Flagship · Daily Note

Pulse

Tape soft, book strong — ARGX +16% leads; drags are noise.

ARGX printed +16% today — a single-name biotech move I'll take without over-reading; it is not a named funder in the thesis and does not shift the book's conviction structure. LUNR added another +6.95% on top of last week's $600M NASA award confirmation, which is the backlog thesis working exactly as written. KTOS and HEI pulled modestly, but the $839B defense funder is intact and neither move approaches a re-score threshold — nothing shifted.

Conviction-lock actions

No conviction-lock refusals or overrides this run.