Two names today, and the case for caution is stronger than the case for either of them. The broad market reading is a middling 68, every one of the five leading groups is slowing, and only nine of thirty-nine are rising — 23%, the narrowest reading in weeks. One candidate was removed for running 8.1% in a single session, which is the one entry rule the record has ever supported removing a name on. Underneath a flat index, options flow has been selling calls and buying puts all morning without pause. The record: sixteen measured picks, a quarter of them ahead of the index, and two names carry nearly three quarters of the shortfall.
The headline reading is 68, which on its own halves the list and makes a confirming signal mandatory on every name. Underneath, all five strongest groups are decelerating — shipping −27.8, cloud −35.7, software −23.5, commodities −14.9, energy −14.5 — and only 9 of 39 groups are rising, 23%. Three gates fired before a single name was ranked.
The clearest removal today was PARR. It had the best relative strength on the board at 43.1, a StrongBuy consensus and the highest stage score among energy names — and it was up 8.13% on the session, past the one threshold the record supports vetoing on. That rule exists because of a name that was up 19.3% intraday and returned the worst alpha of its cohort.
Options flow disagrees with the headline reading, and the headline reading structurally cannot see it. Net call premium has fallen from −$21M at the open to −$169.6M by 11:10, never once turning up, while net put premium climbed to +$89.7M. The regime score is built from daily closes.
Shipping (+8.53), energy (+6.15) and commodities (+4.16) top the momentum table, with software (+3.56) and cloud (+3.31) next. Every one is decelerating, cloud most steeply at −35.7. Semiconductors sit at −2.44 momentum and −8.7% on the week; uranium is the worst group on the board at −11.4 momentum and −33.6% over six months.
The screen is overwhelmingly energy: 13 of the top 18 composite scores. That concentration is exactly what Gate 5 exists to stop becoming a single sector bet dressed as a diversified list, and it is why only one energy name survives below.
New this run, a sub-industry reading sits underneath each name. At GICS sub-industry level 70 of 163 are in an uptrend and 93 in a downtrend. Integrated Oil & Gas carries 89.6% of its members above their moving averages and Oil & Gas E&P 84%; Marine Transportation, where MATX sits, 68.3%. Two candidates were removed on it outright: ECPG (Consumer Finance, downtrend, 32% breadth, stage 4) and SSL (Diversified Chemicals, downtrend, 22% breadth, stage 4).
The only name on the board clearing the one selection rule the record actually supports. Relative strength 26.05, above the >20 threshold that has held up in testing, inside a group the rotation engine independently names. Stage 2B, 46 weeks in, 2.3% off its 52-week high. The EMA crossover turned buy six days ago and it is +2.6% since — confirmed, and not yet extended. Its GICS sub-industry, Marine Transportation, is in an uptrend with 68.3% of members above their moving averages and sits at stage 2B itself. The ratings provider has it StrongBuy with a 15.3% price-target gap, smart score 7, news sentiment at the top of the scale. What to weigh against it. Shipping is the fastest-decelerating group on the entire board at −27.8, so the sector tailwind is fading even as the name holds up. It has run 90.4% year to date. The oscillator block is stretched — Williams %R at −5.6 and CCI at 108 both read Sell while every moving average reads Buy. And the crossover has fired twice in thirty days, which is not whipsawing but is not a clean single signal either.
The best third-party profile on the page, and it does not clear the strength rule. Smart score 9 of 10, StrongBuy from both the general and the best-performing analyst panels, a 16.8% price-target gap, insider score positive. Stage 2, SATA 8, 38 weeks in, 6.7% off its 52-week high. The crossover turned buy five days ago and has fired only once in thirty days — the cleanest confirmation signal on the board. Its sub-industry, Oil & Gas Exploration & Production, is in an uptrend at stage 2B with 84% of members above their moving averages, among the strongest breadth readings anywhere. What to weigh against it. Relative strength is 13.01, well under the >20 line, so it is here on the strength of everything except the one measure that has survived testing. Energy is decelerating at −14.5. And its oscillator block is net Sell — stochastic 87.9, StochRSI 88.0, Williams %R −5.3, CCI 114.6, MACD negative — against twelve moving averages on Buy. That combination is short-term stretched, and it is the pattern Gate 3c exists to record.
No cash-secured put and no spread exists on MATX or CHRD. That is the normal result, not a data failure: the premium screens want high-implied-volatility large caps and the stage funnel produces mid-cap momentum names. Two systems, one dashboard.
The spread screener returned eight unique setups. Six are MU, one META, one SNDK. On the numbers they look good — MU 820/810 at 25.4 points of edge over its break-even win rate, 91.7% probability of profit, $943 of maximum loss — and taking several of them is not six positions, it is one position in MU at six times the size.
That is worth naming plainly today because the real book has already paid for it: MU is −$81,071 across fourteen trades, and on 2026-06-26 two MU spreads were open at once and accounted for 96% of that day’s open option risk.
For reference, the long-dated cash-secured put screen rebuilt cleanly and its strongest reading is IREN January 2027 $30 at 56.3% annualised on collateral with a 4.9% cushion, followed by CRWV $65 at 53.1%. Both carry one earnings report before expiry.
All sixteen open picks were re-priced this run. Average alpha against the index is −1.55% with four of sixteen ahead. The distribution matters more than the average: IMOS at −9.20 and XMTR at −8.59 carry 71.9% of the total drag, and removing just those two moves the book to −0.50%.
By cohort: 10-08 is the only clearly positive group at +2.13 on two names, carried by MPC at +4.28. 10-07 is a single name, AMD, at −8.18. 10-12 is −4.30 on three, dragged by XMTR. 10-13 is near flat at −0.16, with HLP +1.68 against TEN −2.00. Today’s pair reads −0.28, which is minutes old and means nothing yet.