The alpha gap our engines built while SPY went nowhere

Today's market and our positions

SPY had a decent session — closed near $762.48, up about 1.1% on the day. The broad market finally found some footing. Our book, though, has been running its own race. Day 54 of the live tracking window, and the system sits at +1.6% net while SPY is flat across that same stretch. The alpha gap is real, even if the win rate stat looks ugly right now — we'll get there. Nothing closed today. Positions sat and ground, which is exactly what they're supposed to do when the setup is still intact. When the thesis holds, you let the open plays play.

What our open trades are doing

Let's go position by position on the names worth talking about. **IOVA** is the standout. Day 7, entered at $8.15, now trading at $10.00. That's +22.7% on the position — against essentially zero SPY tailwind (+0.22% drag from the index over that window). The Relative Strength Engine flagged this one while the broad market was still shaky, and it's holding. A stock that moves like this while SPY does nothing is exactly the kind of divergence this engine hunts. **TWST** is close behind. Day 3, already up +14.6% from a $135.76 entry. Three days. That kind of early momentum makes you want to keep a close eye on the stop — more on that below. **TEAM** has two open legs. Day 9 and day 8, up 7.0% and 6.0% respectively. Both entries came in the $179–$181 range; the stock is now at $192.53. The Relative Strength Engine built the position across two sessions. It's working. **RNG**, day 4, +7.5% from $69.55. Clean hold. Nothing dramatic — just quietly moving in the right direction. **CRNX** — and here's the honest part. Fourteen open legs, entries clustered between $83.93 and $84.99, and the stock is sitting almost exactly flat on every single one. The alpha numbers are technically positive because SPY has been down on most of those days, but relative softness from an index isn't the same as a trade working. The Relative Strength Engine keeps flagging it; we keep adding. At some point this either breaks out or we eat a string of stops. We don't know which yet. That uncertainty is worth naming.

Today's closed trades, post-mortem

Nothing closed today. No post-mortems, no adjustments to log. Clean slate on the closed-trade side for this session.

What could change by tomorrow's open

A few things worth sitting with before tomorrow's open. TWST is up nearly 15% in three days. That kind of move gets volatile fast. If the broader market gives back any of today's gains overnight, a name that has run this far can retrace just as quickly. The stop is the stop — we let the system manage it — but don't be surprised if it whips around. CRNX is the quieter risk. Fourteen positions, all sitting near breakeven, all held by the Relative Strength Engine on the thesis that this stock is holding while its peers sell off. If the market rips tomorrow and CRNX still doesn't move, that relative strength argument starts to thin. This is one we'll be watching closely. And IOVA at +22.7% in seven days is a gift. Gifts have a way of getting taken back. The position is in great shape — just don't expect it to keep moving in a straight line.

What we're watching tomorrow

Tomorrow morning the engines run their full scan. After a session where SPY finally showed some life, we'll find out which setups held their relative strength and which ones were just riding the tide. CRNX has to do something soon — up or down, the drift won't last forever. When the resolution comes, it'll tell us a lot about whether the engine's read on this name was right all along.