2026-08-27 · midday

The same four structural rails, unchanged. The live-quote endpoint is back after failing the whole morning run, so the Dec-28 put IV reads again at 36.0% and the tranche-2 IV rail is out of unevaluated. The standing long-leg close reprices DOWN to $37.29 net, the first fall after six consecutive new highs.

What to do

280P x5 sit above the $260 long-leg ceiling.
BUY TO CLOSE 5 GOOGL Dec15'28 360 PUT / SELL TO CLOSE 5 GOOGL Dec15'28 280 PUT
one spread, limit, day · ~$18,645 debit ($37.29 net per spread on this run's marks)
Your playbook: “long leg never above $260 (must sit at/above the $230-250 floor zone, never below $230 where protection stops paying before history bottoms)”
The same standing order as prior runs, repriced from the book's own marks: $37.29 net against $37.93 at this morning's open, $37.47 on 08-26 midday, $37.02 on 08-26 open. First fall in the series after six consecutive new highs, $0.64 cheaper than six hours ago, as the short 360P gave back more than the long 280P. Closing the pair also cuts defined max loss, so it moves the program_cap rail the same direction rather than against it. The 8x Dec-28 300P also trip this rail and remain the separate matter; no order is proposed against them.

Still over, unchanged

These fire every run until you act on them. No order attached.
rail now limit
program_cap $175,059 $100,000 cap 1.8x, $75,059 over
gross_leverage 1.710x 1.50 red / 1.30 amber red
net_cash / NLV -0.071 -0.05 amber / -0.10 red amber

rail	now	limit
program_cap	$175,059	$100,000 cap	1.8x, $75,059 over
gross_leverage	1.710x	1.50 red / 1.30 amber	red
net_cash / NLV	-0.071	-0.05 amber / -0.10 red	amber

Why each one reads the way it does

program_cap
Unchanged to the dollar for an eighth run. Defined max loss is a function of strikes and entry credits, not current marks, so it moves only when a position actually closes. Nothing closed.
gross_leverage
Down from 1.729x this morning on a $26.9k fall in gross position value. The IPS row this proxies measures total DELTA notional / NLV; this rail measures GROSS position value. rails.json carries its own note, '1.57 at signing on gross; true delta leverage ~1.0x'. A red here is not the same statement as the policy row being red. See plumbing.
net_cash / NLV
Cash is -$99,195 on NLV $1,404,794, the cash line unchanged to the cent since 08-26. Signed at -14.8% and already red that day, so this is the improved end of a known accepted state, not a new break. The IPS written amber action is: no new leverage, no new delta in the top two names.

Everything else clear

Nearest trigger is tranche 3 confirm at $360, 6% away.

All 15 triggers swept, with today's number

price trigger	now	fires at	distance
GOOGL · tranche 3 confirm	$340.49	≥ $360	5.7% up
GOOGL · tranche 2 weakness	$340.49	≤ $317	6.9% down
GOOGL · Rule 8 crash powder	$340.49	≤ $260	23.6% down
GOOGL · Rule 6 close every short put	$340.49	≥ $434	27.5% up
MU · roll the collar	$919.03	≥ $1,250	36.0% up

level trigger	now	fires at	distance
Dec-28 30-delta put IV	36.0%	> 43%	+7.0 pt
GOOGL Dec-28 340P extrinsic	$57.85	< $5	+$52.85
Dec-28 300/400 call spread vs width	42.2%	>= 90%	+47.8 pt
Dec-28 350/500 call spread vs width	29.4%	>= 90%	+60.6 pt
Excess liquidity / NLV	75.2%	< 40%	+35.2 pt
NLV change over one week	+0.11%	-8% in one week	+8.1 pt

calendar	date	away
Wash-sale window opens for the 6/05 GOOG loss lots	2026-09-17	21d
Q3 print, the first scheduled adjudicator	2026-10-28	62d
Deploy the $100k reserve at market if no crash by then	2026-10-29	63d
First GOOG vest collar leg (leg 9, +66 sh)	2027-03-13	198d

Spot prices

	last	day
GOOG	$337.30	-0.5%
GOOGL	$340.49	-0.4%
AMZN	$256.10	-1.6%
BRK B	$502.60	-0.5%
DIS	$107.23	-2.2%
EQT	$54.86	+0.1%
INTC	$91.33	+3.5%
META	$569.02	-1.2%
MU	$919.03	-2.1%
NVDA	$228.72	+9.1%
RDDT	$155.07	-0.2%
TSLA	$354.05	+2.4%
VOO	$708.27	+0.6%

The check itself

fixed today get_price_snapshot recovered.
The endpoint that failed on all ten attempts through the morning run answered normally this run, for equities and for the Dec-2028 option alike. No change was made at this end. Prices this run are live quotes, not daily bars, and the Dec-28 put IV was read. Treat the morning outage as an intermittent connector fault rather than a settled break.
will happen again the nearest trigger now depends on which quote the rail reads.
rails.py evaluates the GOOGL spot rails against the GOOG quote. On GOOG $337.30 the nearest trigger is tranche-2 weakness at $317, 6.0% below. On GOOGL $340.49, which is the ticker every one of those rails names, the nearest is tranche-3 confirmation at $360, 5.7% above. The known GOOG/GOOGL substitution has until now only shifted a distance by a few tenths of a point; today it flips which direction the book is closest to acting in. The report's watch table uses GOOGL, the script's clear list uses GOOG, and neither is wrong about its own number.
will happen again the gross_leverage rail has never measured the policy row it cites.
rails.json maps gross_leverage to gross_position_value / net_liquidation and takes its 1.30 amber / 1.50 red thresholds from the IPS. But the IPS row carrying those thresholds is 'Total delta notional / NLV', shown at ~1.2x at signing, and the IPS separately states effective leverage is '~1.0x on a beta basis (not the 1.57x IBKR reports)'. So the rail applies delta-notional thresholds to a gross-notional quantity. rails.json's own note admits the mismatch. Either the rail needs its own thresholds or it needs per-leg deltas, which are the same input top2_name_delta_ratio is already blocked on.
will happen again the runbook's 11x Dec-28 300/400 call tranche is not eleven spreads.
The book holds 11x long GOOGL Dec-28 300C against exactly 1x short Dec-28 400C, so ten of the eleven short legs are absent. Part 2's '90% of width' row is reported as a single 300/400 percentage, 42.2% today, computed off one short leg and applied to all eleven contracts. The unpaired 300Cs are covered by the 10x short 500C, 18x short 600C and 1,543 GOOG shares, but they are not the defined-width structure the trigger names.
source broke DuckDuckGo HTML no longer returns search results.
https://html.duckduckgo.com/html/ answers HTTP 202 with a challenge page and zero result rows, first seen this morning. markets.md names it as one of two working WSB discovery routes; the other, rendered Reddit HTML through connected Chrome, still works. Affects the 6:35 forecast pass only.

Rails that could not be evaluated

stressed_excess_liquidity - needs IBKR Risk Navigator (-30% price, +50% IV) with the TWS gateway up. Never yet measured.
top2_name_delta_ratio - needs per-leg option deltas, which summary.json does not carry. ~0.90 at signing and already red.
short_dec28_340p_extrinsic - rails.json still classes this unmeasured pending a live Dec-2028 chain pull, but the position mark answers it: $57.85 of extrinsic against the <$5 watch, with the put $0.49 out of the money at GOOGL $340.49.
SemiAnalysis has published no composite since 2026-04 $2.82, so the monthly GPU anchor is four months stale. GPU pull is a 6:35-only job and did not run here.

Where the numbers came from

get_account_positions and get_account_summary: succeeded first call.
get_price_snapshot: WORKING again, all 13 underlyings plus the GOOGL Dec-28 340P returned at 12:37 PT. It had failed on every one of ten attempts through the 06:37-06:46 morning run.
prior_close came back populated for only two of thirteen tickers (BRK B $504.91, EQT $54.79); the other eleven were derived as last minus the broker's own change field. All thirteen derived priors match the 2026-08-26 closes recorded independently this morning to the cent.
Dec-28 30-delta put IV: GOOGL Dec15'28 340 PUT option-midpoint-iv annualIv 0.35992 (implied_vol annual 0.35892). The t2_iv rail is evaluated again after going unevaluated for the first time this morning.
Runbook Parts 2-4 swept row by row against these numbers: clear.