Alchemy Desk Daily Research Recap - 2026-07-08

Market regime: mixed

Breadth: 50.4%

Top candidates at record time:

1. MVAL - 72.3%, 2.19%

2. MCGAU - 70.6%, 2.34%

3. MWG - 65.9%, 2.51%

4. PFD - 67.2%, 1.68%

5. HEQ - 64.6%, 1.54%

Excluded:

• RTO - fallback/simulated source
• HTB - fallback/simulated source
• HCA - fallback/simulated source
• MTNE.WS - fallback/simulated source
• LONA - fallback/simulated source
• EPAC - fallback/simulated source
• MINN - fallback/simulated source
• UFPI - fallback/simulated source
• NSTS - fallback/simulated source
• LSBK - fallback/simulated source
• MRAL - fallback/simulated source
• CXW - fallback/simulated source
• PUK - fallback/simulated source
• ALC - fallback/simulated source
• MIDU - fallback/simulated source
• CTRN - fallback/simulated source
• IBTO - fallback/simulated source
• AVDS - fallback/simulated source
• INBX - fallback/simulated source
• LTM - fallback/simulated source
• NPO - fallback/simulated source
• RUSHB - fallback/simulated source
• NRT - fallback/simulated source
• MRM - fallback/simulated source
• LTL - fallback/simulated source
• MARU - fallback/simulated source
• MBAVU - fallback/simulated source
• SCHY - fallback/simulated source
• MEVO - fallback/simulated source
• NANR - fallback/simulated source
• CVY - fallback/simulated source
• EC - fallback/simulated source
• AXR - fallback/simulated source
• AIT - fallback/simulated source
• COFS - fallback/simulated source
• RNTX - fallback/simulated source
• MTGP - fallback/simulated source
• MITN - fallback/simulated source
• MSFD - fallback/simulated source
• CHSCL - fallback/simulated source
• PCY - fallback/simulated source
• HQY - fallback/simulated source
• MAYP - fallback/simulated source
• MPWX - fallback/simulated source
• FNLC - fallback/simulated source
• CAC - fallback/simulated source
• IZEA - fallback/simulated source
• TCBK - fallback/simulated source
• UVSP - fallback/simulated source
• LGI - fallback/simulated source
• MATE - fallback/simulated source
• IBGB - fallback/simulated source
• CNXN - fallback/simulated source
• DIHP - fallback/simulated source
• EQBK - fallback/simulated source
• EAD - fallback/simulated source
• MAMK - fallback/simulated source
• GROY - fallback/simulated source
• MRNOW - fallback/simulated source
• MS - fallback/simulated source
• KOP - fallback/simulated source
• BUZZ - fallback/simulated source
• MITT.PRC - fallback/simulated source
• MTZ - fallback/simulated source
• LWACU - fallback/simulated source
• KG - fallback/simulated source
• EXI - fallback/simulated source
• SNAP - fallback/simulated source
• LZMH - fallback/simulated source
• WERN - fallback/simulated source
• LTGRU - fallback/simulated source
• PULS - fallback/simulated source
• GII - fallback/simulated source
• MODL - fallback/simulated source
• IMTB - fallback/simulated source
• MRVU - fallback/simulated source
• CVCO - fallback/simulated source
• MUD - fallback/simulated source
• SPMB - fallback/simulated source
• MSFW - fallback/simulated source
• LWAY - fallback/simulated source
• LRGG - fallback/simulated source
• DMB - fallback/simulated source
• FCBC - fallback/simulated source
• LSH - fallback/simulated source
• USCB - fallback/simulated source
• MSDL - fallback/simulated source
• MET.PRA - fallback/simulated source
• EMR - fallback/simulated source
• RSSX - fallback/simulated source
• MAA.PRI - fallback/simulated source
• DLS - fallback/simulated source
• JFIN - fallback/simulated source
• MFG - fallback/simulated source
• THRO - fallback/simulated source
• MDCX - fallback/simulated source
• MSTW - fallback/simulated source
• LMNR - fallback/simulated source
• MMKT - fallback/simulated source
• GPIQ - fallback/simulated source
• GABC - fallback/simulated source
• GEVX - fallback/simulated source
• MNDO - fallback/simulated source
• STOT - fallback/simulated source
• HYT - fallback/simulated source
• MCRI - fallback/simulated source
• LULG - fallback/simulated source
• NEPH - fallback/simulated source
• ERC - fallback/simulated source
• XERS - fallback/simulated source
• WABC - fallback/simulated source
• GBTC - fallback/simulated source
• MSEP - fallback/simulated source
• GBFH - fallback/simulated source
• MFUL - fallback/simulated source
• METCZ - fallback/simulated source
• AEXA - fallback/simulated source
• MREO - fallback/simulated source
• MUB - fallback/simulated source
• MS.PRL - fallback/simulated source
• MFUS - fallback/simulated source
• MCGA - fallback/simulated source
• MSTB - fallback/simulated source
• EIG - fallback/simulated source
• RWR - fallback/simulated source
• IPAR - fallback/simulated source
• MUZ - fallback/simulated source
• BCSM - fallback/simulated source
• SCHQ - fallback/simulated source
• MKL - fallback/simulated source
• TCRX - fallback/simulated source
• MEVOU - fallback/simulated source
• WPP - fallback/simulated source
• MHF - fallback/simulated source
• SEIC - fallback/simulated source
• MOBX - fallback/simulated source
• IDA - fallback/simulated source
• MMSC - fallback/simulated source
• MCH - fallback/simulated source
• FSEP - fallback/simulated source
• MNDR - fallback/simulated source
• MDXH - fallback/simulated source
• CACI - fallback/simulated source
• MKZR - fallback/simulated source
• MST - fallback/simulated source
• KWR - fallback/simulated source
• OSCV - fallback/simulated source
• MNTN - fallback/simulated source
• HFWA - fallback/simulated source
• CZWI - fallback/simulated source
• TATT - fallback/simulated source
• EWI - fallback/simulated source
• NSP - fallback/simulated source
• TFC.PRR - fallback/simulated source
• MKC.V - fallback/simulated source
• MAYC - fallback/simulated source
• CHMG - fallback/simulated source
• FAZ - fallback/simulated source
• HTO - fallback/simulated source
• EFSC - fallback/simulated source
• CZFS - fallback/simulated source
• LTAX - fallback/simulated source
• URA - fallback/simulated source
• FLNC - fallback/simulated source
• PVLA - fallback/simulated source
• GTX - fallback/simulated source
• RF - fallback/simulated source
• XRP - fallback/simulated source
• MKLYR - fallback/simulated source
• MARPS - fallback/simulated source
• MBND - fallback/simulated source
• EFSI - fallback/simulated source
• GLAS - fallback/simulated source
• CATH - fallback/simulated source
• HCAT - fallback/simulated source
• HEGD - fallback/simulated source
• LUNL - fallback/simulated source
• MDST - fallback/simulated source
• FLNT - fallback/simulated source
• PFH - fallback/simulated source
• PAG - fallback/simulated source
• VTMX - fallback/simulated source
• MEGI - fallback/simulated source
• DRIV - fallback/simulated source
• FLOT - fallback/simulated source
• MAYZ - fallback/simulated source
• COLM - fallback/simulated source
• MFMO - fallback/simulated source
• FSUN - fallback/simulated source
• FIRY - fallback/simulated source
• PCTY - fallback/simulated source
• CWH - fallback/simulated source
• GAM - fallback/simulated source
• MAGC - fallback/simulated source
• SPRX - fallback/simulated source
• PRVA - fallback/simulated source
• MSTU - fallback/simulated source
• AVA - fallback/simulated source
• YORW - fallback/simulated source
• BYSI - fallback/simulated source
• MMSD - fallback/simulated source
• HMN - fallback/simulated source
• MET.PRF - fallback/simulated source
• MMMA - fallback/simulated source
• USTB - fallback/simulated source
• MGMT - fallback/simulated source
• MARO - fallback/simulated source
• MESHU - fallback/simulated source
• MBAVW - fallback/simulated source
• SUIG - fallback/simulated source
• MSTQ - fallback/simulated source
• GATX - fallback/simulated source
• FSBC - fallback/simulated source
• MNBD - fallback/simulated source
• DCO - fallback/simulated source
• ESE - fallback/simulated source
• MAGH - fallback/simulated source
• MAMB - fallback/simulated source
• LMAT - fallback/simulated source
• MAGO - fallback/simulated source
• NMAX - fallback/simulated source
• TCBI - fallback/simulated source
• MDLV - fallback/simulated source
• MARS - fallback/simulated source
• BGRN - fallback/simulated source
• MRK - fallback/simulated source
• HUBB - fallback/simulated source
• MFEM - fallback/simulated source
• FITB - fallback/simulated source
• MCHU - fallback/simulated source
• EYE - fallback/simulated source
• MYFW - fallback/simulated source
• MSD - fallback/simulated source
• FDBC - fallback/simulated source
• CTBI - fallback/simulated source
• COLD - fallback/simulated source
• MUJ - fallback/simulated source
• NBTB - fallback/simulated source
• PCB - fallback/simulated source
• MBVIU - fallback/simulated source
• OPPJ - fallback/simulated source
• FET - fallback/simulated source
• MMD - fallback/simulated source
• TSSI - fallback/simulated source
• UBS - fallback/simulated source
• RHP - fallback/simulated source
• CBZ - fallback/simulated source
• MDYV - fallback/simulated source
• MCVT - fallback/simulated source
• CET - fallback/simulated source
• BGS - fallback/simulated source
• CPS - fallback/simulated source
• FFBC - fallback/simulated source
• MGRT - fallback/simulated source
• HUBG - fallback/simulated source
• MSR - fallback/simulated source
• JF - fallback/simulated source
• MHIP - fallback/simulated source
• CHSCM - fallback/simulated source
• DV - fallback/simulated source
• EZBC - fallback/simulated source
• SAIA - fallback/simulated source
• COR - fallback/simulated source
• UPAR - fallback/simulated source
• INCO - fallback/simulated source
• OSTX - fallback/simulated source
• MBAI - fallback/simulated source
• WNEB - fallback/simulated source
• STRS - fallback/simulated source
• DBB - fallback/simulated source
• RAND - fallback/simulated source
• PFIS - fallback/simulated source
• METL - fallback/simulated source
• XSEP - fallback/simulated source
• WDFC - fallback/simulated source
• MOOD - fallback/simulated source
• SPXT - fallback/simulated source
• MGRX - fallback/simulated source
• MULT - fallback/simulated source
• ALOT - fallback/simulated source
• MITQ - fallback/simulated source
• BBHY - fallback/simulated source
• EQAL - fallback/simulated source
• ELF - fallback/simulated source
• JHI - fallback/simulated source
• NFGC - fallback/simulated source
• VSEC - fallback/simulated source
• NXDT - fallback/simulated source
• PLUS - fallback/simulated source
• LVIG - fallback/simulated source
• IBD - fallback/simulated source
• IOSP - fallback/simulated source
• LTRYW - fallback/simulated source
• CBK - fallback/simulated source
• NVS - fallback/simulated source
• ITRI - fallback/simulated source
• NBOS - fallback/simulated source
• MTAL.WS - fallback/simulated source
• MAYU - fallback/simulated source
• WTRG - fallback/simulated source
• ISCV - fallback/simulated source
• MUX - fallback/simulated source
• HBANL - fallback/simulated source
• AGNCN - fallback/simulated source
• MIRM - fallback/simulated source
• MFIC - fallback/simulated source
• FFC - fallback/simulated source
• ALRS - fallback/simulated source
• SYBT - fallback/simulated source
• EAGL - fallback/simulated source
• PSA.PRL - fallback/simulated source
• MILK - fallback/simulated source
• ROAD - fallback/simulated source
• XEL - fallback/simulated source
• ZEPP - fallback/simulated source
• LTTI - fallback/simulated source
• EHTH - fallback/simulated source
• XRAY - fallback/simulated source
• FMST - fallback/simulated source
• LUCY - fallback/simulated source
• DJUL - fallback/simulated source
• MUNB - fallback/simulated source
• SPFI - fallback/simulated source
• MTRA - fallback/simulated source
• KIE - fallback/simulated source
• JNUG - fallback/simulated source
• LEU - fallback/simulated source
• PMAR - fallback/simulated source
• MLDR - fallback/simulated source
• AWRE - fallback/simulated source
• SHYD - fallback/simulated source
• MSSM - fallback/simulated source
• MMU - fallback/simulated source
• NZF - fallback/simulated source
• CNS - fallback/simulated source
• LIF - fallback/simulated source
• PJP - fallback/simulated source
• MNRS - fallback/simulated source
• ULS - fallback/simulated source
• MGIH - fallback/simulated source
• LMNX - fallback/simulated source
• GFSG - fallback/simulated source
• SXT - fallback/simulated source
• MAYS - fallback/simulated source
• FBNC - fallback/simulated source
• MBRX - fallback/simulated source
• MBAV - fallback/simulated source
• LYV - fallback/simulated source
• MULL - fallback/simulated source
• MDV.PRA - fallback/simulated source
• TOUR - fallback/simulated source
• SPUU - fallback/simulated source
• VOYA - fallback/simulated source
• SHIP - fallback/simulated source
• IMKTA - fallback/simulated source
• AFB - fallback/simulated source
• MARM - fallback/simulated source
• MDAIW - fallback/simulated source
• MBBB - fallback/simulated source
• RLGT - fallback/simulated source
• LRNX - fallback/simulated source
• CLBK - fallback/simulated source
• VCTR - fallback/simulated source
• ALTG - fallback/simulated source
• SPKL - fallback/simulated source
• BRKW - fallback/simulated source
• MAKX - fallback/simulated source
• MS.PRE - fallback/simulated source
• TVC - fallback/simulated source
• TRTN.PRD - fallback/simulated source
• FLNG - fallback/simulated source
• XPOF - fallback/simulated source
• MFLX - fallback/simulated source
• MQQQ - fallback/simulated source
• MFIG - fallback/simulated source
• MDAA - fallback/simulated source
• MNA - fallback/simulated source
• MSFX - fallback/simulated source
• MDIA - fallback/simulated source
• FRBA - fallback/simulated source
• ZUMZ - fallback/simulated source
• MITT.PRB - fallback/simulated source
• LTCC - fallback/simulated source
• MACI - fallback/simulated source
• IESC - fallback/simulated source
• MEMS - fallback/simulated source
• HGV - fallback/simulated source
• MCOW - fallback/simulated source
• IJS - fallback/simulated source
• MSFL - fallback/simulated source
• GS - fallback/simulated source
• MKLY - fallback/simulated source
• MERC - fallback/simulated source
• MLPB - fallback/simulated source
• EPAM - fallback/simulated source
• LSE - fallback/simulated source
• MNY - fallback/simulated source
• SNES - fallback/simulated source
• FDRR - fallback/simulated source
• BITO - fallback/simulated source
• LRND - fallback/simulated source
• LXP.PRC - fallback/simulated source
• MINO - fallback/simulated source
• MTAL.U - fallback/simulated source
• MEVOW - fallback/simulated source
• MBBA - fallback/simulated source
• VNM - fallback/simulated source
• PNRG - fallback/simulated source
• BITB - fallback/simulated source
• HBT - fallback/simulated source
• MMIN - fallback/simulated source
• MFSV - fallback/simulated source
• MGRE - fallback/simulated source
• VALU - fallback/simulated source
• PWP - fallback/simulated source
• BSCQ - fallback/simulated source
• PKBK - fallback/simulated source
• RWO - fallback/simulated source
• CNO - fallback/simulated source
• MBIN - fallback/simulated source
• MJUN - fallback/simulated source
• PSF - fallback/simulated source
• FISI - fallback/simulated source
• TIP - fallback/simulated source
• BYD - fallback/simulated source
• NHC - fallback/simulated source
• DORM - fallback/simulated source
• SVCO - fallback/simulated source
• CMPR - fallback/simulated source
• PSA.PRM - fallback/simulated source
• HNVR - fallback/simulated source
• IGD - fallback/simulated source
• LECO - fallback/simulated source
• MEDI - fallback/simulated source
• MCHG - fallback/simulated source
• CCNR - fallback/simulated source
• KTB - fallback/simulated source
• PAMT - fallback/simulated source
• MHNC - fallback/simulated source
• WU - fallback/simulated source
• MLPI - fallback/simulated source
• ZVRA - fallback/simulated source
• STNC - fallback/simulated source
• HBM - fallback/simulated source
• MPA - fallback/simulated source
• CBC - fallback/simulated source
• EQH - fallback/simulated source
• MCGAW - fallback/simulated source
• MDBH - fallback/simulated source
• MIY - fallback/simulated source
• LTRN - fallback/simulated source
• ASR - fallback/simulated source
• MMTM - fallback/simulated source
• NUV - fallback/simulated source
• MBINM - fallback/simulated source
• MTB.PRK - fallback/simulated source
• NOC - fallback/simulated source
• STXF - fallback/simulated source
• VTOL - fallback/simulated source
• MAIN - fallback/simulated source
• MAAS - fallback/simulated source
• UFPT - fallback/simulated source
• MIDE - fallback/simulated source
• OXLC - fallback/simulated source
• MIG - fallback/simulated source
• MLCI - fallback/simulated source
• RDY - fallback/simulated source
• MS.PRA - fallback/simulated source
• HQI - fallback/simulated source
• MGN - fallback/simulated source
• MEMX - fallback/simulated source
• NODE - fallback/simulated source
• CBFV - fallback/simulated source
• MFSM - fallback/simulated source
• SCSC - fallback/simulated source
• MTEN - fallback/simulated source
• MS.PRK - fallback/simulated source
• BSRR - fallback/simulated source
• CDLX - fallback/simulated source
• LEGH - fallback/simulated source
• FLO - fallback/simulated source
• NVCT - fallback/simulated source
• METCI - fallback/simulated source
• SPXN - fallback/simulated source
• SUNS - fallback/simulated source
• MCI - fallback/simulated source
• WTS - fallback/simulated source
• SYF.PRA - fallback/simulated source
• MFAO - fallback/simulated source
• MACIU - fallback/simulated source
• EFR - fallback/simulated source
• CSL - fallback/simulated source
• LSAT - fallback/simulated source
• THFF - fallback/simulated source
• MOTG - fallback/simulated source
• RPC - fallback/simulated source
• MMAR - fallback/simulated source
• STRZ - fallback/simulated source
• LSTB - fallback/simulated source
• TYL - fallback/simulated source
• SVAQ - fallback/simulated source
• CALI - fallback/simulated source
• MSLE - fallback/simulated source
• JAVA - fallback/simulated source
• ONT - fallback/simulated source
• FMAO - fallback/simulated source
• MMTX - fallback/simulated source
• SOMN - fallback/simulated source
• MORT - fallback/simulated source
• MNTS - fallback/simulated source
• DBD - fallback/simulated source
• EQH.PRC - fallback/simulated source
• FSBW - fallback/simulated source
• MGKX - fallback/simulated source
• MRNX - fallback/simulated source
• NEM - fallback/simulated source
• VRNS - fallback/simulated source
• PMMF - fallback/simulated source
• MKAM - fallback/simulated source
• MBSD - fallback/simulated source
• MLPR - fallback/simulated source
• KAI - fallback/simulated source
• OBK - fallback/simulated source
• MFI - fallback/simulated source
• HIW - fallback/simulated source
• WF - fallback/simulated source
• CORP - fallback/simulated source
• MMA - fallback/simulated source
• KOID - fallback/simulated source
• MSBT - fallback/simulated source
• VEL - fallback/simulated source
• MAXJ - fallback/simulated source
• MSTP - fallback/simulated source
• MRNY - fallback/simulated source
• LVDS - fallback/simulated source
• CPSM - fallback/simulated source
• PBH - fallback/simulated source
• EEX - fallback/simulated source
• BTF - fallback/simulated source
• MADE - fallback/simulated source
• DIPS - fallback/simulated source
• MLPD - fallback/simulated source
• MET.PRE - fallback/simulated source
• TCX - fallback/simulated source
• DOYU - fallback/simulated source
• MART - fallback/simulated source
• RRBI - fallback/simulated source
• BZ - fallback/simulated source
• SHBI - fallback/simulated source
• LSAF - fallback/simulated source
• MID - fallback/simulated source
• DFEB - fallback/simulated source
• WFC.PRA - fallback/simulated source
• BBAI - fallback/simulated source
• SI - fallback/simulated source
• CIG - fallback/simulated source
• SRXH - fallback/simulated source
• MAAY - fallback/simulated source
• METW - fallback/simulated source
• AVL - fallback/simulated source
• MSBIP - fallback/simulated source
• MAUG - fallback/simulated source
• ETOR - fallback/simulated source
• VSECU - fallback/simulated source
• PKG - fallback/simulated source
• VRRM - fallback/simulated source
• EMHY - fallback/simulated source
• MFDX - fallback/simulated source
• MHY - fallback/simulated source
• MRT - fallback/simulated source
• MSFO - fallback/simulated source
• ICUI - fallback/simulated source
• MDIV - fallback/simulated source
• MMIT - fallback/simulated source
• XOMA - fallback/simulated source
• MITT.PRA - fallback/simulated source
• TCAL - fallback/simulated source
• MSC - fallback/simulated source
• SGI - fallback/simulated source
• ARMK - fallback/simulated source
• MS.PRQ - fallback/simulated source
• MRNO - fallback/simulated source
• MTNE.U - fallback/simulated source
• DHF - fallback/simulated source
• NTIC - fallback/simulated source
• SOJE - fallback/simulated source
• IBOC - fallback/simulated source
• SLVM - fallback/simulated source
• HAWX - fallback/simulated source
• CXT - fallback/simulated source
• WRLD - fallback/simulated source
• MENS - fallback/simulated source
• TGRW - fallback/simulated source
• AVK - fallback/simulated source
• MISL - fallback/simulated source
• MSOX - fallback/simulated source
• HNI - fallback/simulated source
• SCHI - fallback/simulated source
• CBT - fallback/simulated source
• MMAX - fallback/simulated source
• INVX - fallback/simulated source
• IPKW - fallback/simulated source
• MUNC - fallback/simulated source
• PII - fallback/simulated source
• SECU - fallback/simulated source
• THRM - fallback/simulated source
• GHC - fallback/simulated source
• MMAY - fallback/simulated source
• FORM - fallback/simulated source
• MAYM - fallback/simulated source
• YSWY - fallback/simulated source
• MTB.PRJ - fallback/simulated source
• MOTO - fallback/simulated source
• ALRM - fallback/simulated source
• BUCK - fallback/simulated source
• MUND - fallback/simulated source
• LUCYW - fallback/simulated source
• TLSI - fallback/simulated source
• RPT - fallback/simulated source
• BMNR - fallback/simulated source
• MFSB - fallback/simulated source
• MNVR - fallback/simulated source
• MDPL - fallback/simulated source
• DLX - fallback/simulated source
• EMP - fallback/simulated source
• LNN - fallback/simulated source
• MTNE - fallback/simulated source
• FUND - fallback/simulated source
• EROK - fallback/simulated source
• FTI - fallback/simulated source
• HPF - fallback/simulated source
• MNZL - fallback/simulated source
• FRAF - fallback/simulated source
• MESH - fallback/simulated source
• METU - fallback/simulated source
• MDCR - fallback/simulated source
• LPLA - fallback/simulated source
• LRHC - fallback/simulated source
• LKFN - fallback/simulated source
• PHYL - fallback/simulated source
• SFY - fallback/simulated source
• MNSO - fallback/simulated source
• MAVF - fallback/simulated source
• SCI - fallback/simulated source
• GGZ - fallback/simulated source
• NEA - fallback/simulated source
• MAYT - fallback/simulated source
• SAIC - fallback/simulated source
• XLV - fallback/simulated source
• ISHG - fallback/simulated source
• LOGI - fallback/simulated source
• DB - fallback/simulated source
• NL - fallback/simulated source
• MEDX - fallback/simulated source
• STRA - fallback/simulated source
• SUSA - fallback/simulated source
• XBIT - fallback/simulated source
• MBS - fallback/simulated source
• HWBK - fallback/simulated source
• WD - fallback/simulated source
• EBMT - fallback/simulated source
• PSA.PRJ - fallback/simulated source
• LKQ - fallback/simulated source
• HOMB - fallback/simulated source
• DTG - fallback/simulated source
• PSA.PRR - fallback/simulated source
• MMK - fallback/simulated source
• BANC - fallback/simulated source
• RSPF - fallback/simulated source
• MOTI - fallback/simulated source
• HNGE - fallback/simulated source
• IRON - fallback/simulated source
• LQID - fallback/simulated source
• LRGE - fallback/simulated source
• LWACW - fallback/simulated source
• LIEN - fallback/simulated source
• CNBS - fallback/simulated source
• MCDS - fallback/simulated source
• LVWR - fallback/simulated source

Research notes:

• Alpha candidates are stored with prediction-time features.
• Live scoring excludes fallback/simulated rows unless the batch is explicitly simulation mode.
• Close-of-day scoring is required before learning updates are considered valid.