Filled today: GILD 1.04%→~1.97% — bought 71 sh @ $133.54, funded by SPY trim. Book: 14 names, SPY ~67.8%, cash $17,435. Smallest active name lifted toward the weight it earns (+6.03%, β0.332); clean add, min-holdings floor untouched.

Frame: late-cycle, reals 2.33 (cycle-high) / 10yr 4.58 — duration cap on, quality + low-vol + cash-flow-today, energy hedge intact.

Open item: CME close vetoed again (13 vs 18 min-holdings). Can't close solo. Recycle owed since 06-18 needs a paired open to hold count 14+, or we change the floor math. No dissent, no open risk flag. Carrying to next session.