On VIX>28 days the SPY intraday range medians 2.20% and QQQ 2.73% — 3x calm-tape behaviour. We don't trade risk-off by cutting size; we reprice volatility, ETF volume, and quote stability and let those decide the route.

Across 1,092 sessions 2022-2026, NVDA decoupled: on >+10bp 10Y yield days, QQQ -0.25% and SMH -0.21% but NVDA +0.30%. The textbook 'yields up = tech down' rule is wrong about the leader.

QQQ daily range is 0.97% at VIX<13 and 2.73% at VIX>28 — nearly 3x. NVDA and TSLA scale similarly. Same share size across both regimes is the cleanest way to underperform your own setup. A dynamic-sizing framework.

Mid-size morning drives in US equities reverse during lunch 61–67% of the time; strong drives consolidate instead. The asymmetry is driven by dealer gamma, not coincidence — and the right play depends on which side you're on.

σ-distance from VWAP at 10:30 ET is the cleanest single-checkpoint probability gauge we've found for end-of-day side. Above +2σ closes above VWAP 78% of the time; the cone tightens cleanly through the day.

When pre-market range expansion runs 2.8×–4.5× normal with a clear direction, the first cash-session hour extends that direction 70% of the time. Compressed pre-markets carry no edge. The signal is range × direction, not volume.