Book range is only -7.7% to -6.2%, so this is a thin signal even with median conf 77. The scan is dragging weak 6m and 12m momentum, with illiquidity the top drag in 4 of 10. Common theme: slow tape,

Axfood AB (publ) ($AXFO.ST) and Telenor ASA ($TEL.OL) are both univ 0%, conf 77. AXFO is -7.7%, sec 2% Consumer Defensive, drivers ↓ downside risk, ↓ 6mo momentum, ↓ illiquidity. TEL is -7.5%, sec 3% Communication Services, drivers ↓ downside risk, ↓ 6mo momentum, ↓ 12mo momentum. Defensive and comms at the top is a risk-off tell. St. James's Place plc ($STJ.L) and Telefonaktiebolaget LM Ericsson (publ) ($ERIC-B.ST) are not the same short. STJ is -7.4%, conf 78, sec 1% Financials, pure momentum: ↓ 12mo, ↓ 6mo, ↓ 6mo alpha vs SPY. ERIC is -7.2%, conf 77, sec 3% Tech, drivers ↓ illiquidity, ↓ downside risk, ↓ 6mo momentum. Wise Group plc ($WISE.L) and Amadeus IT Group, S.A. ($AMS.MC) put two more Tech names in the book. WISE is -6.8%, conf 75, sec 6%, drivers ↓ 6mo momentum, ↓ illiquidity, ↓ 12mo momentum. AMS is -6.8%, conf 73, sec 9%, drivers ↓ 12mo momentum, ↓ downside risk, ↓ 20d volatility. Tech sec ranks 3, 6, 9: signal fades deeper in. DCC Energy plc ($DCC.L) and Babcock Internati

Axfood AB (publ) ($AXFO.ST) and Telenor ASA ($TEL.OL) are both univ 0%, conf 77. AXFO is -7.7%, sec 2% Consumer Defensive, drivers ↓ downside risk, ↓ 6mo momentum, ↓ illiquidity. TEL is -7.5%, sec 3%