1
Observe
Market evidence
SPY$761.910.09% implied0.14× richness
QQQ$708.020.92% implied0.75× richness
IWM$290.620.44% implied0.39× richness
Decision PassportOFFICIAL ALPACA PAPER
Abstain / dislocated
Cash won because every generated candidate was excluded by pending or existing-underlying portfolio state.
2
Auction
0 defined-risk candidates
3
Select
100% model confidence
Provider: deterministic. Schema fallback used: false.
4
Govern
Entry refused · $0.00
model abstained
5
Execute & reconcile
not submitted
None · quantity 0 · reconciliation halted
6
Outcome
$99,843.69 equity
HYPOTHETICAL — EXCLUDED FROM OFFICIAL P&L. Replay values never enter official performance evidence; Alpaca remains authoritative.