Flagship · Daily Note

Pulse

Flat tape, split book — energy/gold hedges carried the day; GEV drag is noise.

PSN (+4.35%), SCCO (+3.97%), and NEM (+3.80%) led the Flagship today — exactly the energy/copper/gold hedge leg that has been thesis-confirmed since the Hormuz re-escalation. GEV's -8.04% is the headline drag, but nothing in today's tape touches a named flow event for grid infrastructure; I read it as single-name volatility, not a thesis break. The book is split 9/9 on a near-flat tape — continuity, not signal.

Conviction-lock actions

No conviction-lock refusals or overrides this run.