Our philosophy · September 2026

One measured regime read. Every service reasons from it.

Most market commentary is a mood. Ours is a number with a name: the Triaxial Regime Hazard (TRH) — a calibrated probability that the S&P 500 falls at least 5% within the next ten sessions, adjusted for how fragile leadership has become and read against whether informed money is already acting on it. The Council, the 9:15 desk read, both bulletins, the bi-weekly model book and the home page all read the same context, so they cannot disagree about the market.

Liquid names. Sector rotation.

Large and mega caps plus liquid sector ETFs. Names that follow rotation, not thin story stocks that get faded.

We describe regimes.

The publication never tells you to buy or sell. It says what the regime is, what it implies, and what would change the read. You size positions.

Cited, not asserted.

Every AI rationale must cite the TRH verdict and P*. The framework is published as a research paper and the desk context is disclosed to Pro members.

Section 01

The Triaxial Regime Hazard framework

Hazard is a rate multiplied by fragility; the trigger tells you whether the market is already acting on it. Three axes, one posterior probability, one verdict.

AXIS 1 · CALIBRATIONP₀ · BASE HAZARDdrawdown-risk ladder≥5% SPY drop · 10 sessionscalibrated base rateAXIS 3 · FRAGILITY MULTIPLIERSSATURATIONleadership crowdingnowhere left to rotateup to 2.2×MACROFRED fragilitycredit · curve · labourmultiplierEVENT WINDOWtier-1 calendarCPI · FOMC · NFPLIGHT · ELEVATED · HEAVY×=P* · POSTERIOR HAZARDprobability of a ≥5% SPY drawdownwithin the next 10 sessionsRUNGLOWMODERATEMOD. ELEV.ELEVATEDHIGHSEVEREAXIS 2 · DEFENDER (TRIGGER)INFORMED MONEY SYNCHRONISING?hedgers · vol sellers · leaders vs sinksflows confirmed by event attributiontriggered / not triggeredVERDICT MATRIXresilientfragilenot triggeredtriggeredCLEARnormal-risk regimeFRAGILE MELT-UPleaders can extend,risk kept tightMARKET VALUE INTACTTEMPORARY DIPSsinks absorb the salesCONFIRMED RISK-OFFexposure typicallyreduced · hedges carriedCONVICTIONHIGH when the rung agreeswith the verdict (risk-off+ rung ≥ MOD. ELEVATED)HARD GATESCONFIRMED RISK-OFF @HIGH,or SPY below the Level-Mapinvalidation → enforced bythe system, not the promptTriaxial Regime Hazard (TRH) framework v1.1 — S. di Salvatore, Assets Bulletin. Hazard = rate × fragility; the trigger tells you whether the market is already acting on it.

Axis 1 · Calibration

The drawdown-risk ladder gives P₀, the calibrated base rate of a ≥5% SPY drop over the next ten sessions, from realised history. It is a rate, not an opinion — and it is scored, so it can be wrong in public.

Axis 3 · Saturation → P*

Crowded leadership with nowhere left to rotate multiplies the base rate (up to 2.2×). TRH v1.1 adds macro fragility from FRED series and the scheduled event window (CPI, FOMC, NFP) as further multipliers. The result is P*, placed on a six-rung ladder from LOW to SEVERE.

Axis 2 · Defender (trigger)

Are hedgers, volatility sellers and the leaders-versus-sinks flows synchronising? Triggered or not, crossed with fragile or resilient, yields the four verdicts — and headline attribution explains what caused the trigger.

Section 02

Two dimensions, one read: Trend × Hazard

Direction and danger are different axes. A market can be in an uptrend with an elevated drawdown hazard — the honest read says both, in the same sentence.

LOWMODERATEMOD. ELEVATEDELEVATEDHIGHSEVEREhazard qualifier required above this lineDOWNTREND · HAZARDOUStrend down and P* elevated:the regime in which exposureis typically reducedUPTREND · HAZARDOUStrend up, but hazard elevated:"constructive" only with thequalifier in the same sentenceDOWNTREND · CALMweak tape, low hazard:repair phase — dips can hold,leadership still to be provenUPTREND · CALMtrend up and P* low:the normal-risk regime(CLEAR)example · Uptrend 58P* 27% ELEVATED · event window HEAVYread: "uptrend with elevated drawdown hazard into CPI/FOMC"0255075100TREND GAUGE · 16 COMPONENT PULSES · BEARISH → BULLISHP* · 10-SESSION DRAWDOWN HAZARD0%10%20%30%40%50%60%
Sentence 1

The trend read from the component pulses — where momentum, breadth and factor leadership actually sit.

Sentence 2

The reconciliation with the TRH hazard: the desk verdict's label, P* and its rung, the event window.

Sentence 3

What would change the read — the Level-Map invalidation or the next tier-1 release.

Rule

Above the ELEVATED line the word "constructive" is never used without the hazard qualifier in the same sentence.

Live on the home page

The hero terminal plots today's dot on this map and logs one point per session, so the regime path — not just the level — is visible at a glance.

Section 03

The Component Pulse and the qualifying gauge

Sixteen instruments, one 0–100 scale. The same scale scores 23 sector and industry ETFs; only qualifying and neutral names are shown, each tagged with the session it entered its tier.

TREND GAUGE · 20-DAY MOMENTUM + 5-DAY TREND + RSI · 0–100WEAKbelow 40SOFT40–50NEUTRAL50–59 · shownQUALIFYING≥ 60 · qualifiesSTRONG≥ 70040506070100qualifying thresholdTHE 16 COMPONENT PULSESEQUITYDIA · SPY · QQQ · IWM · M8★FACTORSMTUM · QUALCOMMODITIESGLD · USO · PDBCRATES & CREDITIEF · HYGGLOBAL & DOLLAREEM · UUPHEDGES · INVERSEVXZ · TAIL (low = calm)The same gauge scores 23 SPY sectors & industry ETFs. The hero shows only qualifying and neutral names, each tagged with the session it entered its tier — never padded.Trend is one axis. It is always read against the TRH hazard on the other.

Section 04

One regime source for every service

Before September 2026 our services read different thermometers and could disagree. Now a single Desk Context is built from the TRH read and prepended to every AI prompt on the platform.

TRH DESK CONTEXTverdict · conviction · P* · rungtrigger · fragility · macroevent window · level mapcycle phase · alignmentgates · language rulerefreshed every 5 min · one sourceAI COUNCIL 9:00portfolio changes · hard-gate filterDESK READ OF THE DAY 9:15regime block · gate auditINTRADAY COUNCIL 11:00auto-reject under the gateDAILY · NIGHTLY BULLETINSregime narrativeBI-WEEKLY PORTFOLIO 2nd/16thnames · weights · narrativeALLOCATION ORCHESTRATORregime key → bandsROTATION · DESK FOCUS NOWranking secondary to TRHCYCLE-PHASE LEDGERTRH-governed transitionsHOME AB-AI READtrend reconciled with hazardMARKET CHECK · PRO FORECASTtoday / tomorrow narrativeHYBRID POLICY — soft: every service reads the same block and must cite the verdict and P*.hard: CONFIRMED RISK-OFF @HIGH or SPY below the Level-Map invalidation → the model book adds no new non-defensive positions.language: the publication describes regimes; it never tells the reader to buy or sell.

Soft by default

Every service receives the same block — verdict, conviction, P*, rung, trigger, fragility, macro, event window, level map, cycle phase and its alignment — and must cite the verdict and P* in its rationale. Sector and rotation signals are secondary to it.

Hard where it matters

Two conditions are enforced by the editorial system rather than by the prompt: a CONFIRMED RISK-OFF read at HIGH conviction, or SPY trading below the Level-Map invalidation. Under either, the illustrative model book adds no new non-defensive positions — the Council gate declines them and the desk read’s audit trail records it.

Section 05

Structural versus tactical: the cycle phase, governed by TRH

The CAMFS cycle phase is the slow structural layer that sets portfolio composition. The TRH read is the fast tactical layer that gates new risk and sizing — and it now governs how the phase itself may move.

STRUCTURAL LAYER · CYCLE PHASE (CAMFS LEDGER) · SLOWPHASE_1AEarly expansionsets composition · beta budgetPHASE_1BLate expansionsets composition · beta budgetPHASE_2Distributionsets composition · beta budgetPHASE_3Decline / defensivesets composition · beta budget→ risk-off is FAST: stress read commits PHASE_3 intraday from any phase← relaxing is SLOW: one step at a time, 5-session dwell + 3 confirming closesTACTICAL LAYER · TRH READ · FAST · GOVERNS THE LEDGERSTRESSCONFIRMED RISK-OFF @HIGH → PHASE_3 nowESCALATErisk-off (any conviction) or rung ≥ HIGH → one step up at the closeFLOORFRAGILE MELT-UP → phase cannot relax below 1B (2 when ELEVATED)HOLDbenign verdict but rung ≥ ELEVATED → relaxation pausedCONFIRMCLEAR / Temporary Dips with rung ≤ MOD. ELEVATED → a close counts toward relaxingGOVERNANCE SPLITphase → portfolio COMPOSITION(pillar mix, beta budget, veto thresholds)TRH → NEW RISK and SIZING(gates, stops, position size, event caution)never "bearish and constructive" at once —"structurally defensive, tactically temporary dips"ALIGNMENT BADGEALIGNEDphase within one step of the TRH-implied phaseDIVERGENTthe reason is published: dwell/confirmations pending, or TRH stress not yet in the phase

Asymmetric by design

Risk-off is fast — a stress read commits the defensive phase intraday. Relaxing is slow — one step at a time, after a five-session dwell and three confirming closes, and only with the TRH read's consent.

Divergence is published

When the phase and the TRH read differ, the Pro dashboard says so — ALIGNED or DIVERGENT — with the reason: confirmations pending, or TRH stress not yet reflected. The two are never presented as a contradiction.

Composition vs risk

Phase sets the pillar mix, beta budget and veto thresholds of the Trifecta and bi-weekly books. TRH gates new risk and sizing in the illustrative model book — whether the published book adds anything that day, how large, and how tight its stops sit.

Section 06

Levels, events, macro and attribution (TRH v1.1)

Four modules turn the hazard number into a desk read you can use with discipline.

Level Map

Support, resistance and the invalidation level for SPY and QQQ. The temporary-dips read holds only while the invalidation holds; below it, the read is suspended.

Event Risk Radar

Tier-1 releases (CPI, FOMC, NFP, PCE) define the event window — LIGHT, ELEVATED or HEAVY — which multiplies the hazard and shrinks new position size into the print.

Macro Fragility

Public FRED series — credit spreads, the curve, labour — add a slow-moving fragility multiplier so P* reflects the macro backdrop, not only the tape.

Event Attribution

When the Defender triggers, headline flows are matched to the move so the read names the cause, its confidence, and whether flows confirm it.

Section 07

The daily rhythm (New York time)

The same read, in sequence, across the day — drafted by models, reviewed by editors, published with its citation.

08:30

Candidates

The universe is scored and the desk context is refreshed.

09:00

AI Council

Model votes on the Trifecta book, filtered by the TRH hard gate, journaled.

09:15

Desk read of the day

One instrument, regime-aware, with the TRH verdict and P* cited.

11:00

Intraday Council

Re-check against the live read; under the gate the model book takes no non-defensive adds.

Close

Nightly bulletin

Session wrap reconciled with the regime; the trail logs the day's point.

2nd · 16th

Bi-weekly book

15 liquid names rebuilt under the desk context and the phase composition.

Read it before you decide.

Elite gives you the daily and nightly bulletins and the 15-name model portfolio. Pro adds the live desk — the thermometer, the disclosed desk context, the Council trail and the phase alignment. Editorial commentary for self-directed investors, not personal advice.