Day 63 Scoreboard: System Up 5.0%, SPY Flat

Today's market and our positions

IOVA is up 81.6% from our entry. That's not a typo, and it's not a prediction — it's what's on the scoreboard right now. Day 63 of the experiment, and the Relative Strength Engine is sitting at +5.0% system-wide against a SPY that has gone exactly nowhere. Today SPY closed at $762.49, off 0.22% — barely a rounding error, but enough to remind us the market has been grinding sideways for weeks. Our portfolio mostly shrugged and moved on.

What our open trades are doing

Let's go position by position on the names that matter. **IOVA (day 20):** +81.6% from $8.15, now $14.80. The Relative Strength Engine caught this one early, and it has been running since. We're watching it carefully here — moves like this don't ask permission before they reverse, and we haven't forgotten that. Still open. Still alive. **TWST (day 16):** +44.7% from $135.76, now $196.50. Same engine, same story. The system flagged relative strength before the move got obvious to anyone else. Sixteen sessions in, and it's still holding shape. **CRNX (14 open positions, days 31–57):** Every single one of these shows +0.00% price change today — the stock didn't move. What it *did* do is beat SPY on every position, with alpha ranging from +0.02% to +1.98% depending on when we entered. That's the whole premise of relative strength: you don't need to go up, you just need to go up *more* — or fall *less*. Right now, CRNX is doing the second part. **TEAM (days 21–22):** The two newest TEAM positions are underwater — day 21 sits at -1.24%, day 22 at -0.26%. Both are negative alpha against SPY today. They're early and small, so we're not sounding any alarms, but they're the honest part of the ledger that an +81% IOVA can paper over if you stop paying attention. **HURN (day 2):** -1.30% from $158.90, now $156.83. Two sessions in and already showing some slippage. Still within normal noise for an early-stage position, but we're keeping an eye on that -1.08% alpha deficit. **HTFL (day 1):** First full day. -1.17% from $49.49, now $49.90. One session tells us almost nothing. Ask us again next week.

Today's closed trades, post-mortem

No trades closed today. Nothing to post-mortem. The portfolio is holding its shape, and the engine didn't trigger any exits. Win rate stays at 0/19 closed trades — which sounds alarming until you remember it means 19 positions are still open, not that we've lost 19 times. We haven't closed a loser *or* a winner yet. That changes when it changes.

What could change by tomorrow's open

A few things that could shift the picture before tomorrow's open. IOVA at +81.6% is the obvious pressure point — that kind of gain in a small-cap biotech can unwind faster than it built, especially if broad sector rotation picks up. TWST at +44.7% carries similar tail risk. On the other side, TEAM and HURN are starting to drift, and if SPY catches a bid while those names don't follow, the alpha picture gets messier in a hurry. The 14 CRNX positions are quiet — maybe too quiet. A stock that sits flat for days sometimes resolves with a gap. We just don't know which direction yet.

What we're watching tomorrow

Tomorrow morning the engines run their scans fresh. With SPY this range-bound, the Relative Strength Engine is going to have to work harder to find names that are genuinely moving against the tape — not just drifting along with it. We'll see what clears the bar.