CL

Outcome

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Return

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Status

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Outcome

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Return

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Status

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Outcome

✓

Return

+0.19%

Status

scored

Maintain CL at modest Underweight sizing (≤2% portfolio, below benchmark weight for a 0.32-beta defensive) with a Hold rating, per binding 9/24 lesson requiring default toward Hold rather than trim when bearish signal stack meets intact franchise fundamentals. Hard stop $84.40 (closing-only, volume >5M); trim ONLY into confirmed relief rally at $88.63-$89.54 resistance band (5-7% magnitude cap); re-engage via tiered framework on confirmed technical reversal above $89.23 or pullback to $82-83 with capitulation. Q3 FY2026 earnings in late October is the binary forcing function.

Outcome

✓

Return

+1.02%

Status

scored

Maintain Hold rating on CL with modest Underweight sizing of ≤2% portfolio (below benchmark weight for 0.32-beta defensive). The $84.00 hard stop remains with a $84.30 close-on-volume override from the Neutral Analyst. Trim only into the $87.87-$89.54 resistance band, and re-engage in staged thirds at $87.87, $89.54, and $91 on confirmed technical reversal. The 2.46% dividend yield provides carry during the wait, with hard reassessment at Q3 FY2026 earnings October 23.

Outcome

✓

Return

-0.05%

Status

scored

Hold CL at modest Underweight sizing (≤2% of portfolio, below benchmark weight) with a $84.50 hard stop (closing-only, volume >5M), rejecting the trader's structurally catastrophic $87.87 SELL call; the 2.3% bounce off $84.26 support and intact franchise fundamentals (0.32 beta, $3.46B FCF, 62-year dividend streak, AAA credit) support patience over exit, with full reassessment 24-48 hours post-Q3 FY2026 earnings on Oct 23.

Outcome

✗

Return

+1.23%

Status

scored

Maintain Hold at modest Underweight sizing (≤2% of portfolio) as CL trades in a confirmed multi-timeframe downtrend (below all three MAs, MACD negative, death cross forming, RSI 32.77) with hostile macro conditions (5%+ 10Y yield, 96% no-cut probability) and a binary Q3 FY2026 earnings catalyst ahead on Oct 23; franchise carry floor ($3.46B FCF, 62-year dividend streak, AAA credit, 0.32 beta) caps downside while the aggressive case for adding capital fails on structural stress-testing of the $78.50 stop placement and cherry-picked forward P/E anchoring.

Outcome

✗

Return

+2.29%

Status

scored

Maintain CL (Colgate-Palmolive) at Hold rating with modest Underweight sizing (≤2% of portfolio, below benchmark weight) at $84.53, with a hard stop at $82.00 (closing-only, volume >5M). The governing constraint is the 9/24 verified lesson that franchise carry proved more durable than the bear case allowed—default to Hold with optional hedge rather than trim when bearish signal stack meets intact franchise fundamentals. Adopt a tiered single-trigger re-engagement framework with three tiers (25%/25%/50%) conditioned on technical signals and Q3 FY2026 earnings on Oct 23 as the binary forcing function.

Outcome

✓

Return

-0.32%

Status

scored

Maintain CL at modest Underweight sizing (≤2% of portfolio, below benchmark) through Q3 2026 earnings, explicitly rejecting active trim at ~$85 and naked short initiation at $87. The recommendation preserves the directional Underweight thesis while respecting the 9/24 binding reflection that franchise carry caps downside at ±2% alpha, with hard stop at $84.50 (closing-only, volume >5M) and tiered re-engagement triggers only on confirmed technical reversals.

Outcome

✓

Return

-0.93%

Status

scored

Underweight rating maintained on CL with ≤2% portfolio sizing, as the research team's directional thesis on technical breakdown, stretched 20.8x forward P/E versus ~5% organic growth, and hostile macro environment is decisively correct; execute a 25-30% trim ONLY into the $88.50-$90.00 relief rally zone rather than at the $86.46 structural breakdown level, with hard stop at $84.50.

Outcome

✗

Return

-1.32%

Status

scored

Maintain CL at modest Underweight (≤2% of portfolio) with hard stop at $84.50 (closing-only, volume >5M), as the 9/24 binding lesson instructs defaulting to Hold with optional hedge rather than trim when a bearish signal cluster meets intact franchise fundamentals (0.32 beta, AAA credit, 62-year dividend streak, $3.46B FCF covering $1.82B annual dividend). The ±2% alpha ceiling on CL expressions makes aggressive deployment ahead of the Oct 23 Q3 binary event (consensus EPS ~$1.03) ill-timed; tiered re-engagement is required on confirmed technical reversal rather than preemptive capital deployment.

Outcome

–

Return

-0.07%

Status

scored

Maintain a modest Underweight position (≤2% of portfolio) on Colgate through sizing discipline rather than active trimming, as binding historical reflections show trim executions into this exact $86 support level have produced zero-to-negative alpha. Execute any trim only into a confirmed relief rally at $90.00-$90.50 (50 SMA at $90.23), with a hard closing-only stop at $83.70 on volume >5M, and re-assess through Q3 2026 earnings (October 23) using mechanical re-engagement triggers at the 200 SMA ($87.60) and 50 SMA ($90.23).

Outcome

✓

Return

+0.53%

Status

scored

CL warrants a Hold at modest Underweight sizing (≤2% of portfolio) with hard stop at $84.47, as prior reflections demonstrate that franchise carry floor (0.32 beta, $3.6B FCF, 62-year dividend streak) bounds alpha at approximately ±2% regardless of directional conviction. The Aggressive Analyst's accumulation thesis is rejected on inadequate equity risk premium (25bps FCF yield spread vs. Treasuries), absent buyer signals (ATR at 1.59), and persistent operating margin compression of 260bps; the Neutral Analyst's tiered accumulation is similarly rejected per the 9/21 reflection. The cleanest expression is position discipline with mechanical re-engagement triggers rather than active trim/add attempts, awaiting the Q3 Oct 23 print to clarify the path.

Outcome

✗

Return

+0.87%

Status

scored

The analyst recommends trimming 25% of the existing CL position at market ($87.50) to reach 75-80% of benchmark weight, expressing a calibrated Underweight thesis rather than full Sell due to bounded historical alpha ceilings (~±2%) and intact franchise carry ($3.5B FCF, 2.06x dividend coverage). A hard stop at $82.70 (closing-only, volume >5M) preserves capital if the confirmed structural breakdown accelerates, with mechanical re-engagement triggers at $88.40 and $90.58 for potential upgrades pending Q3 2026 earnings (Oct 23) or a divestiture announcement.

Outcome

✓

Return

-0.71%

Status

scored

Maintain CL at Hold with modest Underweight sizing (≤2% of portfolio, below benchmark weight for a 0.32 beta name). Do not actively trim at current levels—the 9/16 binding lesson forbids preemptive trimming into structural support, and the 9/21 architecture confirms Hold as the cleaner expression. Hard stop at $84.00 (closing-only, volume >5M), with mechanical re-engagement triggers tied to Q3 earnings (Oct 23), 200 SMA reclaim at $87.45, or capitulation in the $82-84 zone.

Outcome

✓

Return

-1.29%

Status

scored

Trim CL 15% at current market levels (~$87.05) to ~85% of equal-weight benchmark, targeting 70-80% sizing via a conditional second tranche of 5-10% on either a rally into the $90-91 zone or confirmed close below $85.50 on volume >5M shares; income mandates trim only 5-7%. The Underweight call reflects operating deleverage risk (H1 2026 net income down ~10% YoY, consensus EPS $4.10 implying recovery to 2024 levels) and broken technicals (price below 200 SMA at $87.46), while preserving franchise carry (0.32 beta, 2.06x FCF coverage, 131-year dividend) and divestiture optionality.

Outcome

✗

Return

+0.92%

Status

scored

Maintain CL (Coty Inc.) at Hold rating with position sizing at modest Underweight (≤2% of portfolio, below benchmark weight for a 0.32 beta name). Do not actively trim at $86.26 per the 9/16 binding lesson against preemptive trims into structural support; instead, implement the Underweight exposure through existing position discipline. Hard stop at $85.31 on closing basis with volume >5M, with Q3 2026 earnings (October 23) serving as the binary catalyst checkpoint.

Outcome

✗

Return

-1.38%

Status

scored

Analysts unanimously maintain HOLD on CL at $87.47, with price sitting just above the critical 200 SMA at $87.36 and forward P/E fair value at $87.56 providing zero margin of safety. A hard stop at $86.50 (below September swing low of $86.78 and ~1.5 ATR below 200 SMA) replaces any stop above current price, with the two-tier architecture bounding downside on routine noise while respecting structural discipline. Reassess post-Q3 earnings (October 23, 2026) on either upgrade triggers (10 EMA reclaim at $87.94 with RSI >50, or 50 SMA reclaim at $90.86) or downgrade triggers (confirmed close below $86.50 or $87.36 on volume >5M).

Outcome

✓

Return

-0.30%

Status

scored

Maintain CL at or slightly below benchmark consumer staples weight (≤3% of portfolio) with a hard stop at $86.50, replacing the broken $88.04 stop that sits above current price. The position should not be trimmed preemptively, as binding lessons from 9/16 and prior setups show institutional flows defeat such moves at the 200 SMA test. Re-engagement triggers for upgrade to Overweight include confirmed close above $88.04 (10 EMA) with RSI >50 and MACD histogram turning less negative.

Outcome

–

Return

+0.82%

Status

scored

Underweight CL with a 35-40% trim into the $89.00-$90.50 resistance zone, widening the trailing stop to $85.85 (one ATR cushion), and hard-exiting the residual on a confirmed close below the 200 SMA at $87.27 on volume >7M shares. New capital deployment capped at 2% of portfolio gated on a three-factor reversal (close >$90.96 + positive MACD histogram + RSI >50). The Q3 catalyst protocol adds a staged re-evaluation 1-2 weeks before the October 23 earnings print with an additional 25% trim option if price remains below the 200 SMA.

Outcome

✓

Return

+0.02%

Status

scored

Analysts unanimously recommend maintaining CL at or slightly below benchmark consumer staples weight (≤3% of portfolio) with a hard stop at $84.50, reflecting a broken technical setup with price below all major MAs and RSI at 36.8. Entry is deferred until either a confirmed close above the 200 SMA at $87.23 with RSI turning up (add 50% of intended size) or a pullback into the $82-$84 zone where risk/reward improves, with full re-evaluation at Q3 2026 earnings in late October.

Outcome

✓

Return

-1.01%

Status

scored

Hold CL at ≤3% portfolio weight with the 200-SMA at $87.19 as the binding stop level; do not trim at current $87.89 or initiate new longs until Q3 2026 results (late October). The 9/11 prior lesson is dispositive — an intact 200-SMA with $3.46B FCF covering $3.11B capital return forces Underweight to default to Hold, not preemptive trim. Re-engagement is mechanical and symmetric: upgrade to Overweight on 200-SMA hold plus MACD stabilization or $90.90 reclaim with volume >3.5M; downgrade to Underweight on 200-SMA break or Q3 print missing operating margin thresholds.

Outcome

✗

Return

+1.26%

Status

scored

Underweight CL at 65-70% of benchmark (30-35% trim) with execution sequenced into relief rallies toward $89-90 rather than current weakness, deploying proceeds 50/50 into short-duration Treasuries (~250bps yield pickup) and cash for redeployment optionality. Hard stop at $87.05 daily close (200 SMA break) on volume >5M shares; mechanical re-engagement triggers include $87.05 hold with contracting MACD or reclaim of $90.90 with volume >3.5M, with Q3 2026 earnings (late October) serving as the primary forcing catalyst for full re-evaluation.

Outcome

✓

Return

-1.25%

Status

scored

Trim CL to 65–70% of benchmark (30–35% reduction), deploying the proceeds 50/50 into short-duration Treasuries and cash; retain a defined-risk short overlay scaled in three tranches (first on confirmed break below $87.00 with volume >5M, stops widened to $87.80–$88.00 per ATR geometry) rather than a full Sell, since the 9/8 precedent at $88.77 with identical signal density produced only −0.4% move, and the franchise carry (Dividend King, $3.46B FCF covering $3.11B capital return, 0.327 beta) must be preserved through the September 21 OEF rebalance and Q3 2026 margin test.

Outcome

–

Return

-0.15%

Status

scored

Maintain an Underweight rating on CL with a measured 30-35% trim (retaining 65-70% of benchmark weight), deploying proceeds equally into short-duration Treasuries (~5% yield) and cash. Execute the trim ONLY on a relief rally to $90.25–$91.67 zone, not into current weakness, with a stop at $86.30 close on volume >5M; re-entry requires either 200 SMA holding with contracting MACD or price reclaiming $91.67 with positive histogram.

Outcome

–

Return

-0.43%

Status

scored

Underweight CL with a 35-40% position trim executed near $88.77, with hard stop at $86.30 close on volume >5M, per the binding 9/3 reflection directing default toward aggressive sizing rather than conservative splitting. Re-entry requires full confluence of close >$91.10, RSI >50, MACD histogram contracting, and volume >3.5M, with proceeds deployed 50/50 into short-duration Treasuries and cash for optionality ahead of Q3 2026 earnings.

Outcome

✓

Return

-0.41%

Status

scored

Maintain CL at benchmark weight as a Hold given full valuation (forward P/E 21.61x at top of 18-21x historical band) alongside a bearish technical setup (MACD -0.40 expanding negative, RSI 45 falling, price below 10 EMA/50 SMA/VWMA/Bollinger lower band). The right trade is tactical patience into Q3 2026 earnings in late October—the forcing catalyst for re-engagement triggers—rather than aggressive sizing in either direction given the structural bid at the $86.82 200 SMA and the alpha-ceiling constraints demonstrated in prior Underweight calls (most landing near zero or negative).

Outcome

✓

Return

-1.47%

Status

scored

Underweight CL at 65-70% of benchmark weight based on materially worse technical setup than prior 8/24 and 8/26 reflections that produced -1.6% and -1.9% alpha, with Q2'26 confirming margin compression (revenue +4.9% YoY but net income -6.7% YoY, ~$2.5B goodwill impairment). Trim 30-35% in tranches at $90.00-$91.50 where 10 EMA and 50 SMA converge; deploy 50% of proceeds into short-duration Treasuries (~5% yield vs CL's 2.35%) and hold 50% as dry powder. Re-engagement is mechanical: 10 EMA reclaim at $90.90 with MACD positive and volume >3.5M adds back to 80-85%; close below $86.50 with volume >5M exits residual entirely; Q3 2026 print is the forcing catalyst.

Outcome

✓

Return

-0.01%

Status

scored

Maintain Underweight with 60-65% of benchmark weight given materially worse setup than prior alpha-leaking Holds (broken 50 SMA, -210 bps operating margin compression, 22.8x forward P/E, $7.86B refinancing wall); trim stop to $86.50 closing basis with volume >5M while retaining 35-40% core for franchise carry; mechanical re-engagement triggers are 10 EMA reclaim at $90.90 with positive MACD and volume >3.5M, or Q3 2026 earnings as the forcing catalyst.

Outcome

–

Return

+0.52%

Status

scored

Execute a measured 25-30% trim of CL at market price ($89.63) immediately rather than waiting for the $91.70-$92.55 bounce, reducing to 65% of benchmark weight with a stop at $87.90; the Q3 2026 earnings print in late October serves as the forcing catalyst for re-evaluation, with mechanical re-entry triggers tied to the 10 EMA reclaim at $90.90 on elevated volume or full exit on a confirmed close below the stop level.

Outcome

✗

Return

-0.21%

Status

scored

All three analysts converge on Underweight, recommending a trim to 60-65% of benchmark weight (middle ground between aggressive 50% and conservative 75%) at $89.82 with a disciplined stop at $86.50 close on volume greater than 5M. The bear case wins on broken momentum, peer-relative valuation misalignment (22x forward with 9.7% net margin versus KO at 22x with 23% margin), and FY27 EPS headwind transmission from P&G; proceeds should be held in cash or short-duration Treasuries pending Q3 2026 print as the forcing catalyst for re-engagement.

Outcome

–

Return

-1.02%

Status

scored

Trim 25% of CL holdings in tranches at $91.00-$91.50 (first resistance zone where 10 EMA and 50 SMA converge) rather than the trader's 50% trim or the conservative 20% — this meaningfully reduces binary event risk while preserving 75% core franchise exposure. Set stop on trimmed portion at $95.50 (~2 ATR above entry, above Bollinger upper band), not the indefensible $99.33 (7%+ above entry on a 0.33-beta name). Re-engage on either pullback to $86-88 with positive MACD divergence or confirmed Q3 beat with accelerating organic volume and maintained buyback pace.

Outcome

–

Return

-0.23%

Status

scored

Underweight CL at $90.96 with a measured 20-25% trim into $91-93 retests, hard stop at $89.56 close with volume >5M, and a defined re-engagement zone at $87-89 where 200-SMA convergence creates asymmetric risk/reward; retain ~75% of position as dividend-paying core with a $90 covered call overlay for ~0.5% cost basis reduction. Q3 late October earnings is the forcing catalyst for re-evaluation.

Outcome

✓

Return

-1.19%

Status

scored

Maintain current CL position at current sizing without adding fresh capital at ~$91. The structural floor (Dividend King, $3.5B FCF covering $3.1B payout, 0.33 beta, volume-led growth, 140bps gross margin expansion) supports holding, but the broken technicals (sub-50 SMA, negative MACD), Q2 2026 EPS miss at $0.86 (-5.5% YoY), aggressive 62% street earnings recovery embedded in 22.4x forward multiple, and 2+ months of catalyst risk until Q3 2026 preclude Buy conviction. Execute the defined-actionable Hold via tiered triggers rather than passive ownership.

Outcome

✓

Return

+0.80%

Status

scored

CL maintains Overweight on structural bull thesis (volume-led growth, 142 bps gross margin expansion, $4.75B FCF, Dividend King streak) too durable to fade, but asymmetry math (5.76% downside to stop vs 4.61% upside to $95.46) and broken technicals preclude Buy rating. Tier 1 reduced to 35-40 bps with explicit confirmation filters to avoid paying full price into deteriorating momentum; Tiers 2 and 3 remain unchanged as higher-conviction structural support zones.

Outcome

✗

Return

-1.32%

Status

scored

Maintain HOLD on CL at $92.55 with a tiered add framework targeting $89.50-$91.00 contingent on RSI<45 or MACD curling flat (tier 2 requires lower band hold with RSI<40), stop at $85.50, and trim trigger at confirmed close below $89.50 on volume exceeding 4M shares. Park idle capital in 4.5% short-duration Treasuries rather than adding at current levels, as three failed retests at $93.49 and a fresh MACD bearish cross on Aug 17 create asymmetric risk; the Q3 2026 earnings print in late October serves as the forcing catalyst for reassessment.

Outcome

✗

Return

+1.61%

Status

scored

CL is rated Underweight (SELL) at $89.58 with a staged trim toward 50%-70% of normal sizing and a covered-call overlay on the residual core at a $90 strike, approximately 30 DTE near-spot. Operating income declined YoY, MACD histogram is expanding bearish across six sessions, RSI at 42.65 has room to fall, and three moving averages are stacked overhead as resistance at $91.36-$91.94, creating a deteriorating near-term setup that outweighs the intact long-term quality thesis.

Outcome

✗

Return

+1.54%

Status

scored

Maintain HOLD on Colgate-Palmolive at $89.70 with a deeper-ITM covered call overlay at $90.00 strike (~$0.30 ITM), replacing the failed $94–$95 strikes for improved attainability in weakening tape. The $86.00 (200 SMA) closing stop with volume >4M remains in place; nine consecutive non-positive alpha decisions make a bare Hold framework-violating, and the covered call is preferred over trim-to-Underweight due to ~0% alpha ceiling on quality compounders and over protective puts due to positive ~0.5% carry from premium capture rather than negative carry expense.

Outcome

✗

Return

-1.29%

Status

scored

Maintain CL at current sizing without adding fresh capital at $90.87, as the stock continues leaking alpha against SPY with deteriorating MACD/EMA structure and an unfavorable input cost lag headwind into Q3/Q4. The covered-call overlay failed twice recently (8/17: +2.1% alpha; 8/18: -0.9% alpha), confirming that premium capture cannot substitute for genuine relative-strength in a weakening tape, while trimming also produces an alpha ceiling near 0%. Wait for entry triggers at $86-$87 (200 SMA zone with confirmed hold) or clean reclaim of $91.43 (50 SMA) with MACD positive crossover, with re-evaluation after Q3 2026 earnings print in late October.

Outcome

✓

Return

-0.65%

Status

scored

Analysts converge on HOLD for CL given neutral risk/reward at $91.32 — 6% downside to $86 structural support versus 8% upside to $94.60 resistance makes this a coin-flip setup, not an asymmetric addition opportunity. The covered-call overlay at $94–$95 strike is the mechanical prescription from the 8/13 framework lesson, monetizing the stagnant tape without abandoning the 63-year dividend streak or 2.5× FCF coverage that defends the existing position.

Outcome

✗

Return

+1.39%

Status

scored

Maintain CL exposure at 5-7% portfolio weight while explicitly rejecting the trader's fresh Buy at $90.21, which represents the prohibited "execution-refinement overlay" pattern identified in prior reflections. Instead, implement a covered-call overlay at the $94-$95 strike to generate premium income during the $89.50-$94.60 range-bound consolidation, preserving upside optionality while respecting the structural bull case (intact 200 SMA, 61.5% gross margin, 9.1% shareholder yield) without adding fresh capital into a name that has leaked alpha across six consecutive decisions.

Outcome

✗

Return

-1.89%

Status

scored

Maintain Hold on CL with refined execution: widen stop to $89.86 (lower Bollinger/~1 ATR) instead of trader's $91.14 to avoid noise-triggered shakeout, and do not add at $91.95 due to symmetric 2.4% upside/2.3% downside R/R and below-peer 2.28% yield failing income-substitution test. Add only on confirmed close above $94.20 with >3.5M volume and RSI >55, or constructive reversal at $89.86 with MACD reset; consider covered-call overlay at $94-$95 strike to harvest defensive carry given five consecutive decisions producing zero or negative alpha.

Outcome

✓

Return

-1.05%

Status

scored

Maintain CL at 5-7% portfolio weight at current $92.93 price with no additions or trims absent structural breakdown. The only trim trigger is a confirmed close below $89.78 on expanding volume. Add only on breakout above $94.60 with volume confirmation and 2-3 session hold or retest, or alternatively on pullback to $89.80-$90.50 with MACD reset. HOLD is correct given roughly symmetric risk/reward (6.9% upside to $99.33 vs 7.7% downside to $85.78) and intact franchise quality despite technical warnings.

Outcome

–

Return

+0.66%

Status

scored

Reduce CL overweight exposure by 25% to neutral weight given unfavorable risk/reward at current $92.32 (honest R/R of 0.56–0.81:1), with a hard stop at $89.80 on remaining exposure. The 47% H2 EPS step-up requires execution that hasn't materialized—Q2 2026 EPS contracted 5.5% YoY with operating margin compression to 18.9%—and 22.5x forward P/E is only justified if $4.10 EPS arrives. Redeploy trimmed proceeds into short-duration Treasuries (4.5–5%); monitor Q3 2026 print (late October) as the decisive re-entry catalyst.

Outcome

✓

Return

+0.01%

Status

scored

Maintain CL at Hold given unresolved tug-of-war between conservative analyst's documented Q2 operating margin compression (-210bps) and SG&A growth (+8.5% YoY) versus aggressive analyst's intact structural bull case ($3.6B FCF, 83% capital return, 140bps gross margin expansion); the $89.70-$94.50 range-bound consolidation at double-top resistance lacks sufficient conviction for either directional action, so retain full position with disciplined trim trigger below $89.70 and add trigger only on confirmed breakout above $94.50 with volume ≥3.5M and RSI >55, capped at 25% of intended full position.

Outcome

✓

Return

-0.90%

Status

scored

Reduce CL exposure by 15-20% to Underweight, driven by Q2 2026 operating margin compression (-210bps to 19.0%) despite 4.9% revenue growth, and stretched normalized valuation (~27.5x P/E) for a 2-3% organic grower. The 2.27% dividend yield and fortress balance sheet justify retaining a core position but cannot offset deteriorating returns, while three failed resistance tests at $94.32-$95.46 and MACD histogram compression at +0.09 confirm technical weakness. Re-engage on pullback to $85-87 or Q3 margin recovery confirmation.

Outcome

✓

Return

-0.13%

Status

scored

Maintain CL exposure at $93.27 with a HOLD rating as the stock trades near the upper Bollinger band with weakening momentum (MACD histogram +0.34 to +0.08 on rising prices) and faces a real Q3 margin risk from Hormuz/Iran cost disruptions. Deploy new capital via two-tiered entries: 50% on pullback to the $90.71-$91.90 zone and 50% on confirmed breakout above $94.25 with volume exceeding 5M, while respecting the $90.20 trailing stop and reassessing after Q3 earnings in early October.