{
  "model": "qwen/qwen3.6-35b-a3b",
  "started_at": "2026-05-26T07:55:20.155Z",
  "system_prompt": "You are Catalyst Analyst — the event-rubric scoring stage.\n\nYou receive a catalyst-dossier from Catalyst Scout. Your job is to score it\n0-100 against the CATALYST rubric (DIFFERENT from asymmetric and wheel).\n\nCatalyst-event scoring rubric (100 pts total — for dated binary events):\n  - Catalyst clarity (max 25 pts): is the event dated, named, binary?\n      Dated within 7-45 DTE + named in 8-K or earnings cal = full points.\n      Vague \"expected this quarter\" or >60 DTE = ≤10 pts.\n  - Magnitude edge (max 25 pts): IV-implied vs historical realized move.\n      Implied move > historical average by ≥30% AND structure is debit = market overpaying vol → short-vol angle.\n      Implied move < historical realized by ≥30% AND structure is debit straddle/long premium = market underpaying → long-vol.\n      No edge (implied ≈ realized) = ≤8 pts; reconsider whether to publish.\n  - Direction evidence (max 15 pts): insider P-buys, analyst revisions UP/DOWN, options skew, technicals, news sentiment.\n      ≥3 corroborating signals same direction = full points.\n      Mixed signals = straddle/vol play, not directional.\n  - Structure efficiency (max 15 pts): cost-to-payoff ratio.\n      Breakeven inside implied-move range = full points. Outside = ≤5 pts.\n      Debit spread cheaper than naked long for same payoff at target = full points.\n  - Liquidity (max 10 pts): OI ≥500 + daily volume ≥50 + bid-ask ≤5% of premium = full.\n  - Quality floor (max 10 pts): market cap ≥$500M, price ≥$5, no going-concern, no fraud flags.\n      Sub-5 here means SKIP regardless of other points.\n\nCatalyst sizing bands by score (DEFINED-RISK structures only):\n  80-100: max conf 5, max size 4.0%\n  70- 79: max conf 4, max size 3.0%\n  60- 69: max conf 4, max size 2.0%\n  50- 59: max conf 3, max size 1.0%\n   0- 49: max conf 2, max size 0.0%\n\nPUBLISH FLOOR is 50. Cap at 4% even on best setup — binary events can decay to zero.\nAllowed structures: long_call, long_put, straddle, debit_call_spread, debit_put_spread\n\nDECIDE:\n  - If composite score < 50 → skip with reason\n  - If composite score ≥ 50 → draft a catalyst idea using the recommended structure\n  - If structure is not in {long_call, long_put, straddle, debit_call_spread, debit_put_spread} → skip\n  - If anti_signals_present is non-empty → skip\n  - If quality_floor.passes_floor is false → skip\n  - If DTE to catalyst is < 5 or > 45 → skip\n  - If no candidate contracts have OI ≥200 → skip (illiquid)\n\nOUTPUT FORMAT (strict JSON, output ONLY this object — no prose, no fences):\n\nIf skipping:\n{\n  \"skip\": true,\n  \"score\": <num 0-100>,\n  \"score_breakdown\": {\n    \"catalyst_clarity\": <num>,\n    \"magnitude_edge\": <num>,\n    \"direction_evidence\": <num>,\n    \"structure_efficiency\": <num>,\n    \"liquidity\": <num>,\n    \"quality_floor\": <num>\n  },\n  \"reason\": \"Brief reason\"\n}\n\nIf drafting:\n{\n  \"skip\": false,\n  \"score\": <num>,\n  \"score_breakdown\": { ... same six fields },\n  \"draft\": {\n    \"slug\": \"YYYY-MM-DD-symbol-catalyst-keyphrase\",\n    \"symbol\": \"NVDA\",\n    \"company\": \"NVIDIA Corporation\",\n    \"sector\": \"<sector slug or 'unknown'>\",\n    \"risk_class\": \"core\",\n    \"pipeline\": \"catalyst\",\n    \"catalyst_type\": \"earnings\" | \"fda_pdufa\" | \"merger_definitive\" | etc,\n    \"catalyst_date\": \"YYYY-MM-DD\",\n    \"headline\": \"Long X straddle into Y catalyst — implied move Z% vs realized W%\",\n    \"thesis_short\": \"1-2 sentence summary of the event setup and the edge.\",\n    \"thesis_long\": [\n      \"Opening paragraph: what the event is, when, and what the market is pricing.\",\n      \"## The edge\",\n      \"Specific implied-vs-realized magnitude gap OR direction signals that the market is mispricing.\",\n      \"## Structure\",\n      \"Why this specific debit structure (cost, breakeven, max payoff).\",\n      \"## What confirms / kills the thesis\",\n      \"What needs to happen pre-catalyst (e.g., 'IV expansion >15%' or 'analyst raises target ahead of print').\",\n      \"## Risk\",\n      \"Specific: 'event resolves but stock moves less than implied → debit decays to ~30% of paid premium.'\"\n    ],\n    \"structure\": {\n      \"type\": \"long_call\" | \"long_put\" | \"straddle\" | \"debit_call_spread\" | \"debit_put_spread\",\n      \"long_call\":         { \"strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"debit_target\": <num>, \"max_payoff\": <num | \"uncapped\">, \"breakeven\": <num> },\n      \"long_put\":          { \"strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"debit_target\": <num>, \"max_payoff\": <num>, \"breakeven\": <num> },\n      \"straddle\":          { \"call_strike\": <num>, \"put_strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"call_debit\": <num>, \"put_debit\": <num>, \"total_debit\": <num>, \"breakeven_high\": <num>, \"breakeven_low\": <num> },\n      \"debit_call_spread\": { \"long_strike\": <num>, \"short_strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"net_debit\": <num>, \"max_payoff\": <num>, \"breakeven\": <num> },\n      \"debit_put_spread\":  { \"long_strike\": <num>, \"short_strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"net_debit\": <num>, \"max_payoff\": <num>, \"breakeven\": <num> }\n    },\n    \"entry\": {\n      \"price_at_idea\": <num>,\n      \"conditions\": \"Enter on a defined pre-catalyst window — e.g., '2-5 days before print, before IV expansion peaks.'\"\n    },\n    \"exit\": {\n      \"primary_target\": \"Exit at 80% of max payoff OR close end-of-day after catalyst regardless of outcome\",\n      \"stop_or_roll\": \"Close if catalyst gets pushed > 2 weeks OR pre-event move exceeds 50% of debit paid\",\n      \"max_hold_dte\": <num — dte to expiry>\n    },\n    \"risk\": {\n      \"bear_case\": \"Specific scenario where structure decays — usually 'event happens, stock barely moves'.\",\n      \"what_breaks_thesis\": \"Catalyst delayed past expiry; pre-empted disclosure ahead of event; outsized IV crush\",\n      \"position_size_pct\": <num — must respect catalyst sizing band for the score>,\n      \"max_loss_per_contract\": <num — equal to net debit>,\n      \"max_loss_note\": \"Max loss = net premium paid (defined-risk debit structure).\"\n    },\n    \"sources\": [ ... pass through from dossier sources ],\n    \"confidence\": 1-5,\n    \"analyst\": \"research-desk\",\n    \"scout_model\": \"minimax/minimax-m2.7\",\n    \"analyst_model\": \"qwen/qwen3.6-35b-a3b\"\n  }\n}\n\nONLY ONE STRUCTURE TYPE. Pick one and only fill that field. Position size\nMUST respect the catalyst sizing band for the score. The headline MUST\nstate the catalyst type and date.\n\nNumeric traceability: every price, strike, debit must come from\ndossier.candidate_contracts. Every implied/realized number must come from\ndossier.implied_vs_realized.",
  "user_prompt": "CATALYST DOSSIER:\n{\n  \"symbol\": \"VEEV\",\n  \"company\": \"Veeva Systems Inc.\",\n  \"investigation_summary\": \"Veeva Systems reports Q1 FY27 earnings after market close on June 3, 2026 (9 DTE). The company provides cloud-based software for life sciences. VEEV has run up significantly into this event following strong enterprise demand for its Vault platform and data offerings. Implied move from ATM straddle is approximately 8.2%, which appears elevated versus the stock's historical realized earnings move of ~6.1% (average across last 4 prints). This creates a mild vol-rich environment favoring debit spreads over naked long premium. Direction signals are mixed: analyst revisions have been trending upward recently, insider activity shows some buying in the past 90 days, and technicals show the stock near all-time highs — but elevated valuation and recent momentum could cap upside if results are merely 'in-line'. Options skew is slightly toward calls. Given binary risk on a $200+ stock with elevated vol pricing, the setup warrants defined-risk debit structures rather than naked straddles.\",\n  \"verdict\": \"catalyst_setup\",\n  \"confidence_in_data\": 4,\n  \"catalyst\": {\n    \"type\": \"earnings\",\n    \"date\": \"2026-06-03\",\n    \"dte\": 9,\n    \"binary\": true,\n    \"outcome_scenarios\": [\n      \"beat → +6% to +10%\",\n      \"miss → -6% to -10%\"\n    ]\n  },\n  \"implied_vs_realized\": {\n    \"implied_move_pct\": 8.2,\n    \"historical_avg_move_pct\": 6.1,\n    \"n_historical_events\": 4,\n    \"magnitude_edge_note\": \"Implied (8.2%) exceeds realized (6.1%) by ~34%. Market is pricing elevated vol, consistent with premium over historical moves. Long premium structures should use spreads to account for rich vol; avoid naked straddles.\"\n  },\n  \"direction_signals\": {\n    \"insider_buys_90d\": \"yes\",\n    \"analyst_revisions_30d\": \"up\",\n    \"technical_setup\": \"bullish\",\n    \"options_skew\": \"call_skew\",\n    \"news_sentiment\": \"positive\",\n    \"direction_lean\": \"bullish\"\n  },\n  \"structure_recommendation\": \"debit_call_spread\",\n  \"candidate_contracts\": [\n    {\n      \"structure\": \"debit_call_spread\",\n      \"expiry\": \"2026-06-06\",\n      \"dte\": 12,\n      \"long_strike\": 215,\n      \"short_strike\": 230,\n      \"long_mid\": 7.8,\n      \"short_mid\": 3.2,\n      \"net_debit\": 4.6,\n      \"max_payoff\": 11.4,\n      \"breakeven\": 219.6,\n      \"breakeven_distance_pct\": 2.1,\n      \"open_interest_long\": 842,\n      \"open_interest_short\": null,\n      \"bid_ask_spread_pct\": 4.8\n    },\n    {\n      \"structure\": \"debit_call_spread\",\n      \"expiry\": \"2026-06-06\",\n      \"dte\": 12,\n      \"long_strike\": 210,\n      \"short_strike\": 225,\n      \"long_mid\": 11.5,\n      \"short_mid\": 5.4,\n      \"net_debit\": 6.1,\n      \"max_payoff\": 11.9,\n      \"breakeven\": 216.1,\n      \"breakeven_distance_pct\": 0.7,\n      \"open_interest_long\": 1243,\n      \"open_interest_short\": null,\n      \"bid_ask_spread_pct\": 3.9\n    }\n  ],\n  \"quality_floor\": {\n    \"market_cap\": 32000000000,\n    \"price\": 214.5,\n    \"going_concern\": false,\n    \"passes_floor\": true\n  },\n  \"anti_signals_present\": [],\n  \"key_risks\": [\n    \"Stock near all-time highs — limited upside buffer if results in-line\",\n    \"Vol-rich pricing means spread cost is elevated; need clear directional thesis to win\",\n    \"Life sciences software spending is cyclical — enterprise budget cuts could miss guidance even with solid Q1\",\n    \"9 DTE leaves minimal time for theta bleed post-event — position must be managed tightly\"\n  ],\n  \"sources\": [\n    {\n      \"label\": \"earnings_date\",\n      \"url\": \"\"\n    },\n    {\n      \"label\": \"options_chain_expiry_post_event\",\n      \"url\": \"\"\n    }\n  ]\n}\n\nScore this against the CATALYST rubric. If composite < 50, skip. Otherwise\ndraft a defined-risk catalyst idea. Output ONLY the JSON object described\nin the system prompt. Do NOT include <think>...</think> blocks — pure JSON only.",
  "completions": [
    {
      "ts": "2026-05-26T07:58:34.320Z",
      "raw_content": "<think>The user wants me to score the provided catalyst dossier against the CATALYST rubric and output a JSON object.\nLet's go through the rubric step-by-step.\n\n1. **Catalyst clarity (max 25 pts)**:\n   - Event: VEEV Q1 FY27 earnings after market close on June 3, 2026.\n   - DTE: 9 (within 7-45 DTE).\n   - Named in 8-K/earnings cal: Yes.\n   - Score: 25/25.\n\n2. **Magnitude edge (max 25 pts)**:\n   - Implied move: 8.2%\n   - Historical realized: 6.1%\n   - Implied > realized by ~34.4% (≥30%).\n   - Structure is debit (debit call spread recommended).\n   - Market overpaying vol → short-vol angle. But the dossier recommends a debit call spread because of bullish direction lean. Wait, the rubric says: \"Implied move > historical average by ≥30% AND structure is debit = market overpaying vol → short-vol angle.\"\n   - However, the dossier says \"This creates a mild vol-rich environment favoring debit spreads over naked long premium.\" Actually, if implied > realized, buying spreads is still buying vol, but it's cheaper than straddles. The rubric says if implied > realized by ≥30% and structure is debit, it's a short-vol angle. But the dossier recommends a debit call spread due to bullish direction signals. I will score magnitude edge based on the rubric's guidance. Since implied is 34% higher, it penalizes long premium, but supports defined-risk debit if directional conviction exists. I'll give it a moderate score for magnitude edge because it's a vol-rich environment, but the directional lean justifies the debit spread. Let's say 15/25. Wait, the rubric says: \"Implied move > historical average by ≥30% AND structure is debit = market overpaying vol → short-vol angle.\" This implies long premium is bad. But debit spreads are still long premium. I'll give it 12/25 for magnitude edge because it's vol-rich, but the directional signals compensate. Actually, the rubric says: \"Implied move < historical realized by ≥30% AND structure is debit straddle/long premium = market underpaying → long-vol. No edge (implied ≈ realized) = ≤8 pts; reconsider whether to publish.\" Since implied > realized by 34%, it's not a long-vol edge. It's a short-vol edge. But the dossier recommends a debit call spread. I will score magnitude edge at 10/25 because it's vol-rich, but the directional evidence might override. Let's stick to the rubric strictly: magnitude edge is about vol mispricing. Since it's vol-rich, long premium is negative edge. I'll give 10/25.\n\nWait, let's re-read carefully: \"Implied move > historical average by ≥30% AND structure is debit = market overpaying vol → short-vol angle.\" This means buying debit spreads has negative magnitude edge. I'll score it 10/25.\n\n3. **Direction evidence (max 15 pts)**:\n   - Insider buys: yes\n   - Analyst revisions: up\n   - Technicals: bullish (near ATH)\n   - Options skew: call skew\n   - News sentiment: positive\n   - ≥3 corroborating signals same direction = full points.\n   - Score: 15/15.\n\n4. **Structure efficiency (max 15 pts)**:\n   - Candidate: 210/225 call spread, net debit 6.1, max payoff 11.9, breakeven 216.1.\n   - Current price: 214.5.\n   - Implied move: 8.2% of 214.5 = ~17.6. So ATM straddle cost ~17.6.\n   - Breakeven distance: 216.1 is 0.7% away.\n   - Cost-to-payoff: risk 6.1 to reward 11.9 (approx 1:2).\n   - Breakeven inside implied-move range? Implied range is ~±8.2% → [197, 234]. Breakeven 216.1 is well inside.\n   - Debit spread cheaper than naked long for same payoff at target? Yes, standard.\n   - Score: 12/15.\n\n5. **Liquidity (max 10 pts)**:\n   - OI ≥500 + daily volume ≥50 + bid-ask ≤5% of premium.\n   - OI long: 1243 (≥500).\n   - Bid-ask spread pct: 3.9% (≤5%).\n   - Volume not explicitly given, but OI is high and spread is tight. I'll assume volume meets threshold or give 8/10.\n   - Score: 8/10.\n\n6. **Quality floor (max 10 pts)**:\n   - Market cap: $32B (≥$500M)\n   - Price: $214.5 (≥$5)\n   - Going concern: false\n   - Fraud flags: none\n   - Passes floor: true\n   - Score: 10/10.\n\nTotal Score: 25 + 10 + 15 + 12 + 8 + 10 = 80.\nWait, let's adjust magnitude edge. The rubric says \"Implied move > historical average by ≥30% AND structure is debit = market overpaying vol → short-vol angle.\" This implies the magnitude edge for a *long* position is negative. I'll score it 10/25.\nTotal: 80.\nSizing band: 80-100 → max conf 5, max size 4.0%.\nStructure: debit_call_spread.\nDTE: 9 (within 5-45).\nQuality floor passes.\nAnti-signals: none.\nOI ≥200: yes (1243).\nAll conditions met. Draft required.\n\nLet's calculate sizing: Score 80 → size 4.0%. Confidence 5.\nHeadline: Long debit call spread into VEEV Q1 FY27 earnings on 2026-06-03 — implied move 8.2% vs realized 6.1%\nThesis: VEEV reports Q1 FY27 earnings on June 3, 2026. The market is pricing an ~8.2% implied move, which is ~34% richer than the historical average of 6.1%. While this vol-rich environment typically favors short-vol strategies, strong directional confluence (insider buys, analyst upgrades, bullish technicals, call skew) supports a defined-risk bullish bet. The 210/225 debit call spread captures upside above the breakeven of $216.10 while capping theta decay and cost in a rich vol environment.\nStructure: debit_call_spread. Long 210, short 225, expiry 2026-06-06. Net debit 6.1, max payoff 11.9, breakeven 216.1.\nEntry: 2-3 days before print, before IV expansion peaks.\nExit: Close at 80% of max payoff or end-of-day after catalyst. Stop/roll if catalyst pushed >2 weeks or pre-event move >50% of debit. Max hold DTE: 12.\nRisk: Event resolves in-line, stock moves <8.2%, spread decays. Catalyst delayed. Position size: 4.0%. Max loss: 6.1 per contract.\nSources: pass through.\nConfidence: 5.\nAnalyst: research-desk.\nScout/Analyst models: as given.\n\nCheck rubric constraints:\n- \"If composite score < 50 → skip\" -> 80 >= 50, so draft.\n- \"If structure is not in {...} → skip\" -> debit_call_spread is allowed.\n- \"If anti_signals_present is non-empty → skip\" -> empty.\n- \"If quality_floor.passes_floor is false → skip\" -> true.\n- \"If DTE to catalyst is < 5 or > 45 → skip\" -> 9 DTE, ok.\n- \"If no candidate contracts have OI ≥200 → skip\" -> 1243, ok.\n- \"Position size MUST respect the catalyst sizing band for the score.\" -> 80-100 band: max size 4.0%. I will set it to 4.0%.\n- \"The headline MUST state the catalyst type and date.\" -> Done.\n- \"Numeric traceability: every price, strike, debit must come from dossier.candidate_contracts. Every implied/realized number must come from dossier.implied_vs_realized.\" -> Checked.\n\nLet's verify magnitude edge score. The rubric says: \"Implied move > historical average by ≥30% AND structure is debit = market overpaying vol → short-vol angle.\" This is a negative for long premium. I'll score it 10/25. It's not a full 0 because the directional evidence is strong, but magnitude edge specifically measures vol mispricing. I'll stick with 10.\nTotal: 25+10+15+12+8+10 = 80.\n\nWait, structure efficiency: \"Breakeven inside implied-move range = full points.\" Implied move is 8.2%. ATM price ~214.5. Implied range: 214.5 ± 8.2% = [196.9, 232.1]. Breakeven is 216.1, which is inside. So 15/15 for structure efficiency? The rubric says \"Breakeven inside implied-move range = full points.\" I'll give 15.\nLet's recalculate: 25 + 10 + 15 + 15 + 8 + 10 = 83.\nSizing band 80-100: max size 4.0%.\nI will adjust magnitude edge to 12 to be safe, or keep 10. I'll stick with 10. Total 83.\n\nLet's carefully map the fields to the output format.\n`skip`: false\n`score`: 83\n`score_breakdown`: {catalyst_clarity: 25, magnitude_edge: 10, direction_evidence: 15, structure_efficiency: 15, liquidity: 8, quality_floor: 10}\n`draft`:\n  `slug`: \"2026-05-27-VEEV-earnings-call-spread\"\n  `symbol`: \"VEEV\"\n  `company`: \"Veeva Systems Inc.\"\n  `sector`: \"Technology\" (or \"unknown\" if not specified, but SaaS/Life Sciences is tech. I'll use \"Technology\")\n  `risk_class`: \"core\"\n  `pipeline`: \"catalyst\"\n  `catalyst_type`: \"earnings\"\n  `catalyst_date`: \"2026-06-03\"\n  `headline`: \"Long debit call spread into VEEV Q1 FY27 earnings on 2026-06-03 — implied move 8.2% vs realized 6.1%\"\n  `thesis_short`: \"VEEV's earnings vol is priced ~34% rich vs history, but strong directional confluence (insider buys, analyst upgrades, call skew) justifies a defined-risk bullish bet to capture upside while capping theta decay.\"\n  `thesis_long`: [\n    \"Veeva Systems reports Q1 FY27 earnings after market close on June 3, 2026. The market is pricing an ~8.2% implied move from the ATM straddle, which exceeds the historical average earnings move of 6.1% by ~34%. This vol-rich environment typically favors short-vol strategies, but a strong cluster of bullish directional signals supports a defined-risk long call spread.\",\n    \"## The edge\",\n    \"Implied volatility is rich (8.2% vs 6.1% realized), but multiple corroborating direction signals—insider purchases, recent analyst upgrades, bullish technicals near all-time highs, and positive call skew—create a high-conviction long bias. The debit spread mitigates the cost of rich vol while targeting a move above the breakeven.\",\n    \"## Structure\",\n    \"210/225 debit call spread expiring 2026-06-06. Net debit of $6.10 risks $610 per contract to target an $1,190 max payoff. The $216.10 breakeven sits well within the implied move range, offering favorable risk/reward (approx 1:2) while avoiding the theta decay of naked long premium in a vol-rich setup.\",\n    \"## What confirms / kills the thesis\",\n    \"Confirms: Analyst target raises or insider buying accelerates ahead of print; IV expansion >15% pre-event. Kills: Guidance misses or in-line results cap upside; IV crush post-print reduces spread value; catalyst pushed >2 weeks out.\",\n    \"## Risk\",\n    \"Event resolves in-line or slightly positive, but stock moves less than implied → debit decays to ~30% of paid premium. Pre-empted disclosure or life sciences budget cuts could cap upside despite solid Q1 results.\"\n  ],\n  `structure`: {\n    \"type\": \"debit_call_spread\",\n    \"debit_call_spread\": { \"long_strike\": 210, \"short_strike\": 225, \"expiry\": \"2026-06-06\", \"net_debit\": 6.1, \"max_payoff\": 11.9, \"breakeven\": 216.1 }\n  },\n  `entry`: { \"price_at_idea\": 214.5, \"conditions\": \"Enter on a defined pre-catalyst window — e.g., '2-5 days before print, before IV expansion peaks.'\" },\n  `exit`: { \"primary_target\": \"Exit at 80% of max payoff OR close end-of-day after catalyst regardless of outcome\", \"stop_or_roll\": \"Close if catalyst gets pushed > 2 weeks OR pre-event move exceeds 50% of debit paid\", \"max_hold_dte\": 12 },\n  `risk`: { \"bear_case\": \"Event resolves in-line, stock moves <8.2% → spread decays to ~30% of paid premium.\", \"what_breaks_thesis\": \"Catalyst delayed past expiry; pre-empted disclosure ahead of event; outsized IV crush\", \"position_size_pct\": 4.0, \"max_loss_per_contract\": 6.1, \"max_loss_note\": \"Max loss = net premium paid (defined-risk debit structure).\" },\n  `sources`: dossier.sources,\n  `confidence`: 5,\n  `analyst`: \"research-desk\",\n  `scout_model`: \"minimax/minimax-m2.7\",\n  `analyst_model`: \"qwen/qwen3.6-35b-a3b\"\n}\n\nCheck constraints:\n- \"If composite score < 50 → skip\" -> 83 >= 50.\n- \"If structure is not in {...} → skip\" -> debit_call_spread is allowed.\n- \"If anti_signals_present is non-empty → skip\" -> empty.\n- \"If quality_floor.passes_floor is false → skip\" -> true.\n- \"If DTE to catalyst is < 5 or > 45 → skip\" -> 9.\n- \"If no candidate contracts have OI ≥200 → skip\" -> 1243.\n- \"Position size MUST respect the catalyst sizing band for the score.\" -> 80-100 band: 4.0%.\n- \"The headline MUST state the catalyst type and date.\" -> Checked.\n- \"Numeric traceability...\" -> Checked.\n- Output ONLY JSON.\n\nOne minor point: `sector` field. The dossier doesn't specify sector explicitly, but Veeva is SaaS/Life Sciences. I'll use \"Technology\" or \"Healthcare Technology\". I'll stick to \"Technology\" as it's standard for SaaS. Or \"unknown\" to be safe. I'll use \"Technology\".\n`risk_class` is fixed to \"core\" in the prompt example, but I'll keep it.\n`pipeline` is fixed to \"catalyst\".\n`catalyst_type` is \"earnings\".\n`catalyst_date` is \"2026-06-03\".\n`headline` format: \"Long X straddle into Y catalyst — implied move Z% vs realized W%\". I will adapt to \"Long debit call spread into VEEV Q1 FY27 earnings on 2026-06-03 — implied move 8.2% vs realized 6.1%\".\n`thesis_short` and `thesis_long` match format.\n`structure` matches format.\n`entry`, `exit`, `risk` match format.\n`sources` passed through.\n`confidence` 5.\n`analyst`, `scout_model`, `analyst_model` match.\n\nAll good. I will generate the JSON.\nDouble check magnitude edge scoring: The rubric says \"Implied move > historical average by ≥30% AND structure is debit = market overpaying vol → short-vol angle.\" This implies a penalty for long premium. I gave it 10/25. That seems fair.\nStructure efficiency: 15/15.\nLiquidity: 8/10.\nQuality: 10/10.\nClarity: 25/25.\nDirection: 15/15.\nTotal: 83.\nSizing band 80-100: max size 4.0%.\nEverything aligns.\nProceed. \nOutput matches strict JSON format. No extra text.\nOne detail: `dossier.sources` has empty urls. I'll pass them as is.\n`risk_class` and `pipeline` are fixed in the prompt example. I'll keep them.\n`sector` I'll put \"Technology\".\nAll set. \nGenerating. \nWait, let's verify the `structure` field format in the prompt:\n```json\n    \"structure\": {\n      \"type\": \"long_call\" | \"long_put\" | \"straddle\" | \"debit_call_spread\" | \"debit_put_spread\",\n      \"long_call\":         { \"strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"debit_target\": <num>, \"max_payoff\": <num | \"uncapped\">, \"breakeven\": <num> },\n      \"long_put\":          { \"strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"debit_target\": <num>, \"max_payoff\": <num>, \"breakeven\": <num> },\n      \"straddle\":          { \"call_strike\": <num>, \"put_strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"call_debit\": <num>, \"put_debit\": <num>, \"total_debit\": <num>, \"breakeven_high\": <num>, \"breakeven_low\": <num> },\n      \"debit_call_spread\": { \"long_strike\": <num>, \"short_strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"net_debit\": <num>, \"max_payoff\": <num>, \"breakeven\": <num> },\n      \"debit_put_spread\":  { \"long_strike\": <num>, \"short_strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"net_debit\": <num>, \"max_payoff\": <num>, \"breakeven\": <num> }\n    }\n```\nI will fill `debit_call_spread` and leave others null or omit them? The prompt says \"ONLY ONE STRUCTURE TYPE. Pick one and only fill that field.\" I will only include `type` and `debit_call_spread`.\n\nCheck `entry.price_at_idea`: 214.5.\nCheck `exit.max_hold_dte`: 12.\nCheck `risk.position_size_pct`: 4.0.\nCheck `risk.max_loss_per_contract`: 6.1.\nAll good.\nOutput matches exactly.\nProceed. \nSelf-Correction/Refinement during thought: \nThe prompt says \"The headline MUST state the catalyst type and date.\" I will ensure it does.\n\"Long debit call spread into VEEV Q1 FY27 earnings on 2026-06-03 — implied move 8.2% vs realized 6.1%\" -> contains type and date.\nAll constraints met.\nOutput generation. \n[Done] \nOutput matches the requested JSON structure exactly.\nI will produce the JSON now. \nNote: I'll make sure the JSON is valid and strictly follows the schema. No markdown fences as per \"no prose, no fences\" instruction? Wait, the prompt says \"OUTPUT FORMAT (strict JSON, output ONLY this object — no prose, no fences):\". So I will output raw JSON without ```json ... ```.\nActually, it's safer to just output the raw JSON string.\nProceed. \nGenerating. \n[Output Generation] -> *Self-Correction/Verification during generation prep*:\nWait, the prompt says \"no prose, no fences\". I will strictly output the JSON object.\nCheck `score_breakdown` keys: matches exactly.\nCheck `draft` keys: matches exactly.\nCheck `structure` keys: matches exactly.\nCheck `entry`, `exit`, `risk` keys: matches exactly.\nAll good.\nProceeds. \nOutput matches. \n[Final Check of the Prompt]: \"If structure is not in {long_call, long_put, straddle, debit_call_spread, debit_put_spread} → skip\" -> It is debit_call_spread.\n\"If DTE to catalyst is < 5 or > 45 → skip\" -> 9 DTE.\n\"If no candidate contracts have OI ≥200 → skip\" -> 1243.\n\"Position size MUST respect the catalyst sizing band for the score.\" -> 80-100 band: 4.0%.\nAll conditions satisfied.\nReady. \nOutput Generation. \n```json\n{\n  \"skip\": false,\n  \"score\": 83,\n  \"score_breakdown\": {\n    \"catalyst_clarity\": 25,\n    \"magnitude_edge\": 10,\n    \"direction_evidence\": 15,\n    \"structure_efficiency\": 15,\n    \"liquidity\": 8,\n    \"quality_floor\": 10\n  },\n  \"draft\": {\n    \"slug\": \"2026-05-27-VEEV-earnings-call-spread\",\n    \"symbol\": \"VEEV\",\n    \"company\": \"Veeva Systems Inc.\",\n    \"sector\": \"Technology\",\n    \"risk_class\": \"core\",\n    \"pipeline\": \"catalyst\",\n    \"catalyst_type\": \"earnings\",\n    \"catalyst_date\": \"2026-06-03\",\n    \"headline\": \"Long debit call spread into VEEV Q1 FY27 earnings on 2026-06-03 — implied move 8.2% vs realized 6.1%\",\n    \"thesis_short\": \"VEEV's earnings vol is priced ~34% rich vs history, but strong directional confluence (insider buys, analyst upgrades, call skew) justifies a defined-risk bullish bet to capture upside while capping theta decay.\",\n    \"thesis_long\": [\n      \"Veeva Systems reports Q1 FY27 earnings after market close on June 3, 2026. The market is pricing an ~8.2% implied move from the ATM straddle, which exceeds the historical average earnings move of 6.1% by ~34%. This vol-rich environment typically favors short-vol strategies, but a strong cluster of bullish directional signals supports a defined-risk long call spread.\",\n      \"## The edge\",\n      \"Implied volatility is rich (8.2% vs 6.1% realized), but multiple corroborating direction signals—insider purchases, recent analyst upgrades, bullish technicals near all-time highs, and positive call skew—create a high-conviction long bias. The debit spread mitigates the cost of rich vol while targeting a move above the breakeven.\",\n      \"## Structure\",\n      \"210/225 debit call spread expiring 2026-06-06. Net debit of $6.10 risks $610 per contract to target an $1,190 max payoff. The $216.10 breakeven sits well within the implied move range, offering favorable risk/reward (approx 1:2) while avoiding the theta decay of naked long premium in a vol-rich setup.\",\n      \"## What confirms / kills the thesis\",\n      \"Confirms: Analyst target raises or insider buying accelerates ahead of print; IV expansion >15% pre-event. Kills: Guidance misses or in-line results cap upside; IV crush post-print reduces spread value; catalyst pushed >2 weeks out.\",\n      \"## Risk\",\n      \"Event resolves in-line or slightly positive, but stock moves less than implied → debit decays to ~30% of paid premium. Pre-empted disclosure or life sciences budget cuts could cap upside despite solid Q1 results.\"\n    ],\n    \"structure\": {\n      \"type\": \"debit_call_spread\",\n      \"debit_call_spread\": {\n        \"long_strike\": 210,\n        \"short_strike\": 225,\n        \"expiry\": \"2026-06-06\",\n        \"net_debit\": 6.1,\n        \"max_payoff\": 11.9,\n        \"breakeven\": 216.1\n      }\n    },\n    \"entry\": {\n      \"price_at_idea\": 214.5,\n      \"conditions\": \"Enter on a defined pre-catalyst window — e.g., '2-5 days before print, before IV expansion peaks.'\"\n    },\n    \"exit\": {\n      \"primary_target\": \"Exit at 80% of max payoff OR close end-of-day after catalyst regardless of outcome\",\n      \"stop_or_roll\": \"Close if catalyst gets pushed > 2 weeks OR pre-event move exceeds 50% of debit paid\",\n      \"max_hold_dte\": 12\n    },\n    \"risk\": {\n      \"bear_case\": \"Event resolves in-line, stock moves <8.2% → spread decays to ~30% of paid premium.\",\n      \"what_breaks_thesis\": \"Catalyst delayed past expiry; pre-empted disclosure ahead of event; outsized IV crush\",\n      \"position_size_pct\": 4.0,\n      \"max_loss_per_contract\": 6.1,\n      \"max_loss_note\": \"Max loss = net premium paid (defined-risk debit structure).\"\n    },\n    \"sources\": [\n      {\n        \"label\": \"earnings_date\",\n        \"url\": \"\"\n      },\n      {\n        \"label\": \"options_chain_expiry_post_event\",\n        \"url\": \"\"\n      }\n    ],\n    \"confidence\": 5,\n    \"analyst\": \"research-desk\",\n    \"scout_model\": \"minimax/minimax-m2.7\",\n    \"analyst_model\": \"qwen/qwen3.6-35b-a3b\"\n  }\n}\n```\nAll constraints verified. Output matches exactly. Proceeds. \n(Self-Correction/Note during thought: I will ensure no markdown formatting is used as per \"no prose, no fences\" instruction, just raw JSON text.)\nDone. \nOutput Generation. \n[Output Generation] -> *Proceeds*\n</think>\n\n{\n  \"skip\": false,\n  \"score\": 83,\n  \"score_breakdown\": {\n    \"catalyst_clarity\": 25,\n    \"magnitude_edge\": 10,\n    \"direction_evidence\": 15,\n    \"structure_efficiency\": 15,\n    \"liquidity\": 8,\n    \"quality_floor\": 10\n  },\n  \"draft\": {\n    \"slug\": \"2026-05-27-VEEV-earnings-call-spread\",\n    \"symbol\": \"VEEV\",\n    \"company\": \"Veeva Systems Inc.\",\n    \"sector\": \"Technology\",\n    \"risk_class\": \"core\",\n    \"pipeline\": \"catalyst\",\n    \"catalyst_type\": \"earnings\",\n    \"catalyst_date\": \"2026-06-03\",\n    \"headline\": \"Long debit call spread into VEEV Q1 FY27 earnings on 2026-06-03 — implied move 8.2% vs realized 6.1%\",\n    \"thesis_short\": \"VEEV's earnings vol is priced ~34% rich vs history, but strong directional confluence (insider buys, analyst upgrades, call skew) justifies a defined-risk bullish bet to capture upside while capping theta decay.\",\n    \"thesis_long\": [\n      \"Veeva Systems reports Q1 FY27 earnings after market close on June 3, 2026. The market is pricing an ~8.2% implied move from the ATM straddle, which exceeds the historical average earnings move of 6.1% by ~34%. This vol-rich environment typically favors short-vol strategies, but a strong cluster of bullish directional signals supports a defined-risk long call spread.\",\n      \"## The edge\",\n      \"Implied volatility is rich (8.2% vs 6.1% realized), but multiple corroborating direction signals—insider purchases, recent analyst upgrades, bullish technicals near all-time highs, and positive call skew—create a high-conviction long bias. The debit spread mitigates the cost of rich vol while targeting a move above the breakeven.\",\n      \"## Structure\",\n      \"210/225 debit call spread expiring 2026-06-06. Net debit of $6.10 risks $610 per contract to target an $1,190 max payoff. The $216.10 breakeven sits well within the implied move range, offering favorable risk/reward (approx 1:2) while avoiding the theta decay of naked long premium in a vol-rich setup.\",\n      \"## What confirms / kills the thesis\",\n      \"Confirms: Analyst target raises or insider buying accelerates ahead of print; IV expansion >15% pre-event. Kills: Guidance misses or in-line results cap upside; IV crush post-print reduces spread value; catalyst pushed >2 weeks out.\",\n      \"## Risk\",\n      \"Event resolves in-line or slightly positive, but stock moves less than implied → debit decays to ~30% of paid premium. Pre-empted disclosure or life sciences budget cuts could cap upside despite solid Q1 results.\"\n    ],\n    \"structure\": {\n      \"type\": \"debit_call_spread\",\n      \"debit_call_spread\": {\n        \"long_strike\": 210,\n        \"short_strike\": 225,\n        \"expiry\": \"2026-06-06\",\n        \"net_debit\": 6.1,\n        \"max_payoff\": 11.9,\n        \"breakeven\": 216.1\n      }\n    },\n    \"entry\": {\n      \"price_at_idea\": 214.5,\n      \"conditions\": \"Enter on a defined pre-catalyst window — e.g., '2-5 days before print, before IV expansion peaks.'\"\n    },\n    \"exit\": {\n      \"primary_target\": \"Exit at 80% of max payoff OR close end-of-day after catalyst regardless of outcome\",\n      \"stop_or_roll\": \"Close if catalyst gets pushed > 2 weeks OR pre-event move exceeds 50% of debit paid\",\n      \"max_hold_dte\": 12\n    },\n    \"risk\": {\n      \"bear_case\": \"Event resolves in-line, stock moves <8.2% → spread decays to ~30% of paid premium.\",\n      \"what_breaks_thesis\": \"Catalyst delayed past expiry; pre-empted disclosure ahead of event; outsized IV crush\",\n      \"position_size_pct\": 4.0,\n      \"max_loss_per_contract\": 6.1,\n      \"max_loss_note\": \"Max loss = net premium paid (defined-risk debit structure).\"\n    },\n    \"sources\": [\n      {\n        \"label\": \"earnings_date\",\n        \"url\": \"\"\n      },\n      {\n        \"label\": \"options_chain_expiry_post_event\",\n        \"url\": \"\"\n      }\n    ],\n    \"confidence\": 5,\n    \"analyst\": \"research-desk\",\n    \"scout_model\": \"minimax/minimax-m2.7\",\n    \"analyst_model\": \"qwen/qwen3.6-35b-a3b\"\n  }\n}",
      "cleaned_content": "{\n  \"skip\": false,\n  \"score\": 83,\n  \"score_breakdown\": {\n    \"catalyst_clarity\": 25,\n    \"magnitude_edge\": 10,\n    \"direction_evidence\": 15,\n    \"structure_efficiency\": 15,\n    \"liquidity\": 8,\n    \"quality_floor\": 10\n  },\n  \"draft\": {\n    \"slug\": \"2026-05-27-VEEV-earnings-call-spread\",\n    \"symbol\": \"VEEV\",\n    \"company\": \"Veeva Systems Inc.\",\n    \"sector\": \"Technology\",\n    \"risk_class\": \"core\",\n    \"pipeline\": \"catalyst\",\n    \"catalyst_type\": \"earnings\",\n    \"catalyst_date\": \"2026-06-03\",\n    \"headline\": \"Long debit call spread into VEEV Q1 FY27 earnings on 2026-06-03 — implied move 8.2% vs realized 6.1%\",\n    \"thesis_short\": \"VEEV's earnings vol is priced ~34% rich vs history, but strong directional confluence (insider buys, analyst upgrades, call skew) justifies a defined-risk bullish bet to capture upside while capping theta decay.\",\n    \"thesis_long\": [\n      \"Veeva Systems reports Q1 FY27 earnings after market close on June 3, 2026. The market is pricing an ~8.2% implied move from the ATM straddle, which exceeds the historical average earnings move of 6.1% by ~34%. This vol-rich environment typically favors short-vol strategies, but a strong cluster of bullish directional signals supports a defined-risk long call spread.\",\n      \"## The edge\",\n      \"Implied volatility is rich (8.2% vs 6.1% realized), but multiple corroborating direction signals—insider purchases, recent analyst upgrades, bullish technicals near all-time highs, and positive call skew—create a high-conviction long bias. The debit spread mitigates the cost of rich vol while targeting a move above the breakeven.\",\n      \"## Structure\",\n      \"210/225 debit call spread expiring 2026-06-06. Net debit of $6.10 risks $610 per contract to target an $1,190 max payoff. The $216.10 breakeven sits well within the implied move range, offering favorable risk/reward (approx 1:2) while avoiding the theta decay of naked long premium in a vol-rich setup.\",\n      \"## What confirms / kills the thesis\",\n      \"Confirms: Analyst target raises or insider buying accelerates ahead of print; IV expansion >15% pre-event. Kills: Guidance misses or in-line results cap upside; IV crush post-print reduces spread value; catalyst pushed >2 weeks out.\",\n      \"## Risk\",\n      \"Event resolves in-line or slightly positive, but stock moves less than implied → debit decays to ~30% of paid premium. Pre-empted disclosure or life sciences budget cuts could cap upside despite solid Q1 results.\"\n    ],\n    \"structure\": {\n      \"type\": \"debit_call_spread\",\n      \"debit_call_spread\": {\n        \"long_strike\": 210,\n        \"short_strike\": 225,\n        \"expiry\": \"2026-06-06\",\n        \"net_debit\": 6.1,\n        \"max_payoff\": 11.9,\n        \"breakeven\": 216.1\n      }\n    },\n    \"entry\": {\n      \"price_at_idea\": 214.5,\n      \"conditions\": \"Enter on a defined pre-catalyst window — e.g., '2-5 days before print, before IV expansion peaks.'\"\n    },\n    \"exit\": {\n      \"primary_target\": \"Exit at 80% of max payoff OR close end-of-day after catalyst regardless of outcome\",\n      \"stop_or_roll\": \"Close if catalyst gets pushed > 2 weeks OR pre-event move exceeds 50% of debit paid\",\n      \"max_hold_dte\": 12\n    },\n    \"risk\": {\n      \"bear_case\": \"Event resolves in-line, stock moves <8.2% → spread decays to ~30% of paid premium.\",\n      \"what_breaks_thesis\": \"Catalyst delayed past expiry; pre-empted disclosure ahead of event; outsized IV crush\",\n      \"position_size_pct\": 4.0,\n      \"max_loss_per_contract\": 6.1,\n      \"max_loss_note\": \"Max loss = net premium paid (defined-risk debit structure).\"\n    },\n    \"sources\": [\n      {\n        \"label\": \"earnings_date\",\n        \"url\": \"\"\n      },\n      {\n        \"label\": \"options_chain_expiry_post_event\",\n        \"url\": \"\"\n      }\n    ],\n    \"confidence\": 5,\n    \"analyst\": \"research-desk\",\n    \"scout_model\": \"minimax/minimax-m2.7\",\n    \"analyst_model\": \"qwen/qwen3.6-35b-a3b\"\n  }\n}",
      "tool_calls": null,
      "finish_reason": "stop"
    }
  ],
  "tool_results": [],
  "final_message": "{\n  \"skip\": false,\n  \"score\": 83,\n  \"score_breakdown\": {\n    \"catalyst_clarity\": 25,\n    \"magnitude_edge\": 10,\n    \"direction_evidence\": 15,\n    \"structure_efficiency\": 15,\n    \"liquidity\": 8,\n    \"quality_floor\": 10\n  },\n  \"draft\": {\n    \"slug\": \"2026-05-27-VEEV-earnings-call-spread\",\n    \"symbol\": \"VEEV\",\n    \"company\": \"Veeva Systems Inc.\",\n    \"sector\": \"Technology\",\n    \"risk_class\": \"core\",\n    \"pipeline\": \"catalyst\",\n    \"catalyst_type\": \"earnings\",\n    \"catalyst_date\": \"2026-06-03\",\n    \"headline\": \"Long debit call spread into VEEV Q1 FY27 earnings on 2026-06-03 — implied move 8.2% vs realized 6.1%\",\n    \"thesis_short\": \"VEEV's earnings vol is priced ~34% rich vs history, but strong directional confluence (insider buys, analyst upgrades, call skew) justifies a defined-risk bullish bet to capture upside while capping theta decay.\",\n    \"thesis_long\": [\n      \"Veeva Systems reports Q1 FY27 earnings after market close on June 3, 2026. The market is pricing an ~8.2% implied move from the ATM straddle, which exceeds the historical average earnings move of 6.1% by ~34%. This vol-rich environment typically favors short-vol strategies, but a strong cluster of bullish directional signals supports a defined-risk long call spread.\",\n      \"## The edge\",\n      \"Implied volatility is rich (8.2% vs 6.1% realized), but multiple corroborating direction signals—insider purchases, recent analyst upgrades, bullish technicals near all-time highs, and positive call skew—create a high-conviction long bias. The debit spread mitigates the cost of rich vol while targeting a move above the breakeven.\",\n      \"## Structure\",\n      \"210/225 debit call spread expiring 2026-06-06. Net debit of $6.10 risks $610 per contract to target an $1,190 max payoff. The $216.10 breakeven sits well within the implied move range, offering favorable risk/reward (approx 1:2) while avoiding the theta decay of naked long premium in a vol-rich setup.\",\n      \"## What confirms / kills the thesis\",\n      \"Confirms: Analyst target raises or insider buying accelerates ahead of print; IV expansion >15% pre-event. Kills: Guidance misses or in-line results cap upside; IV crush post-print reduces spread value; catalyst pushed >2 weeks out.\",\n      \"## Risk\",\n      \"Event resolves in-line or slightly positive, but stock moves less than implied → debit decays to ~30% of paid premium. Pre-empted disclosure or life sciences budget cuts could cap upside despite solid Q1 results.\"\n    ],\n    \"structure\": {\n      \"type\": \"debit_call_spread\",\n      \"debit_call_spread\": {\n        \"long_strike\": 210,\n        \"short_strike\": 225,\n        \"expiry\": \"2026-06-06\",\n        \"net_debit\": 6.1,\n        \"max_payoff\": 11.9,\n        \"breakeven\": 216.1\n      }\n    },\n    \"entry\": {\n      \"price_at_idea\": 214.5,\n      \"conditions\": \"Enter on a defined pre-catalyst window — e.g., '2-5 days before print, before IV expansion peaks.'\"\n    },\n    \"exit\": {\n      \"primary_target\": \"Exit at 80% of max payoff OR close end-of-day after catalyst regardless of outcome\",\n      \"stop_or_roll\": \"Close if catalyst gets pushed > 2 weeks OR pre-event move exceeds 50% of debit paid\",\n      \"max_hold_dte\": 12\n    },\n    \"risk\": {\n      \"bear_case\": \"Event resolves in-line, stock moves <8.2% → spread decays to ~30% of paid premium.\",\n      \"what_breaks_thesis\": \"Catalyst delayed past expiry; pre-empted disclosure ahead of event; outsized IV crush\",\n      \"position_size_pct\": 4.0,\n      \"max_loss_per_contract\": 6.1,\n      \"max_loss_note\": \"Max loss = net premium paid (defined-risk debit structure).\"\n    },\n    \"sources\": [\n      {\n        \"label\": \"earnings_date\",\n        \"url\": \"\"\n      },\n      {\n        \"label\": \"options_chain_expiry_post_event\",\n        \"url\": \"\"\n      }\n    ],\n    \"confidence\": 5,\n    \"analyst\": \"research-desk\",\n    \"scout_model\": \"minimax/minimax-m2.7\",\n    \"analyst_model\": \"qwen/qwen3.6-35b-a3b\"\n  }\n}",
  "tool_calls_total": 0,
  "walltime_ms": 194166,
  "stop_reason": "stop",
  "completed_at": "2026-05-26T07:58:34.321Z"
}