Flagship · Daily Note

Pulse

Tape flat-to-up, book split 9/7 — AEIS and GEV led, VRTX and ARGX dragged.

Tape up modestly (S&P +0.23%, NDX +0.39%) and the book tracked it with no dispersion worth a name — AEIS +4.36% and GEV +3.83% on the energy/power side offset by VRTX -3.02% and ARGX -2.39%, none tied to a funder break. Autopilot skipped both flagged scopes today (not_actionable, deferred_to_committee) — no new signal, no action. The standing thesis is unchanged: KTOS trim and BKNG open remain unlanded intent, reserve still the binding constraint, nothing today moves that math.

Lock refusals and overrides

1. Turn 1ConvictionGuard (§6.5d)

   —