2026-09-03 · midday

Nothing traded, the same three structural rails are open, and every runbook row is clear. The one thing that changed is which way the nearest trigger points. Alphabet rallied through $340 and on the GOOGL quote the rule actually names, tranche-3 confirmation at $360 is now 5.4% away against tranche-2 weakness at 7.2% below - the first run in the series where the closest written level is an upside one. The standing long-leg fix also got $225 cheaper and is now the cheapest reading of the last four.

What to do

280P x5 and 300P x8 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 · ~$18,567 debit ($37.13 net per spread on this run's marks)
Your playbook: “long leg never above $260 (must sit at or above the $230-250 floor zone, never below $230)”
The same standing order as prior runs, repriced from the book's own marks. $37.1332 against $37.5820 at this morning's open - $0.45 per spread, $225 on five, and the cheapest of the four readings in the series ($38.3524, $37.7462, $37.5820, $37.1332). Both legs fell as Alphabet rallied and the short leg he is buying back fell harder: the 360P went 69.02 to 67.24 while the 280P went 31.43 to 30.11. That is the same mechanism as yesterday midday and it has now moved his way three readings running. Priced off two mid marks on a live Dec-2028 chain, not off a fill - the 340P quoted 56.05/56.75 this run, and a real two-leg combo three years out fills in a wider band than any quoted net implies. Only the 5x 280P leg is reachable by this order; the 8x 300P is a long inside a different spread and has no clean repair.

Still over, unchanged

These fire every run until you act on them. No order attached.
rail now limit
long_leg_band 280P x5, 300P x8 $230-$260 band 13 contracts outside
net_cash_ratio -0.065 amber -0.05, red -0.10 amber
gross_leverage 1.711x amber 1.3, red 1.5 red

rail	now	limit
long_leg_band	280P x5, 300P x8	$230-$260 band	13 contracts outside
net_cash_ratio	-0.065	amber -0.05, red -0.10	amber
gross_leverage	1.711x	amber 1.3, red 1.5	red

Why each one reads the way it does

long_leg_band
The rail the action item above addresses. Only the 5x 280P leg is reachable by the standing order; the 8x 300P sits against the short 340Ps and moving it is a larger restructure he has not approved.
net_cash_ratio
Cash is unchanged at -$92,450.92 to the cent for the fourth consecutive run, so every move in this ratio is the denominator. NLV rose $9,499 since the open and the ratio went -0.0654 to -0.0649. Still amber. The IPS amber action is no new leverage and no new delta in the top two names, plus a stress re-run within seven days; the stress half has never run because it needs Risk Navigator.
gross_leverage
Down from 1.716x at this morning's open with no position change - gross rose $8,243 while NLV rose $9,499, so the base grew faster than the numerator. Carried caveat, unchanged: this rail divides GROSS position value by NLV against thresholds the IPS wrote for delta notional, so a short leg adds its absolute value instead of netting. Its red has never been a statement about the policy metric.

Everything else clear

Nearest trigger is GOOGL - tranche 3 confirmation (nearest written level) at $360, 5% away.

All 22 triggers swept, with today's number

price trigger	now	fires at	distance
GOOGL - tranche 3 confirmation (nearest written level)	$341.51	≥ $360	5.4% up
GOOG - tranche 2 weakness (what rails.py actually reads)	$338.29	≤ $317	6.3% down
GOOG - tranche 3 confirmation	$338.29	≥ $360	6.4% up
GOOGL - tranche 2 weakness	$341.51	≤ $317	7.2% down
GOOGL - thesis break	$341.51	≤ $280	18.0% down
GOOGL - Rule 8, deploy the crash reserve	$341.51	≤ $260	23.9% down
GOOGL - Rule 6, close every short put	$341.51	≥ $434	27.1% up
MU - roll the collar	$946.68	≥ $1,250	32.0% up
GOOGL - long spreads near max	$341.51	≥ $500	46.4% up

level trigger	now	fires at	distance
Dec-28 30-delta put IV	35.5%	> 43%	+7.5 pt
Dec-28 put IV, crash trigger	35.5%	> 50%	+14.5 pt
11x Dec-28 300/400 call spread	42.42% of width	>= 90%	+47.6 pt
8x Sep-27 300/440 call spread	39.03% of width	>= 90%	+51.0 pt
10x Dec-28 350/500 call spread	29.79% of width	>= 90%	+60.2 pt
Excess liquidity / NLV	74.58%	< 40% amber, < 25% red	+34.6 pt to amber
GOOGL Dec-28 340P extrinsic	$56.40	< $5	$51.40
NLV weekly change	+1.36%	-8% in one week	9.4 pt
Program defined max loss	$175,059 (87.5% of cap)	> $200,000	$24,941

calendar	date	away
Wash-sale window opens for the 6/05 GOOG loss lots	2026-09-17	14d
Q3 earnings print, the scheduled adjudicator	2026-10-28	55d
Deploy the crash reserve at market if no crash by then	2026-10-29	56d
First GOOG lot vest, add collar put leg 9	2027-03-13	191d

Spot prices

	last	day
GOOG	$338.29	+1.4%
GOOGL	$341.51	+1.3%
MU	$946.68	-1.0%
AMZN	$258.72	+1.5%
BRK B	$507.80	+0.5%
DIS	$107.56	-0.4%
EQT	$56.18	+0.8%
INTC	$90.57	+0.6%
META	$614.19	+3.6%
NVDA	$227.60	+1.4%
RDDT	$157.20	-0.6%
TSLA	$381.05	+6.7%
VOO	$710.60	+1.0%

The check itself

fixed today the frozen-book IV artifact is now confirmed as a shut-book defect, not a data fault.
Every pre-market or weekend run since 08-23 has had option-midpoint-iv on the GOOGL Dec15'28 340P return annualIv -15.874 with isValid false, and each run could only infer the cause. This run read the identical contract on an open book and got annualIv 0.35548 with isValid TRUE, cross-checked by implied_vol at 0.35541. Same contract, same field, same code path, book open instead of shut. The hypothesis is now tested rather than assumed, and the standing workaround - fall back to implied_vol when the book is closed - is the right one.
fixed today the run-label rule in the markets prompt could not survive the Eastern clock, and was rewritten this run.
The prompt decided open-versus-midday by the clock: before 10 AM Pacific meant the open run. With the machine repointed to America/New_York for the Charlotte trip, the second cron slot now fires at 12:37 ET, which is 09:37 PT - so the rule classified the midday run as a second open run and would have repeated the daily GPU pull and the forecast pass. Yesterday's midday run hit the same thing and reported it; today it recurred, so it was fixed rather than reported again. The prompt now decides by what has already run today in the rails log, with the clock only as a tiebreak. Both cron slots also still sit at the wrong hour for the market - 06:35 ET is 175 minutes before the open, 12:35 ET is mid-session - which is a schedule fix, not a prompt fix, and is left for Gabriel.
will happen again rails.py evaluates the GOOGL price rails against the GOOG quote.
The program lists both tickers and the script takes the first, so every GOOGL spot rail is read about 0.95% low. It cost nothing today in outcome - both quotes leave every level clear - but it changed the answer to the question the message leads with. Off GOOG, tranche 3 is 6.42% away and tranche 2 is 6.29%, so downside is still nearest. Off GOOGL, the ticker the playbook rule actually names, tranche 3 is 5.41% and tranche 2 is 7.18%, so the nearest level flipped to the upside today. Both are in this report; the script only sees one.
will happen again prior_close is served on one ticker out of thirteen.
EQT returned a served prior of 55.75 this run and the other twelve came back empty. That is the same one-of-thirteen pattern as the open run, where META was the one. It costs nothing: the served value matches its last-minus-change derivation to the cent, which validates the method directly rather than by inference, and all twelve stock priors independently re-derived from daily_pnl over share count agree to the cent as well. Recorded because every price reference in this report except one is derived, not served.

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. This is also half of the live net_cash amber action, whose seven-day stress re-run has therefore never run.
top2_name_delta_ratio - needs per-leg option deltas, which summary.json does not carry. Roughly 0.90 at IPS signing and already red then.
short_dec28_340p_extrinsic as a RAIL is unevaluated (it wants a live Dec-2028 chain pull), though the runbook Part 4 row it mirrors was swept by hand this run at $56.40 against the <$5 trigger.
SemiAnalysis composite has not published past 2026-04 ($2.82). Five months stale and the written glut tripwire is defined on it. Not a midday job; carried so it does not disappear between open runs.
gpu-spot-daily.csv still has no row for 2026-08-29 - the pull never fired that Saturday. Nothing has been synthesized to fill it and nothing should be.
The cron schedule still has no trading-day guard and no timezone anchor, so both slots sit at the wrong hour relative to the market while the machine is on Eastern time. The prompt-side half of this was fixed this run; the schedule half needs Gabriel.
rails.py keys option-leg matching on contract_description with no contract_id fallback, so a run where the broker drops descriptions would silently under-count the program rather than fail.

Where the numbers came from

get_account_positions, get_account_summary and get_price_snapshot all succeeded. All 13 underlyings returned top_status REALTIME with live last-trade stamps 1788453394-1788453591 (12:36:34-12:39:51 ET), roughly three hours into the session.
prior_close was SERVED on EQT (55.75) and empty on the other 12. All 13 priors were derived as last minus the broker's own change field, and EQT's served value matches its derived one to the cent.
Two further independent cross-checks on those priors, both clean. All 12 stock priors re-derived from daily_pnl divided by share count: 12 of 12 agree to the cent. And all 13 derived priors are identical to the priors the 08:17 pre-market run derived four hours earlier, which is what they must be inside one session.
GOOGL has no share position to cross-check against; its $337.12 prior was confirmed at the open run against broker daily price history as the 2026-09-02 close and is unchanged here.
IV came from the GOOGL Dec15'28 340 PUT (844342518), top_status DELAYED. option-midpoint-iv annualIv 0.35548312 isValid TRUE; implied_vol annual_iv 0.35540635 as an independent cross-check, agreeing within 0.008 pt. The midpoint was used.
The 340P quoted two-sided at 56.05 x 56.75, 110 by 9, with a last of 56.25 that is no longer flagged is_close - the strike has traded live today.
positions.json carries 32 rows, the same 32 contract_ids as the open run, and a quantity diff shows zero changes - nothing was traded today. All 32 marks refreshed.
contract_description was present on all 32 rows, so defined max loss is the complete $175,059 rather than a partial one.
Runbook Parts 2, 3 and 4 were swept row by row against this run's numbers and every row is false. Part 2: GOOGL $341.51 vs the $434 Rule 6 row and the $500 row; MU $946.68 vs the $1,250 roll row; the three long call spreads at 42.42%, 39.03% and 29.79% of width against the 90% row; no vest date until 2027-03-13. Part 3: GOOGL $341.51 vs the $260 crash row, IV 35.5% vs the 50% row, no Oct 29 deadline yet, NLV +1.36% on the week against the -8% freeze. Part 4: excess liquidity 74.58% of NLV against the 40% amber row, 340P extrinsic $56.40 against the <$5 row.
rails.json was not touched by this run. The only file edited was the markets prompt, whose run-label rule is described under plumbing.