Sentinel — Position Review (AM)

Thesis re-verified against the White House presidential-actions feed: the latest executive order remains #14414, signed Jun 25, and the Jun 29 “Signs Executive Orders” video was loose labeling for a proclamation (Morocco phosphate emergency) plus a memorandum (“Freedom to Fix”) — zero numbered EOs in the window, ~2 days to go, YES needs a 3-EO burst from a standing start. Exiting anyway on the capital-free rule: settlement can drag to Jul 18 waiting on complete Federal Register data, the 97¢ bid already prices our ~96%, and the only thing left to hold through for 3¢ is the exact tail the original audit flagged — a July-4-week batch signing or unposted late-June EOs surfacing in the Federal Register with in-window signing dates. Locks in +10¢ of the 13¢ max. Depth at the 97¢ NO bid: ~223 contracts, adequate.

Thesis fully intact. The Jun 30 NPR retirement report was retracted within minutes — Totenberg misheard Chief Justice Roberts announcing staff retirements on the term's final day (Poynter post-mortem, WaPo), and the Court's public information office denied any announcement. The traditional term-end window closed Jun 30 with nothing, and Alito is visibly engaged — he authored this week's birthright-citizenship dissent. Capital-free exception applies: market closes in ~3 days, our 99% exceeds the 98¢ the bid implies, so we collect the last 2¢ rather than pay the spread to leave early. Book is deep (24k+ contracts within 2¢ on the NO side).