KEEL was carried into after-hours as a naked long (its bracket stop leg never
attached — 0 stop orders in its whole history). The enforcement tried to FLATTEN it
with a market order every pass, but a market sell can't fill when the market is
closed, so it churned submit->cancel ~every 30s (76 market-sells / 79 cancels, the
"naked-stop enforced exit KEEL xN" spam) and left the position genuinely unprotected.
Fix (runtime/exit_manager.py): both the naked-stop enforcement AND the catastrophe
backstop now branch on the broker clock. Market OPEN -> flatten (a market exit fills,
unchanged). Market CLOSED -> REST a protective sell-stop instead (GTC) — at breakeven
when in profit, a catastrophe-distance stop below market when underwater — so the
position survives to the open PROTECTED and the next pass sees the stop and stops
enforcing. Catastrophe with an existing (loose) stop while closed just defers to it
(no market churn, no double stop). New client bits: AlpacaPaperClient.get_clock() and
a standalone stop_price on submit_order. 3 exit-manager tests added (open->flatten,
closed->breakeven-rest, closed-underwater->catastrophe-rest); 7/7 green.
Operationally: KEEL was protected at breakeven ($5.56) immediately and the loop now
leaves that stop in place instead of churning.
Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
