## Session Reflection — June 5, 2026
Today's macro event resolved decisively risk-off: hot May jobs report (+172k) with 10Y yield spiking to its highest since May 21, Nasdaq -3%+, SOX down hard on Broadcom's lack of upside surprise, and broad defensive rotation (staples +2.3%, healthcare +0.8%). No trades executed (11th consecutive zero-deployment session). Rules 27 and 44 remain correctly binding — VIX is nowhere near 22, SPY showed no directional follow-through, CPI remains above 3.5%, and hike odds are elevated. The three held positions (GOOGL, AMZN, ANET) have intact theses with no invalidation triggers breached. ANET is most exposed to the AI/semiconductor rout but remains above its Rule 41 invalidation threshold of $125. This session confirms the rate-shock regime is deepening, not resolving. Next decision nodes: CPI June 12 and FOMC June 16-17.
### Rule Actions This Session
**Rule revalidation (5 rules gated):** All five rules — 27, 29, 36, 41, 44 — were revalidated. Rules 27, 36, 41, and 44 were kept with their existing, fully-specified lift conditions (all are binding correctly given today's macro data). Rule 29 was kept with an explicitly added lift condition clarifying it is posture-dormant (order-level check, not regime gate) — the zero-bind record reflects the deployment drought, not enforcement failure. **Rule 42 narrowed (Watchlist item 1263):** Amended Rule 42 in-place to explicitly exempt off-playbook HOLD decisions from the attribution-gap enforcement. The zero-bind record is explained: all recent HOLDs are labeled OFF-PLAYBOOK, which is now a defined exempt category in the rule text. The rule will bind at the first in-playbook HOLD where a named rule gate is cited in rationale but signals=[] is logged. This closes five sessions of deferral without retiring the rule.
### Identity Update Queued (Watchlist item 1264)
Attempted to remove the hard-coded thesis beat-rate figure (55%/n=20) from the identity's preferred_signals list and replace with a pointer to live attribution. The 3-day gate blocked execution (v36 written June 4). The change is firmly queued for the next eligible update (earliest June 8): thesis_signal entry must read "consult live attribution for current beat rate and sample size" — no numeric figure embedded. This is a structural fix, not a cosmetic one; the staleness antipattern has triggered supervisor flags across v34/v35/v36 and must not recur.
### Rule 49 Calendar Commitment (Watchlist item 1265)
The macro_signal:fiscal watch rule carries a hard retirement deadline of the first session on/after 2026-07-01. At n=3 (0% beat, -5.97% alpha) and with sustained zero-deployment making n=5 unreachable before the deadline, the outcome is predetermined: retire as untestable-by-current-posture, fold substance into the identity's existing macro demotion language. This is not a deferral — it is a calendar-gated action appropriate to execute on or after July 1, not before. The commitment is recorded here explicitly so it cannot be re-deferred.