{
  "updatedAt": "2026-05-02T23:59:00+02:00",
  "issue": "AI PM Book #1",
  "tagline": "Clawdio-run hedge-fund desk: decisive buy/wait/skip calls with targets, stops, sizing and IBKR execution prep.",
  "mandate": "Act like Toby's investment desk: scan the market, choose the highest-asymmetry stock setups, publish what to buy or wait for, and attach target ranges, invalidation and sizing before any capital is deployed.",
  "disclaimer": "Research desk output. Do not execute blindly: confirm live price, liquidity, thesis and order type before placing a trade.",
  "scope": {
    "coreSectors": 12,
    "nicheSectors": 26,
    "screenedNames": 3759,
    "sourceRun": "US low-caps + niche-sector engine, 2026-04-28 10:24 UTC",
    "freshPriceDate": "2026-04-27 close",
    "method": [
      "Start broad: sector heat, niche-sector heat, factor/revision screens, liquidity and tape structure.",
      "Find narrative pressure: policy shock, supply squeeze, AI infrastructure bottleneck, defense urgency, or earnings inflection.",
      "Only promote names with a 3-6 month catalyst window, clear invalidation, and believable upside path.",
      "Separate real hidden setups from names that are merely already vertical. Hot names stay out of the shortlist unless pullback/re-entry is clean."
    ]
  },
  "topPicks": [
    {
      "rank": 1,
      "symbol": "UAMY",
      "name": "United States Antimony",
      "theme": "Critical minerals / antimony / tungsten",
      "verdict": "Speculative Buy",
      "conviction": "A-",
      "priceRef": "$11.18",
      "marketCap": "small cap",
      "target": "$15-20",
      "upside": "+34% to +79%",
      "invalidation": "Daily close below $8.70 or funding/policy catalyst fails to follow through",
      "riskLevel": "Very high",
      "actionLine": "This is the USAR-style hunt applied correctly: not because rare earths are trendy, but because antimony/tungsten sit directly inside the defense supply-chain problem and the ticker is still small enough to move violently.",
      "narrative": "The crowd understands rare earths now. Fewer people are focused on antimony and tungsten, even though those metals matter for ammunition, flame retardants, grid/electronics and defense supply chains. If Washington keeps funding domestic critical-mineral capacity, UAMY can trade like a policy call option.",
      "why": [
        "Fresh critical-mineral narrative: antimony restrictions remain a live supply-chain issue, with China-linked controls paused rather than permanently solved.",
        "Recent market snippets point to Stibnite Hill restart, Fostung tungsten progress, and reported U.S. defense funding exposure.",
        "Liquidity is good enough for a swing: roughly 14.4M shares traded on 2026-04-27.",
        "This is small enough to re-rate hard if the policy/funding tape stays hot, unlike mega-cap industrial names where the move is already institutional."
      ],
      "catalysts": [
        "Fostung tungsten and Stibnite Hill updates",
        "New U.S. funding / offtake / domestic processing headlines",
        "Critical-mineral basket continuation after USAR/MP attention",
        "Any confirmation that China export-control risk is worsening again"
      ],
      "risks": [
        "Very volatile small-cap; a 25-35% drawdown is normal if the narrative cools.",
        "Policy headlines can run far ahead of revenue reality.",
        "If rare-earth/critical-mineral momentum rotates out, UAMY likely falls faster than the cleaner names.",
        "Execution and financing risk are materially higher than USAR/MP."
      ],
      "setup": "Starter only on pullbacks or tight continuation above volume support. Do not chase after vertical +20% days.",
      "sourceNotes": [
        "Yahoo/Stooq 2026-04-27 close: $11.18, high volume.",
        "Recent market/news snippets: antimony export-control pause through 2026-11-27, Stibnite Hill restart, Fostung tungsten progress, defense funding references."
      ],
      "currentPrice": "$12.15",
      "currentDate": "2026-05-01",
      "currentVolume": 18476462,
      "dollarVolume": "$224.5M",
      "currentUpside": "+23% to +65%",
      "pmCommand": "BUY STARTER",
      "entryZone": "$11.25-12.20",
      "starterAllocation": "12%",
      "maxAllocation": "18%",
      "executionNote": "Starter now, add only after volume holds",
      "timing": "Act now, but do not chase +20% candles",
      "liquidityCheck": "PASS $224.5M daily turnover"
    },
    {
      "rank": 2,
      "symbol": "USAR",
      "name": "USA Rare Earth",
      "theme": "Rare earths / strategic minerals",
      "verdict": "Buy Pullbacks",
      "conviction": "A-",
      "priceRef": "$23.51",
      "marketCap": "mid cap",
      "target": "$32-40",
      "upside": "+36% to +70%",
      "invalidation": "Close below $18 or Serra Verde deal/ramp thesis breaks",
      "riskLevel": "High",
      "actionLine": "USAR belongs in the matrix because it is the cleanest example of the system: rare earth supply shock, AI/semis/defense demand, China export pressure, and a visible deal catalyst — but entry discipline matters after the move.",
      "narrative": "The rare-earth narrative is as obvious as it gets, but that does not make it useless. AI hardware, semiconductors, defense systems and electrification all need strategic minerals. China export restrictions and extreme price moves in materials like yttrium have made Western supply chains a market theme. USAR is the flagship U.S. rare-earth proxy after the Serra Verde deal announcement, so it should stay on the terminal as the benchmark setup.",
      "why": [
        "USA Rare Earth announced a definitive agreement to acquire Serra Verde, implying roughly $2.8B equity value and expected Q3 2026 close.",
        "The asset mix touches the exact materials the market is waking up to: neodymium, dysprosium, terbium, yttrium, gallium, beryllium, lithium and other critical minerals.",
        "The macro narrative is live: restricted Chinese exports, aerospace/defense demand, AI infrastructure and semiconductor supply-chain urgency.",
        "Liquidity is strong enough for an institutional momentum setup: roughly 18.5M shares traded on 2026-04-27."
      ],
      "catalysts": [
        "Serra Verde deal progress into expected Q3 2026 close",
        "Rare-earth price spikes / China export-control headlines",
        "U.S. funding, offtake, defense or supply-chain policy updates",
        "Revenue-ramp commentary or customer/processing milestones"
      ],
      "risks": [
        "The stock already moved hard, so bad entry timing can punish buyers.",
        "Serra Verde consideration includes heavy new-share issuance, so dilution matters.",
        "Deal closing, processing execution, permitting and revenue ramp timing can slip.",
        "If China relaxes controls or rare-earth prices cool, the narrative premium can compress quickly."
      ],
      "setup": "Keep it as an active benchmark setup, but buy pullbacks rather than chase vertical candles. Preferred behavior is a controlled reset above the $18 invalidation shelf or a clean high-volume breakout with tight risk.",
      "sourceNotes": [
        "USA Rare Earth press release/search snippets, 2026-04-20: Serra Verde acquisition terms around $2.8B, expected Q3 2026 close.",
        "Benchmark Minerals Q1 2026 rare-earth review/search snippets: dysprosium, terbium and yttrium shaped by restricted Chinese exports and tight demand.",
        "Yahoo/Stooq 2026-04-27 close: $23.51, roughly 18.5M shares traded."
      ],
      "currentPrice": "$26.33",
      "currentDate": "2026-05-01",
      "currentVolume": 24643075,
      "dollarVolume": "$648.9M",
      "currentUpside": "+22% to +52%",
      "pmCommand": "BUY PULLBACK",
      "entryZone": "$23.50-25.50",
      "starterAllocation": "10%",
      "maxAllocation": "16%",
      "executionNote": "Bid pullbacks, keep dry powder for deal-volatility",
      "timing": "Wait for controlled reset or breakout confirmation",
      "liquidityCheck": "PASS $648.9M daily turnover"
    },
    {
      "rank": 3,
      "symbol": "VECO",
      "name": "Veeco Instruments",
      "theme": "Chip tools / AI supply chain second-order",
      "verdict": "Buy Pullbacks",
      "conviction": "A-",
      "priceRef": "$49.74",
      "marketCap": "$3.0B",
      "target": "$64-78",
      "upside": "+29% to +57%",
      "invalidation": "Close below $40.50 or semi-capex breadth rolls over",
      "riskLevel": "High",
      "actionLine": "The obvious AI trade is chips; the better hidden angle is the toolchain that gets pulled along when advanced packaging, memory and compound-semiconductor capex broadens.",
      "narrative": "Semiconductors are hot, but the market still over-focuses on the largest winners. VECO is a smaller process-equipment name inside the same AI capex gravity field. The niche basket is strong, the stock has already started confirming, and the setup still has a believable 3-6 month catch-up path.",
      "why": [
        "Niche-sector engine showed Semiconductors / Chip Tools up roughly +37.1% over 21 trading days.",
        "VECO is up about +38.1% over 21 days and +57.5% over 63 days, so the tape is confirming rather than just hoping.",
        "Local low-cap engine ranked VECO with strong revisions, valuation/growth support and positive historical setup edge.",
        "Smaller cap than the mega-cap AI complex, so it can move harder if analysts chase estimates."
      ],
      "catalysts": [
        "Earnings revisions and guidance upgrades",
        "Advanced packaging / memory / compound-semiconductor capex headlines",
        "Sector breadth after NVDA/TSM/AVGO strength",
        "Any customer win or backlog commentary"
      ],
      "risks": [
        "Semi equipment is cyclical; capex pauses can crush multiples fast.",
        "The stock already moved; bad entry timing matters.",
        "If AI spending narrows back to mega-cap leaders, second-order names can lag.",
        "China/export-control risk can hit semi-equipment sentiment abruptly."
      ],
      "setup": "Best entry is controlled pullback toward prior breakout zones. Chase only if volume confirms and risk is capped below the breakout shelf.",
      "sourceNotes": [
        "US low-caps/niche-sector engine 2026-04-28: chip tools basket +37.1% 21d.",
        "Yahoo chart 2026-04-27 close: $49.74; approx +38.1% 21d, +57.5% 63d."
      ],
      "currentPrice": "$50.25",
      "currentDate": "2026-05-01",
      "currentVolume": 634938,
      "dollarVolume": "$31.9M",
      "currentUpside": "+27% to +55%",
      "pmCommand": "BUY PULLBACK",
      "entryZone": "$47.00-50.25",
      "starterAllocation": "10%",
      "maxAllocation": "14%",
      "executionNote": "Scale into semi-tool breadth, avoid weak capex tape",
      "timing": "Buy only if chip-tool group stays bid",
      "liquidityCheck": "PASS $31.9M daily turnover"
    },
    {
      "rank": 4,
      "symbol": "UUUU",
      "name": "Energy Fuels",
      "theme": "Uranium + rare-earth optionality",
      "verdict": "Buy Pullbacks",
      "conviction": "B+",
      "priceRef": "$21.32",
      "marketCap": "mid cap",
      "target": "$29-36",
      "upside": "+36% to +69%",
      "invalidation": "Close below $17.25 or uranium/critical-mineral basket breaks down",
      "riskLevel": "High",
      "actionLine": "If AI power is the bottleneck and critical minerals are the policy shock, UUUU sits in the overlap: uranium fuel-cycle exposure plus rare-earth optionality.",
      "narrative": "The market chases reactor headlines first, then remembers the fuel chain. UUUU is not as clean a story as a pure SMR ticker, but that is the point: the upside may come from investors realizing nuclear power and critical minerals are the same strategic-security trade.",
      "why": [
        "Nuclear / Uranium niche basket was up roughly +20.2% over 21 trading days in the sector engine.",
        "UUUU was up roughly +20.7% over 21 days while still below its stronger momentum peers, leaving catch-up room.",
        "The name can benefit from both uranium demand and rare-earth/critical-mineral policy attention.",
        "Cleaner risk/reward than chasing OKLO after a +46% 21-day move."
      ],
      "catalysts": [
        "Uranium/fuel-cycle policy headlines",
        "AI data-center nuclear power headlines",
        "Rare-earth processing or critical-mineral funding updates",
        "Sector rotation from reactor hype into fuel-chain suppliers"
      ],
      "risks": [
        "Commodity price reversal can hit the thesis quickly.",
        "Nuclear headlines may favor reactor developers over fuel/material names in the short term.",
        "Operational execution and project timing are not instant.",
        "Broad risk-off can punish uranium beta."
      ],
      "setup": "Accumulate on pullbacks while UUUU holds above the invalidation shelf. Avoid adding if uranium and rare-earth baskets both roll over together.",
      "sourceNotes": [
        "US niche-sector engine 2026-04-28: Nuclear / Uranium +20.2% 21d.",
        "Yahoo chart 2026-04-27 close: $21.32; approx +20.7% 21d."
      ],
      "currentPrice": "$21.66",
      "currentDate": "2026-05-01",
      "currentVolume": 7386741,
      "dollarVolume": "$160.0M",
      "currentUpside": "+34% to +66%",
      "pmCommand": "BUY PULLBACK",
      "entryZone": "$20.75-21.75",
      "starterAllocation": "8%",
      "maxAllocation": "12%",
      "executionNote": "Fuel-chain catch-up trade; keep uranium basket confirmation",
      "timing": "Buy dips while uranium/critical-minerals tape holds",
      "liquidityCheck": "PASS $160.0M daily turnover"
    },
    {
      "rank": 5,
      "symbol": "APLD",
      "name": "Applied Digital",
      "theme": "AI data-center capacity / power-constrained compute",
      "verdict": "Tactical Buy",
      "conviction": "B+",
      "priceRef": "$33.67",
      "marketCap": "mid cap",
      "target": "$45-60",
      "upside": "+34% to +78%",
      "invalidation": "Close below $26.50 or financing/customer-risk headlines deteriorate",
      "riskLevel": "Very high",
      "actionLine": "The bottleneck is not just GPUs; it is powered data-center capacity. APLD is messy, but messy is where the market sometimes leaves the mispricing.",
      "narrative": "AI infrastructure is migrating from pure chip scarcity to power, cooling, sites and deliverability. APLD gives direct exposure to that capacity squeeze, with enough volatility to matter. This is not a clean compounder; it is a 3-6 month tactical asymmetric setup if the AI power narrative keeps broadening.",
      "why": [
        "Data Center Power / Cooling niche basket was up roughly +28.9% over 21 trading days.",
        "APLD closed around $33.67 with heavy volume and roughly +30.9% 21-day performance, but still negative over 63 days, meaning the move may still be a recovery leg rather than fully priced euphoria.",
        "Market commentary is increasingly focused on grid capacity, deliverable power and physical enablers rather than only GPUs.",
        "The stock has high beta, which fits the hidden-treasure mandate if sized correctly."
      ],
      "catalysts": [
        "New customer / lease / financing updates",
        "AI data-center power bottleneck headlines",
        "Sector sympathy from VRT/CLS/FIX/EME strength",
        "Evidence that data-center capacity demand is pulling forward revenue"
      ],
      "risks": [
        "Financing and dilution risk are serious.",
        "Customer concentration / execution risk can dominate the story.",
        "Crypto/data-center beta can make the chart unstable.",
        "If AI infrastructure cools, APLD can break hard."
      ],
      "setup": "Tactical position only. Let the chart prove support after pullbacks; do not average down blindly if financing risk shows up.",
      "sourceNotes": [
        "Web search 2026-04: AI power/grid bottleneck and physical enablers are being highlighted as major market themes.",
        "Yahoo chart 2026-04-27 close: $33.67; approx +30.9% 21d, -6.9% 63d."
      ],
      "currentPrice": "$33.55",
      "currentDate": "2026-05-01",
      "currentVolume": 17041297,
      "dollarVolume": "$571.7M",
      "currentUpside": "+34% to +79%",
      "pmCommand": "TACTICAL BUY",
      "entryZone": "$32.50-34.50",
      "starterAllocation": "8%",
      "maxAllocation": "12%",
      "executionNote": "High-beta AI power bottleneck trade; no blind averaging down",
      "timing": "Only when support holds after volatility",
      "liquidityCheck": "PASS $571.7M daily turnover"
    },
    {
      "rank": 6,
      "symbol": "TDW",
      "name": "Tidewater",
      "theme": "Offshore services / marine supply squeeze",
      "verdict": "Buy Dips",
      "conviction": "B+",
      "priceRef": "$91.12",
      "marketCap": "$4.5B",
      "target": "$118-145",
      "upside": "+30% to +59%",
      "invalidation": "Close below $74 or offshore day-rate / revision thesis breaks",
      "riskLevel": "Medium-high",
      "actionLine": "This is the boring hidden treasure: not a flashy AI name, but a tight offshore vessel market with revision strength, cheap growth metrics and a chart that already confirms accumulation.",
      "narrative": "Energy as a headline sector looks weak, which is why the setup is interesting. Under the surface, offshore services can have its own cycle. TDW screens as a high-quality sleeper: strong revisions, high cash conversion, low PEG, and enough liquidity for institutions to care if the story spreads.",
      "why": [
        "Local low-cap engine ranked TDW #1 overall with a 65.4 score, strong catalyst/revision profile and fact-backed confidence.",
        "Raw metrics in the engine showed PEG around 0.13, FCF yield around 7.8%, strong cash conversion and low net-debt/EBITDA.",
        "Stock was up roughly +12.8% over 21 days and +47.7% over 63 days, showing clear confirmation.",
        "It diversifies the system away from only AI/critical-mineral crowded trades."
      ],
      "catalysts": [
        "Offshore day-rate / utilization updates",
        "Earnings revisions and contract commentary",
        "Energy services rotation if oil stabilizes",
        "Institutional discovery of cheap growth / cash-flow story"
      ],
      "risks": [
        "Oil weakness can kill sentiment even if company-specific fundamentals hold.",
        "Offshore cycle can turn slower than expected.",
        "Heavy insider selling signal appeared in the local report and must be monitored.",
        "Less explosive than small critical-mineral names; upside is cleaner but not as meme-like."
      ],
      "setup": "Use TDW as the cleaner fundamental sleeve. Buy dips above trend support; cut if it loses the structure instead of rationalizing the value case.",
      "sourceNotes": [
        "US low-caps engine 2026-04-28: TDW rank #1, score 65.4, PEG 0.13, FCF yield 7.82%, strong revisions/catalysts.",
        "Yahoo chart 2026-04-27 close: $91.12; approx +12.8% 21d, +47.7% 63d."
      ],
      "currentPrice": "$87.85",
      "currentDate": "2026-05-01",
      "currentVolume": 630989,
      "dollarVolume": "$55.4M",
      "currentUpside": "+34% to +65%",
      "pmCommand": "WATCH / BUY DIP",
      "entryZone": "$82.00-88.00",
      "starterAllocation": "6%",
      "maxAllocation": "10%",
      "executionNote": "Offshore services laggard; needs day-rate/revision confirmation",
      "timing": "Wait for dip or energy-services breadth",
      "liquidityCheck": "PASS $55.4M daily turnover"
    },
    {
      "rank": 7,
      "symbol": "CPRX",
      "name": "Catalyst Pharmaceuticals",
      "theme": "Profitable biotech / healthcare contrarian",
      "verdict": "Selective Buy",
      "conviction": "B",
      "priceRef": "$29.27",
      "marketCap": "$3.6B",
      "target": "$36-45",
      "upside": "+23% to +54%",
      "invalidation": "Close below $24 or product/revision momentum breaks",
      "riskLevel": "Medium-high",
      "actionLine": "Healthcare is weak enough that profitable biotech winners can hide in plain sight. CPRX is not lottery biotech; it is a revenue/revision setup with a live chart.",
      "narrative": "Most biotech is still a graveyard. That is why profitable specialty pharma with revisions and price confirmation deserves attention. CPRX is a cleaner way to hunt healthcare upside without betting purely on binary trial risk.",
      "why": [
        "Biotech Therapeutics basket was negative over 21 days, but CPRX was up roughly +20.7% over the same window.",
        "Local engine scored CPRX highly with valuation/growth, catalyst and revision support.",
        "The setup adds a non-AI/non-mineral source of alpha to the weekly board.",
        "Volume was strong on the latest close, giving it enough liquidity for swing positioning."
      ],
      "catalysts": [
        "Earnings revisions / product revenue updates",
        "Healthcare rotation after underperformance",
        "Specialty pharma M&A / licensing sentiment",
        "Continued breakout confirmation above prior resistance"
      ],
      "risks": [
        "Biotech sentiment remains weak and can ignore fundamentals for months.",
        "Product concentration and regulatory risk matter.",
        "Upside is less explosive than UAMY/APLD unless healthcare rotates hard.",
        "A broad growth selloff can break the setup quickly."
      ],
      "setup": "Selective add on pullbacks that hold the breakout. If healthcare remains weak and CPRX stops outperforming, demote it fast.",
      "sourceNotes": [
        "US low-caps engine 2026-04-28: CPRX rank #7, score 61.1, strong factor support.",
        "Yahoo chart 2026-04-27 close: $29.27; approx +20.7% 21d, +22.0% 63d."
      ],
      "currentPrice": "$28.74",
      "currentDate": "2026-05-01",
      "currentVolume": 1417804,
      "dollarVolume": "$40.7M",
      "currentUpside": "+25% to +57%",
      "pmCommand": "SELECTIVE BUY",
      "entryZone": "$27.75-29.25",
      "starterAllocation": "6%",
      "maxAllocation": "10%",
      "executionNote": "Cleaner quality sleeve, lower beta than the commodity/policy names",
      "timing": "Buy only if revisions/product momentum stays intact",
      "liquidityCheck": "PASS $40.7M daily turnover"
    }
  ],
  "pmDesk": {
    "asOf": "2026-05-01 US close, refreshed 2026-05-02 Europe/Zurich",
    "mode": "AI PORTFOLIO MANAGER",
    "account": "IBKR cash account / limit orders only",
    "book": "$100K model book, scalable to Toby ticket sizes",
    "stance": "Selective risk-on: policy minerals + AI infrastructure + one quality sleeve",
    "topCommand": "BUY STARTER UAMY; queue pullback bids in USAR, VECO, UUUU, APLD",
    "riskBudget": "Starter 6-12% per name, max 18% single-name exposure, no averaging below invalidation",
    "orders": [
      {
        "rank": 1,
        "symbol": "UAMY",
        "name": "United States Antimony",
        "command": "BUY STARTER",
        "current": "$12.15",
        "entryZone": "$11.25-12.20",
        "target": "$15-20",
        "currentUpside": "+23% to +65%",
        "stop": "Daily close below $8.70 or funding/policy catalyst fails to follow through",
        "starter": "12%",
        "max": "18%",
        "liquidity": "PASS $224.5M",
        "timing": "Act now, but do not chase +20% candles",
        "risk": "Very high"
      },
      {
        "rank": 2,
        "symbol": "USAR",
        "name": "USA Rare Earth",
        "command": "BUY PULLBACK",
        "current": "$26.33",
        "entryZone": "$23.50-25.50",
        "target": "$32-40",
        "currentUpside": "+22% to +52%",
        "stop": "Close below $18 or Serra Verde deal/ramp thesis breaks",
        "starter": "10%",
        "max": "16%",
        "liquidity": "PASS $648.9M",
        "timing": "Wait for controlled reset or breakout confirmation",
        "risk": "High"
      },
      {
        "rank": 3,
        "symbol": "VECO",
        "name": "Veeco Instruments",
        "command": "BUY PULLBACK",
        "current": "$50.25",
        "entryZone": "$47.00-50.25",
        "target": "$64-78",
        "currentUpside": "+27% to +55%",
        "stop": "Close below $40.50 or semi-capex breadth rolls over",
        "starter": "10%",
        "max": "14%",
        "liquidity": "PASS $31.9M",
        "timing": "Buy only if chip-tool group stays bid",
        "risk": "High"
      },
      {
        "rank": 4,
        "symbol": "UUUU",
        "name": "Energy Fuels",
        "command": "BUY PULLBACK",
        "current": "$21.66",
        "entryZone": "$20.75-21.75",
        "target": "$29-36",
        "currentUpside": "+34% to +66%",
        "stop": "Close below $17.25 or uranium/critical-mineral basket breaks down",
        "starter": "8%",
        "max": "12%",
        "liquidity": "PASS $160.0M",
        "timing": "Buy dips while uranium/critical-minerals tape holds",
        "risk": "High"
      },
      {
        "rank": 5,
        "symbol": "APLD",
        "name": "Applied Digital",
        "command": "TACTICAL BUY",
        "current": "$33.55",
        "entryZone": "$32.50-34.50",
        "target": "$45-60",
        "currentUpside": "+34% to +79%",
        "stop": "Close below $26.50 or financing/customer-risk headlines deteriorate",
        "starter": "8%",
        "max": "12%",
        "liquidity": "PASS $571.7M",
        "timing": "Only when support holds after volatility",
        "risk": "Very high"
      },
      {
        "rank": 6,
        "symbol": "TDW",
        "name": "Tidewater",
        "command": "WATCH / BUY DIP",
        "current": "$87.85",
        "entryZone": "$82.00-88.00",
        "target": "$118-145",
        "currentUpside": "+34% to +65%",
        "stop": "Close below $74 or offshore day-rate / revision thesis breaks",
        "starter": "6%",
        "max": "10%",
        "liquidity": "PASS $55.4M",
        "timing": "Wait for dip or energy-services breadth",
        "risk": "Medium-high"
      },
      {
        "rank": 7,
        "symbol": "CPRX",
        "name": "Catalyst Pharmaceuticals",
        "command": "SELECTIVE BUY",
        "current": "$28.74",
        "entryZone": "$27.75-29.25",
        "target": "$36-45",
        "currentUpside": "+25% to +57%",
        "stop": "Close below $24 or product/revision momentum breaks",
        "starter": "6%",
        "max": "10%",
        "liquidity": "PASS $40.7M",
        "timing": "Buy only if revisions/product momentum stays intact",
        "risk": "Medium-high"
      }
    ],
    "rules": [
      "No market orders. Use limit orders and avoid pre/after-market for small/mid caps.",
      "Every recommendation needs entry zone, target range, invalidation and position size.",
      "A BUY can downgrade to WAIT if live price gaps above the entry zone or liquidity dries up.",
      "Targets are scenario ranges. Stops/invalidation are thesis controls, not optional decoration.",
      "Track performance from decision timestamp so the PM desk can be judged against SPY/QQQ."
    ],
    "nextBuild": [
      "Paper/model portfolio equity curve versus SPY and QQQ.",
      "Filled/open/closed trade ledger with realized PnL and drawdown.",
      "Automated live-price pre-entry check before Toby places IBKR orders."
    ]
  }
}