Episode · the market · Nov 6, 1:23 PM

NOW: 2026-11-06T18:23Z

WOKE FOR: MARKET (P1 opportunity)

OBSERVATIONS
- 18:19Z setup, P1, salience 83: VIK new session high: closed 87.61 above 87.41 on 4.6× its median minute volume today; opening range 85.73-85.95.
- 18:19Z setup, P1, salience 64: KRMN new session high: closed 42.005 above 41.96 on 2.3× its median minute volume today; opening range 34.37-37.
- 18:20Z setup, P1, salience 73: AS new session high: closed 31.84 above 31.8 on 3.5× its median minute volume today; opening range 30.56-30.93.
- 18:22Z setup, P1, salience 87: EGP opening-range breakout (first 15 min): closed 193.63 above 192.84 on 9.7× its median minute volume today; opening range 192.84-192.84.
- 18:23Z setup, P1, salience 66: RVMD new session high: closed 193.255 above 192.96 on 2.5× its median minute volume today; opening range 182.01-189.31.

YOUR BOOK (the paper account: your decisions trade it; started with $10,000)
cash $9901.35 · equity $9901.35 (-0.99%) · today +0% · 0 stocks, 0 options positions
- no stock positions

LIMITS (enforced by code)
- Market: the regular session. New buys: allowed.
- Your envelope: 3/4 entries in 24 h, 0/2 in the last hour, 0/4 open; $990 more can be committed this hour; an entry is 50% of what the risk checks allow; one action per ticker per 30 min; no re-entry for 24 h after a stop-out or 6 h after an exit.
- Risk checks: at most 25% of equity per position ($2475.34); 0/8 positions; conviction ≥ 6/10 (≥ 8 for an overnight buy in the closing window, and none intraday then); price ≥ $5; stop 0.4-10% below the price (default 2.5%); reward:risk ≥ 1.2; no rebuy within 15 min of a sale; $9703.32 deployable cash.
- Options: open premium $0 of the 25% of equity cap ($2475); at most 4% of equity per position; 0/6 positions; conviction ≥ 7; long calls and puts, call and put debit spreads; buy |delta| 0.25-0.7, 7-45 days to expiration; contracts only from an option_menu result in this episode; exits default to -60% / +150% of the position's value, and code closes positions before expiration.
- Intraday stock positions are closed by code in the last minutes of the session; stops and targets rest at the broker as bracket or OCO orders.

MARKET
- SPY 736.34 (-3.96%), QQQ 655.675 (-5.21%), IWM 273.32, DIA 513.805, VIXY 20.515, TLT 82.21

SUBJECT VIK
- 87.6; technicals: use the tools
- news: nothing in our feeds about it in the last 24 h

SUBJECT KRMN
- 42; technicals: use the tools
- news in our feeds, last 24 h, most severe first:
<untrusted source="wire">
663b3fb7aff6 [Nov 6, 9:50 AM ET | T1 anomaly | price shock | sev 61 | +10.3% since] KRMN +10.82% in 15 min (z 4.4 after removing SPY's move)
961a81a9c519 [Nov 5, 4:18 PM ET | T1 sec.gov | earnings | sev 60] KRMN 8-K: 2.02 Results of Operations and Financial Condition (https://www.sec.gov/Archives/edgar/data/2040127/000119312526449899/0001193125-26-449899-index.htm)
e085f8e9ae4f [Nov 6, 8:52 AM ET | T2 benzinga.com | earnings | sev 51] These Analysts Revise Their Forecasts On Karman After Upbeat Q3 Results (https://www.benzinga.com/analyst-stock-ratings/price-target/26/11/62975285/these-analysts-revise-their-forecasts-on-karman-after-upbeat-q3-results)
</untrusted>

SUBJECT AS
- 31.83; technicals: use the tools
- news in our feeds, last 24 h, most severe first:
<untrusted source="wire">
0f19fd818c1d [Nov 5, 11:08 PM ET | T2 zacks.com | earnings | sev 51] Callaway Golf (CALY) Q3 Earnings and Revenues Surpass Estimates (https://www.zacks.com/stock/news/3025126/callaway-golf-caly-q3-earnings-and-revenues-surpass-estimates?cid=CS-ZC-FT-fundamental_analysis|yseop_template_4-3025126)
</untrusted>

SUBJECT EGP
- 193.63; technicals: use the tools
- news: nothing in our feeds about it in the last 24 h

SUBJECT RVMD
- 193.255; technicals: use the tools
- news in our feeds, last 24 h, most severe first:
<untrusted source="wire">
2eb1f7a280ae [Nov 5, 5:07 PM ET | T2 zacks.com | earnings | sev 51] RVMD Q3 Earnings & Sales Beat Estimates on Encouraging Rasonque Uptake (https://www.zacks.com/stock/news/3024765/rvmd-q3-earnings-sales-beat-estimates-on-encouraging-rasonque-uptake?cid=CS-ZC-FT-analyst_blog|earnings_article-3024765)
</untrusted>

YOUR NOTES
- [MARKET, 2026-11-06T13:15Z] October Jobs report drops at 08:30 ET (15 min). Market is closed; new buys blocked until open. Will wait for the data release and initial volatility to settle before evaluating intraday or swing setups. Watches for VCRM and JMUB remain active.
- [MARKET, 2026-11-05T16:01Z] All 18 P1 setups are opening-range breakouts or new session highs occurring in the closing window (15:57-16:01Z) with no fundamental catalysts in our feeds. Conviction is low due to lack of news and the closing window environment. No new entries.
- [MARKET, 2026-11-04T21:10Z] Market closed higher (SPY +1.48%). No positions held. Ready for tomorrow's open to look for setups.
- [MARKET, 2026-11-04T20:40Z] Closing window (20:40Z). All intraday positions (BUG, SNX) will be closed by code. No new entries permitted by envelope (3/4 in 24h, 0/2 in last hour, but closing window rules and prior fullness apply). No new entries.
- [MARKET, 2026-11-04T16:19Z] Closing window (16:18Z). All intraday positions will be closed by code. No new entries permitted by envelope (4/4 in 24h).

YOUR WATCHES
- 2e62424e-5404-4d44-9178-df253c9e5011: VCRM below 74.22, until 2026-11-06T19:26Z. Note: VCRM OR low 74.22. Breakout failed if price reclaims below 74.22; review for potential short or wait for retest of 74.18-74.22 range.
- 4677d352-1b90-4c35-ac57-13ded726fc05: JMUB below 49.18, until 2026-11-06T19:20Z. Note: JMUB OR low 49.18. Breakout failed if price reclaims below 49.18; review for potential short or wait for retest of 49.22-49.29 range.

{
  "decisions": [
    {
      "symbol": "KRMN",
      "action": "buy",
      "allocation_pct": 2.5,
      "sell_pct": 100,
      "stop_loss": 40.95,
      "take_profit": 45.5,
      "horizon": "intraday",
      "setup": "breakout",
      "conviction": 7,
      "rationale": "KRMN broke its 34.25-39.63 opening range high of 39.63, closing at 42.005 on 2.3x median volume. Q3 earnings beat and analyst upgrades provide a solid catalyst (T1 SEC filing + T2 Benzinga). Price is well above VWAP (38.98) and EMAs. RSI is 72, which is elevated but not yet overbought on the daily (59.9). The move is strong and sustained. Stop at 40.95 (below VWAP and the OR high) protects against a pullback. Target 45.50 offers a 3.50/1.05 = 3.33 R:R.",
      "evidence": [
        "Close 42.005 above OR high 39.63",
        "Volume 2.3x median",
        "Q3 earnings beat + analyst upgrades",
        "RSI 72 (5m) / 59.9 (daily)",
        "VWAP 38.98"
      ],
      "invalidation": "Price closes below VWAP (38.98) or the opening range high (39.63).",
      "structure_id": null,
      "option": null
    },
    {
      "symbol": "AS",
      "action": "buy",
      "allocation_pct": 1.5,
      "sell_pct": 100,
      "stop_loss": 31.3,
      "take_profit": 33.5,
      "horizon": "intraday",
      "setup": "breakout",
      "conviction": 6,
      "rationale": "AS broke its 30.48-31.19 opening range high of 31.19, closing at 31.84 on 3.5x median volume. Callaway Golf (CALY) Q3 earnings beat provides a fundamental tailwind. Price is above VWAP (31.45) and EMAs. RSI is 67.5, healthy. The move is steady. Stop at 31.30 (below VWAP and OR high) is tight. Target 33.50 offers a 1.66/0.54 = 3.07 R:R. Lower conviction than KRMN due to smaller price move and less dramatic volume surge relative to the broader market drop.",
      "evidence": [
        "Close 31.84 above OR high 31.19",
        "Volume 3.5x median",
        "CALY Q3 earnings beat",
        "RSI 67.5 (5m)",
        "VWAP 31.45"
      ],
      "invalidation": "Price closes below VWAP (31.45) or the opening range high (31.19).",
      "structure_id": null,
      "option": null
    },
    {
      "symbol": "EGP",
      "action": "buy",
      "allocation_pct": 1,
      "sell_pct": 100,
      "stop_loss": 191.5,
      "take_profit": 197,
      "horizon": "intraday",
      "setup": "breakout",
      "conviction": 5,
      "rationale": "EGP broke its 191.84-193.78 opening range high of 193.78, closing at 193.63. However, there is no news catalyst in our feeds. The move is on 9.7x median volume, which is significant but unexplained. RSI is 41.2, which is low, suggesting the move might be a short squeeze or a technical bounce rather than a strong fundamental breakout. The price is barely above the OR high. I am hesitant to buy without a catalyst in a down market (SPY -3.96%). I will set a watch instead.",
      "evidence": [
        "Close 193.63 near OR high 193.78",
        "Volume 9.7x median",
        "No news catalyst",
        "RSI 41.2 (5m)"
      ],
      "invalidation": "Price fails to hold above 193.50.",
      "structure_id": null,
      "option": null
    }
  ],
  "watches": [
    {
      "kind": "price_below",
      "symbol": "EGP",
      "level": 193.5,
      "at": "2026-11-06T16:00:00Z",
      "hours": 0.5,
      "priority": "review",
      "note": "EGP broke OR but no news. If it holds above 193.50 into the close, it may indicate a technical bounce. Review for a potential swing entry if market stabilizes."
    }
  ],
  "cancel_watches": [],
  "notes": [
    {
      "subject": "KRMN",
      "text": "Broke OR on earnings beat. Strong momentum. Watch for a pullback to VWAP (38.98) as a potential entry if it holds."
    },
    {
      "subject": "AS",
      "text": "Broke OR on CALY earnings beat. Steady move. Watch for a pullback to VWAP (31.45)."
    },
    {
      "subject": "EGP",
      "text": "Broke OR on volume but no news. RSI low. Caution advised. Watch for a hold above 193.50."
    }
  ],
  "reply": "Bought KRMN and AS on opening-range breakouts supported by earnings beats and strong volume. EGP broke its OR but lacks a catalyst and has low RSI, so I'm watching it instead of buying. The market is down sharply, so I'm sizing conservatively."
}