The day-12 entry is marginally green but still lagging the index. The day-8 entry is the only one showing positive alpha, at +0.69% — barely, but it's there. EVC isn't broken, but it isn't doing what the engine hoped at this stage. Then there's SLS. Entry $12.15, now $11.07 — down 8.9% in four days against a basically flat tape. That's a real drawdown and it earns real attention. CRNX opened today at $84.22 and closed essentially unchanged at $84.15. Day one tells us nothing, but the clock is running.

Today's closed trades, post-mortem

No trades closed today. Nothing to post-mortem. The book stayed intact.

What could change by tomorrow's open

The position that demands the most attention going into tomorrow is SLS. Down 8.9% in four days against a flat market — that's a position losing ground with no index headwind to blame. We'll be watching whether it stabilizes or keeps drifting. On EVC, three separate entries in the same name at this stage of underperformance is the kind of concentration that can bite if the thesis doesn't start working soon. If the broader market catches a bid, EVC needs to show up for it. SNOW and CORT have enough cushion that ordinary volatility shouldn't threaten them, but both are extended from entry — gap risk on a weak open is real. PIII has moved fast. Fast moves can mean fast reversals, and we're keeping that in mind.

What we're watching tomorrow

Tomorrow morning the engines run the full scan again. A session this quiet has a way of letting fresh setups develop just below the surface — names that were waiting for the noise to settle before showing their hand. Whether the Relative Strength Engine surfaces something new, or whether tomorrow is a 'manage what you've got' kind of morning, we'll know before the open.