{
  "status": "success",
  "provider": "codex",
  "model": "gpt-5.4",
  "priority_order": [
    "NVDA",
    "TSM",
    "VXUS",
    "RSP",
    "GLDM"
  ],
  "portfolio_note": "All five names remain watch-only or hold-now items. The batch is uniformly WAIT despite bullish translated stance, strict cash above the buffer is only about 52k KRW, and NVDA plus TSM already create meaningful AI/semiconductor concentration. Do not add exposure until ticker-specific close-confirmation triggers are met; prioritize manual review of TSM and all missing-analysis held ETFs before any rebalance.",
  "reason_by_ticker": {
    "NVDA": {
      "summary": "Highest-quality watch item in the batch: constructive existing overweight thesis, strongest data coverage, improving trend and momentum, and explicit breakout or pullback triggers. Still HOLD now because entry_action is WAIT and add conditions require confirmation above 200.40 or a controlled pullback near 189.12.",
      "reason_codes": [
        "best_data_quality_in_batch",
        "bullish_medium_term_thesis",
        "held_position_overweight_hold",
        "entry_wait_for_confirmation",
        "breakout_or_pullback_trigger_defined",
        "elevated_volatility_and_beta",
        "not_actionable_now"
      ],
      "review_required": false
    },
    "TSM": {
      "summary": "Constructive AI and advanced-node semiconductor thesis with defined support and breakout triggers, but ranked below NVDA due to higher fallback count, manual review flag, nearby 380-385 resistance, and incomplete momentum confirmation. HOLD now; only consider add after support defense or confirmed breakout.",
      "reason_codes": [
        "constructive_but_review_required",
        "bullish_thesis_but_wait_entry",
        "held_position_hold_now",
        "resistance_nearby_after_rebound",
        "momentum_confirmation_incomplete",
        "support_or_breakout_trigger_needed",
        "high_fallback_count",
        "not_actionable_now"
      ],
      "review_required": true
    },
    "VXUS": {
      "summary": "Held diversifying international ETF, but this run has no current analysis, no trigger conditions, and low confidence. Kept ahead of other missing-analysis items only for diversification value in a portfolio already led by AI and semiconductor exposure, not because it is actionable.",
      "reason_codes": [
        "missing_analysis_for_held_position",
        "diversification_value",
        "rule_only_decision",
        "no_actionable_trigger",
        "low_confidence",
        "not_actionable_now"
      ],
      "review_required": true
    },
    "RSP": {
      "summary": "Held equal-weight US equity ETF with missing analysis and no defined triggers. Broad exposure is useful, but absent evidence and rule-only HOLD/WAIT status keep it below analyzed names and behind VXUS for incremental diversification.",
      "reason_codes": [
        "missing_analysis_for_held_position",
        "broad_market_exposure",
        "rule_only_decision",
        "weak_setup_quality",
        "no_actionable_trigger",
        "low_confidence",
        "not_actionable_now"
      ],
      "review_required": true
    },
    "GLDM": {
      "summary": "Held gold allocation has no current analysis, no trigger conditions, and low confidence. It may help portfolio ballast, but the absence of a current macro or technical case makes it the lowest-priority item for this arbitration batch.",
      "reason_codes": [
        "missing_analysis_for_held_position",
        "insufficient_data_coverage",
        "rule_only_decision",
        "no_actionable_trigger",
        "low_confidence",
        "neutral_hold_watch",
        "not_actionable_now"
      ],
      "review_required": true
    }
  }
}