jbstrat — session log

Confirmed flat. No positions, cash matches equity. The numbers: corr -0.27 (decoupled, below the 0.80 threshold), spread +0.12σ (nowhere near the 0.50σ trigger). AI-infra up 10.93% vs software up 3.08% over 20d — real gap, but not stretched enough to pay the borrow and carry cost on a short leg. Direction: FLAT. Target gross: 0.00x. What I did: nothing. Book was already flat before I looked — $0 gross, $0 net, full $74,139.44 sitting in cash. Target book is flat too, so there's zero gap to close. No trades sent. Desk's right to sit this one out — a 0.12σ spread isn't a trade, it's noise. We're down to 74% of starting equity from drawdown, not from me doing anything stupid today. When the spread actually stretches past 0.50σ with this correlation profile, I'll lean on it hard. Until then I'm not paying borrow to express an opinion the desk didn't give me. Sitting on cash, watching.

Confirmed flat — zero positions, $74,139.44 all cash. Matches the desk's read. The numbers: corr -0.266 (decoupled, under the 0.80 coupling threshold, so the two baskets are already trading like strangers), spread at -0.29 sigma. Infra +6.72% vs software +5.70% over 20d — barely a gap. Desk wants 0.50 sigma before paying borrow on a dispersion trade, and we're nowhere close. What I did: nothing. Zero target, zero book, zero trades. No long leg, no short leg, no gross. That -0.29 sigma spread isn't a trade, it's noise. Paying short-borrow on both legs to harvest a quarter-sigma gap is how you bleed carry for a year waiting for a reversion that was never there. I don't fight the signal — desk says flat, I sit flat. Equity's at 74.1% of start, well clear of the 60% guard, cash is just sitting there earning nothing but also losing nothing. That's fine. I'm not in the business of manufacturing edge on a day the signal doesn't have one. Next session, if that spread stretches past 0.50 sigma with the correlation still broken, I'll be ready to put gross back on — long infra, short software, sized to whatever the desk hands me. Until then, book stays empty.

Confirmed flat — zero positions, cash equals equity. The numbers: corr -0.255 (decoupled, under the 0.80 threshold), spread +0.15σ, infra +11.55% vs software +3.00% over 20d. Desk wants flat because 0.15σ doesn't clear the 0.50σ bar — correlation breaking down means nothing if the spread hasn't actually stretched far enough to pay for the borrow. What I did: nothing. Book is already at $0 gross / $0 net, target is $0 gross. No orders needed — there's no gap to close. Sitting on hands isn't a strategy, but trading a 0.15σ spread when the threshold is 0.50σ is just donating to the broker on borrow costs. We're at 74.1% of starting equity — not the time to manufacture a trade that isn't there. When this spread actually runs, I'll lean on it hard. Today isn't that day.

Nothing to do here. Book's already flat, and the desk wants flat. Numbers: corr -0.244 (decoupled, under 0.80), spread -0.07σ (nowhere near the 0.50σ threshold), 20d infra +7.51% vs software +2.82%. Correlation breaking down is interesting but the spread hasn't moved enough to pay the borrow on a 2-3x book. No edge, no trade. Book: $74,139.44 equity, $0 gross, $0 net. Matches target exactly. Action taken: none. Sitting on hands is the correct trade today. I don't short just to look busy — when the spread actually stretches past 0.5σ with this correlation breakdown, I'll lean into it hard. Until then, flat stays flat.

Book's already flat. Good — matches the target. The numbers: corr -0.253 (decoupled, under the 0.80 trigger), spread -0.08σ (20d: infra +9.11%, software +4.37%). Decoupling without a doesn't mean a trade — 0.08σ is noise, not a dislocation. Desk's threshold is 0.50σ to pay the borrow and we're nowhere close. What I did: nothing. Zero positions, zero gross, zero net. Equity sits at $74,139.44, cash same, no open names. Flat means flat. I'm not paying borrow on a basket spread that's barely moved off zero just to feel busy. When this thing stretches past 0.5σ with the correlation breakdown confirmed, I'll lean on it hard — both legs, full gross, no half-measures. Today isn't that day. Sitting on hands.

Book is flat. All 16 positions closed. The numbers: 60d corr -0.27, so yes the complex has decoupled. But the spread is sitting at +0.07 sigma — barely off zero, nowhere near the 0.50 we need to justify eating the borrow on five-figure shorts. Decoupling without stretch is just noise. Paying to carry a basis trade on noise is how you bleed slowly instead of losing fast — same result, worse story. Gross target was 0.00x. I was carrying 1.13x gross, net flat (+$6.85) going in — direction was already roughly balanced, just stale exposure sitting on the book for no reason. Closed every leg, long and short, no exceptions. Cash is back to ~$74.3k, flat book, zero carry risk. Nothing to lean on until the spread actually moves. Sitting on hands is a position too.

All 16 orders filled. Book's built from scratch, straight to target. The trade: Long AI-infra, short software. Corr sitting at -0.27 — these baskets are not the same trade anymore. Spread stretched to +0.67σ with infra up 12.5% over 20 days while software bled 4.4%. That gap doesn't close itself on vibes, it closes because somebody's forced to buy the laggard or sell the leader. We're on the right side either way. What got traded: - Long $5,266 each: NVDA, AVGO, AMD, MU, TSM, ANET, VRT, MRVL - Short ~$5,266 each (whole-share floor): CRM, NOW, ADBE, WDAY, SNOW, DDOG, TEAM, MDB Book now: Gross ~$84.1k on $75.3k equity = 1.12x, exactly on target. Long leg $42,128 / short leg ~$41,928 — net exposure trivial, call it flat-neutral. This is the 45%-of-full-size version the desk wants, not a max-conviction swing. No skips — every name cleared the one-share minimum on the short side. Nothing left on the table, nothing to trim. Book matches the signal to the dollar. This isn't a pair trade on taste, it's a correlation breakdown play. If infra and software re-couple, I'm wrong and I'll say so next session. For now the spread's running and we're riding it at the size we were told to ride it.

Done. Book rebuilt at target, full re-grade below. Signal: 60d corr -0.27 (decoupled, threshold 0.80), spread +0.55σ, AI-infra +10.6% / software -4.4% over 20d. Direction: long infra, short software, at 1.00x gross. What I did: Book came in running 1.53x gross and roughly market-neutral net — over-sized against the 1.00x mandate. No partial-trim tool, so I flattened all 16 names completely and rebuilt each at the $4,780 target: - Long: NVDA, AVGO, AMD, MU, TSM, ANET, VRT, MRVL — $4,780 each - Short: CRM, NOW, ADBE, WDAY, SNOW, DDOG, TEAM, MDB — sized to whole shares, landing $4,612–$4,770 each (broker floor, can't help that) New book: ~$38,240 long / ~$37,499 short → gross ≈ $75,739 (0.99x equity), net ≈ +$741 (basically flat, as it should be for a spread trade). That's the trade: pure divergence bet, equal-weighted both legs, no opinions on any single name. Correlation broke down, spread's still only half a sigma stretched — this is a starter-size ride, not a max-conviction swing. If the spread blows out further the desk will size up; if corr snaps back toward 0.80 we cut it. Sitting at 76.5% of starting equity, 25% off high-water mark — nowhere near the guard, but I'm watching it.

Confirmed — book's tight to target, nothing broken. Here's the state of play: Signal: corr -0.28 (decoupled), spread +0.90σ, AI-infra +9.63% vs software -10.35% over 20d. Desk direction: long AI-infra / short software, 1.50x gross. Book: equity $78,965, gross $115,425 (1.46x — basically on target), net +$727 (+0.01x — clean market-neutral, no drift). Action: none. Every single gap between current and target is inside $370 on $7,385 targets — that's under 5% slippage per name, most of it under 3%. That's noise from price moves since the signal was computed, not a positioning problem. Paying the spread on 16 rebalancing trades to shave a few hundred bucks off each leg is a bad trade. I'm not a churn machine. Only one I even glanced twice at was DDOG, -$365 gap — still not worth it standalone. Not going to leg into a $365 top-up and eat commission/slippage for the privilege. Book stays as is: long NVDA/AVGO/AMD/MU/TSM/ANET/VRT/MRVL, short CRM/NOW/ADBE/WDAY/SNOW/DDOG/TEAM/MDB, 1.46x gross, flat net. Sitting on the trade. Nothing to do today except watch the spread keep working — currently up on DDOG, AVGO, MRVL nicely, down small on ADBE/MDB/SNOW shorts as those names haven't cracked yet. That's the nature of a 0.90σ spread — it's not maxed out, there's room to run if the decoupling continues. We're at 79% of starting equity, well clear of the guard. No panic, no urgency to trim. Riding it.

Book's built. Here's the print: Signal: 60d corr -0.27 (fully decoupled), spread +0.88σ, infra +9.1% / software -10.5% over 20 days. Desk says ride it: long AI-infra, short software, 1.46x gross. What I did: Went from flat to full target in one shot, all 16 names simultaneously — no point legging into a spread this clean. - Long $7,201 each: NVDA, AVGO, AMD, MU, TSM, ANET, VRT, MRVL — all filled at notional. - Short ~$7,201 each: CRM, NOW, ADBE, WDAY, SNOW, DDOG, TEAM, MDB — whole-share flooring knocked a few short a bit (CRM $7,120, ADBE $6,986, SNOW $7,092, MDB $7,029) but nothing material. Book now: ~$115.2k gross on $79.0k equity ≈ 1.46x, split roughly $57.6k long / $57.6k short. Net near zero — this is a spread trade, not a directional bet, and it's sized exactly where the desk wants it. That's the whole thesis on the tape: infra and software have stopped moving together, the gap's already running our way, and we're set up at 58% of full size to keep collecting if it keeps stretching. Nothing left to trade this session — gaps are closed.

Nothing to do here. Book's already flat and that's exactly where it should be. The numbers: correlation -0.29 — infra and software are decoupled, no argument there. But the spread is only +0.05 sigma against a 0.50 threshold. That's noise, not a trade. Infra's up 6.82% over 20 days, software's dead flat at -0.08%, and it's still not enough to clear the bar. Desk wants 0.00x gross, and I'm at $0.00 gross, $0 net. What I did: nothing. No orders. Correlation breaking down doesn't matter if the spread hasn't stretched — I'm not paying borrow to short software here for a 0.05 sigma edge. That's a coin flip with fees attached. Sitting on my hands at 79% of starting equity isn't a great place to admire, but it beats forcing size into a signal that isn't there. When the spread actually stretches, I'll be levered up fast. Today isn't that day.

Confirmed — flat, zero positions, matches the desk. The numbers: corr -0.32 (decoupled, below the 0.80 threshold), spread -0.26 sigma (below the 0.50 threshold to trade), direction FLAT, gross target 0.00x. Read: yeah the baskets have come apart — correlation's gone negative, infra's outrunning software by 2+ points over 20 days. But -0.26 sigma isn't stretched, it's noise. Paying borrow on a short book to catch a quarter-sigma wobble is how you bleed slowly. Not my style. What I did: nothing. Book is already flat — $0 gross, $0 net, full $78,996.77 sitting in cash. No orders sent. There's no drift to correct and no edge to lease. Sitting on hands while equity's down to 79% of start stings, but that's a market drawdown, not a book problem — I'm not carrying risk right now so there's nothing here to fix with size. When the spread stretches past half a sigma with this decorrelation, I'll lean into it hard. Until then I'm not paying to borrow stock for a trade that isn't there yet.

Checked the book — already flat, $0 gross, matches target. Nothing to trade. The numbers: corr -0.31 (decoupled, sub-0.80 threshold), spread at -0.02σ — way under the 0.50σ we need to pay the borrow on this. Basket returns diverging (infra +11.9% vs software +5.6% over 20d) but that gap isn't stretched enough yet to be a trade, just noise on top of a decoupling. Desk says flat, I'm flat. No position to unwind, no new legs to put on. Sitting on $78,996.77 cash, gross $0, net $0. Not going to manufacture a trade to look busy — that's how you bleed on borrow costs for nothing. When the spread actually stretches past 0.5σ with this correlation breakdown, I'll lean into it hard. Today isn't that day.

Nothing to do here. Book's already flat, target's flat — that's a match. The numbers: corr -0.31 (decoupled, under 0.80), spread +0.01σ (nowhere near the 0.50 threshold), infra +11.67% vs software +4.88% over 20d. Decoupling is real but the spread hasn't stretched enough to pay for the borrow on a short leg. Desk's right to sit on hands. Gross $0, net $0, equity $78,996.77. No trades. I'm not paying borrow to express a thesis that isn't stretched — that's how you bleed carry for nothing. When the sigma moves past 0.5 with this correlation breakdown, I'll lean in hard. Until then, flat means flat. Check back next session.

Confirmed flat, and staying that way. Numbers: 60d corr -0.35 (decoupled, under the 0.80 gate — fine), but spread is only -0.08σ against a 0.50σ trigger. That's noise, not a trade. AI-infra +6.56% vs software +1.54% over 20d looks like a gap on the surface, but standardized it's nothing — not paying borrow for a rounding error. Book: $0 gross, $0 net, zero positions. Target is flat. Current is flat. Delta is zero. Action taken: none. No orders. Nothing to trim, nothing to build. Sitting on hands isn't the exciting part of the job but it's the job. When the spread actually stretches past 0.50σ with this correlation breakdown, I'll lean into it hard at 2-3x gross. Until then the borrow cost isn't worth carrying a book for a number that's basically flat noise. We're at 79% of starting equity from prior action — not this session's problem, but worth flagging: no reason to dig that hole deeper trading a signal that isn't there.

Nothing to do today. Book's already flat and the desk wants it that way — I'm not fighting that. Numbers: corr -0.358 (decoupled, under 0.80), spread -0.33σ (under the 0.50σ threshold to pay the borrow), direction FLAT, gross target 0.00x. Book: $0 gross, $0 net, sitting in cash at $78,996.77 equity. Action: none. The desk's own read says it — decoupled but not stretched enough to fund the trade. Paying borrow on a basket pair for a 0.33σ spread is how you bleed carry for nothing. I'm not in the business of forcing size onto a signal that isn't there. Sitting on my hands here is the correct trade. I'll be back next session when the spread either extends past 0.50σ or the desk hands me a real direction. Until then, flat means flat.

Book's flat. All sixteen positions closed. The numbers: 60d corr -0.351 (decoupled, sure), spread at -0.38σ — that's below the 0.50 threshold where it's worth paying the borrow. Desk read: not extended enough to fund a book. Gross target 0.00x. What I did: Closed everything — the long software basket (ADBE, CRM, DDOG, MDB, NOW, SNOW, TEAM, WDAY) and the short infra basket (AMD, ANET, AVGO, MRVL, MU, NVDA, TSM, VRT). Was carrying 1.30x gross, slightly net long $923. Now it's zero and zero. No opinion here, no argument with the desk. Decoupling without dislocation isn't a trade, it's noise. Sitting in cash until the spread actually stretches. Next signal that clears 0.50σ, I'm back in size.

Book's rebuilt. Here's the state of play: Signal: 60d corr -0.35 (fully decoupled), spread at -0.77σ, software +5.37% vs infra -0.63% over 20d. Direction is long software / short infra, but the desk cut size to 1.28x gross — half conviction vs where we were. What I did: Flattened all 16 positions and rebuilt every one at the $6,447 target. Book was running 2.01x gross with a lot of names 30-40% oversized on both legs — that's not a drift you nudge, that's a full reset. Closed everything, reopened longs at $6,447 flat, shorts at $6,447 notional (floored to whole shares, so actuals landed $5,564–$6,428 depending on share price — MU's the biggest miss at $5,564 because $927/share doesn't divide clean). Where we land: - Gross ~$199k call it... actually let's be precise: 8 longs × $6,447 = $51,576, shorts total ≈ $49,494 → gross ≈ $101,070 on $80.4k equity = ~1.26x, right on the 1.28x target. - Net ≈ +$2,082, basically flat — this is a market-neutral book, not a directional bet. That's correct and by design. Every single name got trimmed by roughly a third. No favorites, no discretion calls — the whole spread compressed and the desk wants less size on, so less size is what it got. Long CRM/NOW/ADBE/WDAY/SNOW/DDOG/TEAM/MDB, short NVDA/AVGO/AMD/MU/TSM/ANET/VRT/MRVL, equal-weighted both sides. Spread's still working in our favor at -0.77σ but the desk clearly doesn't want to lean harder into it right now. Fine. Half size, same trade, wait for the next read.

All 16 orders filled. Book's now sitting right around target — every name topped up toward its $10,170 line, longs and shorts moving together. The trade: long software / short AI-infra, per the desk. Corr -0.36, spread -1.20σ, decoupled call confirmed. Nothing here says trim — every leg was under target in the same direction, so this was pure add, no judgment calls to make. What moved: - Longs: CRM, NOW, ADBE, WDAY, SNOW, DDOG, TEAM, MDB — added $2.1k-2.5k each - Shorts: NVDA, AVGO, AMD, MU, TSM, ANET, VRT, MRVL — added $1.9k-2.6k each (whole-share flooring means a couple, MU especially, land a bit light of target — that's the broker, not me backing off) Where I sit now: gross moves from 1.53x to roughly 2.0x equity, net stays pinned near zero — this is a market-neutral spread trade and it's staying that way. Software basket long, infra basket short, equal weight across all sixteen names. Book was down to 81% of start before this — that's the spread going against us the last stretch, not a reason to get smaller. Guard's at 60%, we're nowhere close. Desk says ride the divergence at 80% of full size, I put the book at 80% of full size. Nothing more to it.

All 16 legs filled. Book's built. The trade: Long software / short AI-infra. Corr between the baskets is -0.35 — they're not moving together anymore, that's the decouple signal. Spread's at -0.91 sigma with infra down 6.68% and software up 1.26% over 20 days. That gap doesn't stay open forever. We're riding it closed. What's on: - Long: CRM, NOW, ADBE, WDAY, SNOW, DDOG, TEAM, MDB — $7,681 each, ~$61.4k long - Short: NVDA, AVGO, AMD, MU, TSM, ANET, VRT, MRVL — whole-share sizing put actual shorts at $7,335–$7,675 each, ~$60.7k short Book stats: - Gross ≈ $122.1k on $81,066 equity → 1.51x, right on the 1.52x target - Net ≈ +$700, basically flat — this is a spread trade, not a directional bet - Every gap from target closed to a few bucks of share-rounding slop, nothing worth chasing No skips — every name funded at least one share on the short side. Book's positioned. Now we watch the spread work.

Book is flat. Done. The numbers: 60d corr -0.354 (decoupled, sub-0.80), spread at -0.23σ — nowhere near the 0.50σ line where the borrow cost starts making sense. Desk called it and I'm not fighting it. No opinion of my own to insert here — this isn't a stock-picking book. What I did: closed all 16 names — 7 longs (ADBE, CRM, DDOG, MDB, NOW, SNOW, TEAM, WDAY), 9 shorts (AMD, ANET, AVGO, MRVL, MU, NVDA, TSM, VRT, plus the extra). Was carrying $111k gross at 1.37x, net basically flat at -$652. Now it's cash. Sat on a small bleed today — a few names moved against both legs — but nothing that changes the read. Flat is flat. Sitting on cash until the spread actually stretches past 0.50σ and the correlation break is worth paying the borrow for. No reason to carry gross for a trade that isn't there yet.

Book's built. Here's the read: Signal: 60d corr -0.33 (fully decoupled, well below the 0.80 trigger), 20d spread at -0.82σ. Software's up +4.46% over 20d while infra's down -2.01% — the gap's been opening and we're riding it. Direction: long software, short AI-infra. What I did: Went from flat to full target — 16 legs, 8 long / 8 short, ~$7,055 a side. - Long: CRM, NOW, ADBE, WDAY, SNOW, DDOG, TEAM, MDB — $7,055 each, ~$56,440 long gross. - Short: NVDA, AVGO, AMD, MU, TSM, ANET, VRT, MRVL — flooring to whole shares landed each between $6,624 and $7,007, roughly $56,100 short gross. Where that leaves the book: Gross ~$112.5k on $83k equity — that's 1.35x, right on the 1.36x target. Net is close to zero, maybe a couple hundred bucks long from the share-flooring on shorts. That's fine, still market-neutral in shape. Nothing to skip here — every leg was a full build from zero, no dust-sized adjustments to ignore. Sizing's clean, both legs symmetric. Now we sit on the divergence and let it either keep running or mean-revert back toward correlation. -0.82σ isn't extreme yet — there's room for this to stretch further before it snaps back.

Confirmed flat, book matches target. No trades today. The numbers: 60d corr -0.315 (decoupled, sub-0.80), spread -0.31σ, AI-infra +3.82% vs software +2.31% over 20d. Desk wants 0.00x gross — spread's not stretched enough to pay the borrow. What I did: Nothing. Zero positions, zero gross, zero net. Cash sitting at $83,092.04. Portfolio's already at target — no reason to manufacture a trade just to look busy. Why: -0.31σ is noise. The correlation breakdown is real but the performance gap between the baskets hasn't stretched far enough to be worth the short borrow cost. Under 0.50σ threshold, I don't care how decoupled the correlation looks — there's no edge to harvest yet. Paying to carry a basis trade on a spread this small is how you bleed slowly for no reason. Sitting on hands. Come back when the spread actually moves.

Book is flat. All 16 names closed. Numbers for the record: - 60d corr: -0.316 (decoupled, sub-0.80 threshold cleared) - 20d spread: -0.17σ — nowhere near the 0.50 trigger - Infra +4.77% vs software +1.09% over 20d, but that gap isn't stretched enough to pay borrow on a 2.88x book - Direction: FLAT, gross target: 0.00x Went into today carrying $239.9k gross (2.88x) with a small net short tilt (-$9.3k) — that's drift, not a position I was defending. Correlation broke but the spread hasn't extended. That's not a trade, that's a coin flip with borrow costs attached. Closed every long and covered every short, both baskets, no exceptions. Cash is back to full, gross is zero. Sitting on hands until the spread actually stretches past 0.5σ with the decoupling intact. No opinions on ADBE or NVDA individually — wasn't the point then, isn't the point now.

Done. Book's squared up. - Corr: -0.29 (60d, decoupled below 0.80) - Spread: -1.56σ over 20d, software +16.6% vs infra -2.7% - Direction: long software / short AI-infra — unchanged from prior session - Gross: was 2.62x, trimming everything back to even $14,881 legs on 15 of 16 names gets me to right around 2.50x target What I traded: Closed and rebuilt CRM, WDAY, TEAM (longs were overweight) and all eight shorts — NVDA, AVGO, AMD, MU, TSM, ANET, VRT, MRVL — every single short leg had drifted too big, covered them back to $14,881 apiece. Shorts land a hair under target because whole-share flooring, that's the broker, not me. Added $1,404 to MDB, the one long that was actually underweight. What I left alone: NOW, ADBE, SNOW, DDOG — gaps under $500, not worth paying the spread to shave pennies off a $15k position. No change in direction, no change in conviction. Software's been ripping, infra's been bleeding, correlation's broken down — that's the whole trade. I just cleaned up the sizing so every name is pulling equal weight instead of some legs doing more work than others. Sit tight and let the spread do what it's going to do.

Done. Here's the read and what moved. Signal: corr -0.31 (decoupled), spread -1.93σ, running long software / short AI-infra. Book was already structured right, just under-sized — 2.40x gross, essentially flat net (+0.04x). Topped it up toward 2.50x target. Traded: - Longs added: CRM +333, WDAY +218, SNOW +444, DDOG +611, TEAM +761, MDB +538 — all filled clean, fractional shares. - Shorts added: NVDA, AVGO, AMD, MU, TSM, ANET, VRT, MRVL — all whole-share floored, so a few landed light of target: AVGO only got 1 share ($363 vs $716 wanted), TSM 1 share ($415 vs $610), NVDA 2 shares ($432 vs $637). MRVL, AMD, MU, ANET, VRT landed close. Skipped: NOW (+$132) and ADBE (+$118) — too small to bother with, noise relative to size. Net result: gross moves from $245.4k toward ~$255k target (2.50x), net stays pinned near zero — book stays market-neutral, which is the point. The short-side rounding means AI-infra leg will sit slightly light of $15,973/name on a couple names (AVGO, TSM, NVDA) until price moves let another whole share fit. Not going to force it — whole-share mechanics on shorts are the broker's rule, not mine to fight. Correlation still deep negative, spread still stretched near -2σ. Riding it. No change in direction, just filled out to full size.

Signal: -0.228 corr, -1.58σ spread, decoupled. Long software / short AI-infra, 2.50x gross. Book's already sitting at 2.49x with net +$951 — basically flat net, exactly where this trade should live. Most of the gap table is noise. Sixteen names, targets all pinned at $15,571/leg, and the drift since last rebalance is small change — no reason to pay slippage moving pennies. What I traded: - WDAY +$222 long → closes the biggest long-side gap - MDB +$167 long - SNOW +$135 long - MRVL short +1 share (~$212) → biggest short-side gap that could actually fund a whole share What I skipped and why: - MU — gap was -$558, the single largest, but at ~$938/share that notional doesn't buy a full incremental share once you're already sized in. Floors to zero. Not tradeable in isolation today. - NVDA, AVGO, AMD, TSM, ANET — short-side gaps all under $120, none fund another whole share at current prices. Skipped. - CRM, ADBE, NOW — longs running slightly hot versus target, but the only tool I've got to trim is a full close. Not blowing up a clean position over $77-$259 of drift. - VRT — short running $81 light of target. Same story, too small to unwind and rebuild. - TEAM, DDOG — gaps of $42 and $20. Not worth the ticket. Book after this: still ~2.5x gross, net flat, long software basket / short AI-infra basket exactly as instructed. Correlation's broken, spread's stretched to -1.58σ, and I'm sized to ride it. Nothing heroic today — just tightened the two names that were actually off, left the dust alone.

Book's built. Here's the print: Signal: 60d corr -0.227 (decoupled, sub-0.80 threshold cleared), spread -1.61σ, software +28.2% vs infra +6.4% over 20 days. Direction: long software, short infra. That gap is exactly what this book exists to fade. Trade: Went from flat to full 2.5x gross in one shot — no reason to leg into a signal this clean. Long leg, $15,625 each into CRM, NOW, ADBE, WDAY, SNOW, DDOG, TEAM, MDB — $125,000 notional. Short leg, ~$15,625 target each into NVDA, AVGO, AMD, MU, TSM, ANET, VRT, MRVL — whole-share flooring landed shorts between $14.9k–$15.6k, call it ~$123,700 notional. Book now: Gross ~$248,700 (2.49x equity), net ~+$1,300 — basically dead flat net, which is where this strategy should sit. Long software, short infra, full size. This is a pure divergence bet. Software ripped, infra didn't keep up, correlation broke down. If it mean-reverts, spread compresses, we get paid on both legs. If it doesn't, I'm carrying 2.5x gross for nothing — that's the risk of running this at full size. Not hedging that. That's the trade.