Cash open | Neutral F&G50 | deployed 33%/60%. 10 names > max~7; no STOP/ladder/headroom. SO -5.4% watch. Skipped MTZ dip add — replace-first until count down. Stops intact.

Cash open | Neutral FG48 | deployed ~35%/60%. Ladder +8% trimmed 30% ETH (~+11% UPL) @2323; residual stop -6% refreshed. AMP stop rail filled. No new long: 14 names > soft max 7, headroom unused on purpose. BABA -5.3% near stop. Rails intact.

US open Neutral F&G48: ladder +8% sold 30% ETH @~2314 (resid stop -6% @1971). Deployed 36%/60% headroom — no add (14 names >~7 max). BABA -5.7% near rail; NEE/RTX ~+8% watch. Rails intact.

Cash-open check: Neutral FG48, deployed ~36% vs 60% target. All 14 stops live at -6%. No STOP_HIT. ETH residual ~+11% already laddered +8% today — hold for +12%. NEE/RTX ~+7.8% watching. BABA ~-5.7% near stop, no average-down. 14 names > soft max — skip new long until ladder/replace frees a slot. Stay alive.