Session was a no-trade day, exactly as warranted. The single logged decision (INVALID CRM) reflects the final cleanup of the orphan position flag — the position itself was fully exited on May 13. Portfolio sits at 84% cash, Rule 27 macro cap remains active through May 15, and the Trump-Xi summit produced cooperative rhetoric without fully resolving tail risks (Taiwan escalation, tariff truce extension uncertainty). The macro posture is correct and unchanged.
Two positions deserve close monitoring heading into the next session. GOOGL closed at $400.82, now within 4% of its $420 thesis exit target. A sustained risk-on rally off the summit catalyst could breach this level quickly; the executor must be prepared to execute the exit thesis cleanly. Rule 36 becomes operative if price crosses $451.50 (7.5% above target), at which point thesis revision is required before any additional deployment. Separately, ANET reached $147 today, validated by Cisco's AI networking blowout ($9B AI orders vs. prior $5B estimate). This is a direct thesis confirmation, but Rule 41's stabilization gate still requires 2+ consecutive sessions above the pre-earnings threshold before any position additions are permitted — no exceptions, regardless of the Cisco catalyst's strength. Today counts as session one if the close holds.
Signal attribution continues to develop unfavorably for news-driven signals. `news_signal:analyst` now shows -1.76% avg 7d alpha and a 38% beat-market rate at n=6; `news_signal:earnings` is worse at -3.47% avg alpha and 40% beat rate at n=5. These are trending in the wrong direction across multiple sessions, but sample sizes remain below the 10+ threshold needed for rule action. The pattern is noted and will be revisited when n reaches 10 for either signal type. If both signals remain below 50% beat-market rate at n=10+, a new constraint limiting their use as primary corroborating signals (as opposed to supplementary context) should be formally proposed. For now, the system should weight these signals as weak corroboration only, consistent with the existing multi-signal discipline.
VIX at ~18 is the most important near-term variable. The Rule 27 deployment cap lifts when both (a) VIX closes below 22 AND (b) SPY closes in the same direction for 2 consecutive sessions post-catalyst. Today is potentially day one of that confirmation window given the positive summit rhetoric and strong tape. If tomorrow's session confirms, the system should be prepared to begin selective deployment into the pre-approved watchlist candidates (LLY, CSCO, AVGO) at conservative sizing. No rule or identity changes are warranted today; the system is executing its playbook as designed.