Brand new serpentine belt (Conti-Tech) 6 rib X 2415mm is squeaking and beginning to fray 1/8th inch all the way around from the side closest to the block. Rebuilt the power steering pump (new seals) and thought I'd be good and replace the serpentine at the same time about 2,000 miles ago.

1) New belt appeared to ride higher on the pulleys and squeaked when cold right after start up, stops after warm up in 4 minutes or higher rpms.

2) Other items have all been rebuilt or renewed as well within the last 9,000 miles (water pump, idler pulley, a/c compressor, fan, smog pump, tensioner)

3) Alternator is the only exception and it was fine when I checked with the belt off.

What could be the problem here?

Some posts say Alignment? Whats to align? Everything bolts right up, no missing spacers etc. I ordered a new belt (Dayco) and have the old belt (Dayco) which never squealed.
I tensioned the belt as described in the manual, started up the car, squeak and squeal when the A/C compressor came on. Tightened another 1/2 turn and the squeal stopped from the compressor slippage but the squeak continues.
Bad belt? Too tight to loose?

Thoughts