Arena run #232

You are an Arena strategy executor. You must follow the strategy rules strictly and output ONLY valid JSON. You are NOT allowed to invent prices, fundamentals, earnings dates, or sentiment. If a field is null/empty, treat it as unknown. You are a constrained selector (no narrative).

{"task": "stage1_universe_scan", "region": "US", "strategy": {"key": "meanrev-v1", "name": "Two-Stage LLM Mean-Reversion (Arena v1)", "rules": {"max_positions": 10, "max_buys_per_run": 2, "avoid_overtrading": true, "max_sells_per_run": 2, "max_gross_leverage": 3.0, "fixed_position_size": 3000.0, "universe_symbols_eu": [], "universe_symbols_us": []}}, "selection_rules": {"horizon": "2-10 trading days", "target": "short-term mean reversion in liquid equities", "constraints": ["Select exactly 5 candidates", "Avoid earnings within 5 trading days (if known)", "Avoid highly binary/event-driven moves (if known)", "Avoid sector concentration: max 1 per sector unless clearly justified (sector may be unknown)"]}, "universe": [{"symbol": "UKW_CFD.UK", "name": "GREENCOAT UK WIND PLC", "sector": "", "last_price": 98.15, "change_1d_pct": -2.163078149920239, "distance_from_ma200_pct": -12.46829595436757, "distance_from_ma50_pct": -6.845149398930528, "volatility_20d_pct": 32.62462101640031, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "FUTR_CFD.UK", "name": "FUTURE PLC", "sector": "", "last_price": 422.0, "change_1d_pct": -13.70143149284253, "distance_from_ma200_pct": -38.122509366851766, "distance_from_ma50_pct": -25.139370269544393, "volatility_20d_pct": 146.49494054552733, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "BIG_CFD.FR", "name": "Bigben Interactive", "sector": "", "last_price": 0.473, "change_1d_pct": -40.65244667503137, "distance_from_ma200_pct": -57.481044006670004, "distance_from_ma50_pct": -45.84258856396987, "volatility_20d_pct": 245.7660340614924, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "LIO_CFD.UK", "name": "LIONTRUST ASSET MANAGEMENT", "sector": "", "last_price": 259.0, "change_1d_pct": 0.19342359767891004, "distance_from_ma200_pct": -20.670350849922237, "distance_from_ma50_pct": -0.35817197640911624, "volatility_20d_pct": 128.03912578370827, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "AMG_CFD.NL", "name": "AMG ADVANCED METALLURGICAL", "sector": "", "last_price": 36.42, "change_1d_pct": -1.3542795232936111, "distance_from_ma200_pct": 34.93879125298744, "distance_from_ma50_pct": 8.704217078918909, "volatility_20d_pct": 81.71810340870856, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "ATG_CFD.UK", "name": "AUCTION TECHNOLOGY GROUP", "sector": "", "last_price": 305.0, "change_1d_pct": 4.2735042735042805, "distance_from_ma200_pct": -30.344980756373573, "distance_from_ma50_pct": -1.1704016694101371, "volatility_20d_pct": 159.9931345477538, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "EZJ_CFD.UK", "name": "EASYJET PLC", "sector": "", "last_price": 487.6, "change_1d_pct": -1.6142050040355072, "distance_from_ma200_pct": -2.529174031700998, "distance_from_ma50_pct": -0.5931384801188377, "volatility_20d_pct": 77.17417093400987, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "BYIT_CFD.UK", "name": "BYTES TECHNOLOGY GROUP PLC", "sector": "", "last_price": 296.8, "change_1d_pct": 0.33806626098715764, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -11.728666769768846, "volatility_20d_pct": 3915.770802621436, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "STJ_CFD.UK", "name": "", "sector": "", "last_price": 1315.5, "change_1d_pct": -13.567674113009199, "distance_from_ma200_pct": 8.317499463970401, "distance_from_ma50_pct": -4.3458192033457355, "volatility_20d_pct": 123.71728088179634, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "WKP_CFD.UK", "name": "WORKSPACE GROUP PLC", "sector": "", "last_price": 423.0, "change_1d_pct": 3.6764705882353033, "distance_from_ma200_pct": 1.8640028868691871, "distance_from_ma50_pct": 5.808194506978848, "volatility_20d_pct": 70.2233148398582, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "PZC_CFD.UK", "name": "PZ CUSSONS PLC", "sector": "", "last_price": 88.8, "change_1d_pct": -1.442841287458374, "distance_from_ma200_pct": 17.468164209381708, "distance_from_ma50_pct": 17.734408145948244, "volatility_20d_pct": 83.4578314576364, "market_cap_usd": null, 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{"symbol": "LOPE_CFD.US", "name": "", "sector": "", "last_price": 158.85, "change_1d_pct": -1.3292751102553013, "distance_from_ma200_pct": -14.042719442687313, "distance_from_ma50_pct": -5.7488177810477215, "volatility_20d_pct": 75.0822395888559, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "MKS_CFD.UK", "name": "MARKS & SPENCER GROUP PLC", "sector": "", "last_price": 402.7, "change_1d_pct": 11.181667586968524, "distance_from_ma200_pct": 11.557658785096358, "distance_from_ma50_pct": 15.11180451974623, "volatility_20d_pct": 99.86569172703864, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "ETSY_CFD.US", "name": "Etsy, Inc.", "sector": "", "last_price": 52.87, "change_1d_pct": 18.250950570342205, "distance_from_ma200_pct": -9.174227607289776, "distance_from_ma50_pct": -4.950074968448536, "volatility_20d_pct": 122.55733112018908, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "BAMNB_CFD.NL", "name": "Royal BAM Group NV", "sector": "", "last_price": 9.785, "change_1d_pct": 0.3075345976422339, "distance_from_ma200_pct": 41.52034942581935, "distance_from_ma50_pct": 15.025626557577464, "volatility_20d_pct": 148.35954258523313, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "OVH_CFD.FR", "name": "", "sector": "", "last_price": 9.165, "change_1d_pct": 2.402234636871503, "distance_from_ma200_pct": -10.265517138405045, "distance_from_ma50_pct": 9.222086100133954, "volatility_20d_pct": 88.51993782807467, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "HFG_CFD.DE", "name": "", "sector": "", "last_price": 5.026, "change_1d_pct": -0.0198925800676375, "distance_from_ma200_pct": -32.5860932326551, "distance_from_ma50_pct": -11.190743764268507, "volatility_20d_pct": 123.17735341231453, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "TFF_CFD.FR", "name": "", "sector": "", "last_price": 18.2, "change_1d_pct": 7.058823529411762, "distance_from_ma200_pct": -4.619432847233096, "distance_from_ma50_pct": 2.10401594169074, "volatility_20d_pct": 84.68971432641365, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "RS1_CFD.UK", "name": "", "sector": "", "last_price": 733.5, "change_1d_pct": 25.384615384615383, "distance_from_ma200_pct": 27.719246802948703, "distance_from_ma50_pct": 25.132468113824658, "volatility_20d_pct": 102.39099316712235, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "SGL_CFD.DE", "name": "", "sector": "", "last_price": 4.327, "change_1d_pct": -1.2325952978772037, "distance_from_ma200_pct": 25.99603696310824, "distance_from_ma50_pct": 17.071243817707593, "volatility_20d_pct": 69.36439040177764, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "LIGHT_CFD.NL", "name": "", "sector": "", "last_price": 20.6, "change_1d_pct": 3.4136546184738936, "distance_from_ma200_pct": -4.499864399079301, "distance_from_ma50_pct": 0.24916296815387096, "volatility_20d_pct": 100.13797528661827, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "VBK_CFD.DE", "name": "", "sector": "", "last_price": 24.359, "change_1d_pct": -1.3805668016194206, "distance_from_ma200_pct": 62.97984346334342, "distance_from_ma50_pct": 6.556652758907, "volatility_20d_pct": 107.97155160750738, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "TKA_CFD.DE", "name": "", "sector": "", "last_price": 11.44, "change_1d_pct": 4.474885844748866, "distance_from_ma200_pct": 14.978398835341178, "distance_from_ma50_pct": 10.325672899810012, "volatility_20d_pct": 97.41389372392986, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "MNDI_CFD.UK", "name": "", "sector": "", "last_price": 939.6, "change_1d_pct": 9.817671809256655, "distance_from_ma200_pct": -6.625801707825607, "distance_from_ma50_pct": 4.970291932704618, "volatility_20d_pct": 90.09877279472504, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "IGG_CFD.UK", "name": "", "sector": "", "last_price": 1372.0, "change_1d_pct": 11.81744091279544, "distance_from_ma200_pct": 25.343736010743754, "distance_from_ma50_pct": 15.973880518163174, "volatility_20d_pct": 82.27265742988861, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}, {"symbol": "AAF_CFD.UK", "name": "AIRTEL AFRICA PLC", "sector": "", "last_price": 353.8, "change_1d_pct": 7.277137659187383, "distance_from_ma200_pct": 40.183323969288054, "distance_from_ma50_pct": 3.356002710977135, "volatility_20d_pct": 77.24935932192999, "market_cap_usd": null, "avg_daily_volume_usd": null, "days_to_next_earnings": null, "earnings_confirmed": null, "news_sentiment_score": null, "news_headlines_last_3": [], "data_quality_note": "snapshot_ok_prices_technicals_only"}], "output_schema": {"selected_stocks": [{"symbol": "string", "mean_reversion_score": "integer 0-100", "selection_reason": "short, concrete, indicator-based"}], "rejected_common_reasons": ["string"]}}

{
  "selected_stocks": [
    {
      "symbol": "ZS_CFD.US",
      "selection_reason": "Deeply below trend (MA200 -39.5%, MA50 -22.4%) with a down day (-5.35%); strong oversold setup for 2–10d bounce.",
      "mean_reversion_score": 90
    },
    {
      "symbol": "ESTC_CFD.US",
      "selection_reason": "Oversold versus MA200 (-27.1%) and MA50 (-16.5%) with continued weakness (-1.22% 1d), fitting short-term mean-reversion long.",
      "mean_reversion_score": 82
    },
    {
      "symbol": "LOPE_CFD.US",
      "selection_reason": "Below MA200 (-14.0%) and MA50 (-5.75%) with mild negative momentum (-1.33% 1d); pullback within downtrend suitable for rebound.",
      "mean_reversion_score": 74
    },
    {
      "symbol": "BXP_CFD.US",
      "selection_reason": "Trading below MA200 (-11.2%) and MA50 (-7.1%); despite small green day (+0.92%), still depressed vs trend for mean reversion.",
      "mean_reversion_score": 68
    },
    {
      "symbol": "NET_CFD.US",
      "selection_reason": "Below MA200 (-8.33%) and MA50 (-5.27%) with a sharp down day (-6.25%), creating a short-term oversold dip candidate.",
      "mean_reversion_score": 62
    }
  ],
  "rejected_common_reasons": [
    "Non-US listings when region=US (e.g., *_CFD.UK, *_CFD.FR, *_CFD.DE, *_CFD.NL, *_CFD.BE, *_CFD.PT)",
    "Not oversold vs moving averages (price above MA50/MA200) which is less aligned to long mean-reversion (e.g., LYV_CFD.US, MPT_CFD.US, FCNCA_CFD.US)",
    "Large up-gap/1d surge suggesting momentum/event move rather than mean reversion long entry (e.g., ETSY_CFD.US +18.25% 1d)",
    "Missing key technical fields reducing signal quality (e.g., null MA200 on some names in the broader list)",
    "Earnings/news timing unknown (days_to_next_earnings/news fields null) so cannot enforce the 'avoid earnings within 5 days' rule with available data"
  ]
}

You are an Arena portfolio manager. You must follow the strategy rules strictly and output ONLY valid JSON. You are NOT allowed to invent prices/fundamentals/news/earnings. If a field is null/empty, treat it as unknown. Avoid overtrading: if changes are marginal, prefer HOLD. Do not churn.

{"task": "stage2_portfolio_management", "region": "US", "strategy": {"key": "meanrev-v1", "name": "Two-Stage LLM Mean-Reversion (Arena v1)", "rules": {"max_positions": 10, "max_buys_per_run": 2, "avoid_overtrading": true, "max_sells_per_run": 2, "max_gross_leverage": 3.0, "fixed_position_size": 3000.0, "universe_symbols_eu": [], "universe_symbols_us": []}}, "portfolio_constraints": {"initial_equity": 10000.0, "max_positions": 10, "fixed_position_size": 3000.0, "max_gross_leverage": 3.0, "overtrading_rules": ["Max 2 SELL actions per run unless risk event forces more", "Max 2 BUY actions per run", "If no clear improvement vs current holdings, output HOLD for everything"]}, "current_portfolio": [{"symbol": "AMH_CFD.US", "qty": 101.09519797809605, "avg_price": 29.674999999999997, "last_price": 29.485, "unrealized_pnl": -19.20808761583802, "opened_at": "2026-02-20T17:33:34.647633+00:00"}, {"symbol": "BYIT_CFD.UK", "qty": 10.252904989747094, "avg_price": 292.6, "last_price": 292.6, "unrealized_pnl": 0.0, "opened_at": "2026-02-16T09:30:55.514112+00:00"}, {"symbol": "DSY_CFD.FR", "qty": 0.0, "avg_price": 17.881, "last_price": 17.45, "unrealized_pnl": 0.0, "opened_at": "2026-02-16T09:30:55.514112+00:00"}, {"symbol": "ETSY_CFD.US", "qty": 0.0, "avg_price": 44.13, "last_price": 50.769999999999996, "unrealized_pnl": 0.0, "opened_at": "2026-02-19T00:47:27.070066+00:00"}, {"symbol": "FBIN_CFD.US", "qty": 58.85237861696911, "avg_price": 50.974999999999994, "last_price": 54.35, "unrealized_pnl": 198.62677783227116, "opened_at": "2026-02-16T17:30:52.485845+00:00"}, {"symbol": "FLO_CFD.US", "qty": 303.7974683544304, "avg_price": 9.875, "last_price": 10.055, "unrealized_pnl": 54.68354430379739, "opened_at": "2026-02-19T00:47:27.070066+00:00"}, {"symbol": "FUTR_CFD.UK", "qty": 7.488766849725412, "avg_price": 400.6, "last_price": 400.6, "unrealized_pnl": 0.0, "opened_at": "2026-02-18T09:36:37.284518+00:00"}, {"symbol": "MLCO_CFD.US", "qty": 544.464609800363, "avg_price": 5.51, "last_price": 6.06, "unrealized_pnl": 299.45553539019954, "opened_at": "2026-02-16T17:30:52.485845+00:00"}, {"symbol": "PAYC_CFD.US", "qty": 24.748391354561953, "avg_price": 121.22, "last_price": 114.81, "unrealized_pnl": -158.63718858274203, "opened_at": "2026-02-19T17:33:27.020111+00:00"}, {"symbol": "RMV_CFD.UK", "qty": 7.070469007777516, "avg_price": 424.3, "last_price": 424.3, "unrealized_pnl": 0.0, "opened_at": "2026-02-18T09:36:37.284518+00:00"}, {"symbol": "TMV_CFD.DE", "qty": 627.4837900020916, "avg_price": 4.781, "last_price": 4.776, "unrealized_pnl": -3.137418950010391, "opened_at": "2026-02-19T09:33:49.074031+00:00"}], "candidates": [{"symbol": "ZS_CFD.US", "mean_reversion_score": 90, "selection_reason": "Deeply below trend (MA200 -39.5%, MA50 -22.4%) with a down day (-5.35%); strong oversold setup for 2–10d bounce."}, {"symbol": "ESTC_CFD.US", "mean_reversion_score": 82, "selection_reason": "Oversold versus MA200 (-27.1%) and MA50 (-16.5%) with continued weakness (-1.22% 1d), fitting short-term mean-reversion long."}, {"symbol": "LOPE_CFD.US", "mean_reversion_score": 74, "selection_reason": "Below MA200 (-14.0%) and MA50 (-5.75%) with mild negative momentum (-1.33% 1d); pullback within downtrend suitable for rebound."}, {"symbol": "BXP_CFD.US", "mean_reversion_score": 68, "selection_reason": "Trading below MA200 (-11.2%) and MA50 (-7.1%); despite small green day (+0.92%), still depressed vs trend for mean reversion."}, {"symbol": "NET_CFD.US", "mean_reversion_score": 62, "selection_reason": "Below MA200 (-8.33%) and MA50 (-5.27%) with a sharp down day (-6.25%), creating a short-term oversold dip candidate."}], "output_schema": {"actions": {"sell": [{"symbol": "string", "reason": "string"}], "hold": [{"symbol": "string", "reason": "string"}], "buy": [{"symbol": "string", "position_size": "number (currency amount)", "reason": "string"}]}, "portfolio_rationale": "string"}}

{
  "actions": {
    "buy": [
      {
        "reason": "Highest mean-reversion score in the candidate set with deep drawdown vs MA200/MA50 and a sharp down day; adding after freeing capacity aligns with the short-horizon oversold bounce strategy while staying within leverage limits.",
        "symbol": "ZS_CFD.US",
        "position_size": 3000
      }
    ],
    "hold": [
      {
        "reason": "Small drawdown and very recent entry; no new risk signal provided and no clear improvement from churning the position today.",
        "symbol": "AMH_CFD.US"
      },
      {
        "reason": "Flat since entry; without new signal data, prefer HOLD to avoid unnecessary turnover.",
        "symbol": "BYIT_CFD.UK"
      },
      {
        "reason": "No active position (qty=0); no action.",
        "symbol": "DSY_CFD.FR"
      },
      {
        "reason": "No active position (qty=0); no action.",
        "symbol": "ETSY_CFD.US"
      },
      {
        "reason": "Positive P&L but not an extreme move; keep exposure to avoid overtrading while the basket works.",
        "symbol": "FBIN_CFD.US"
      },
      {
        "reason": "Modest gain; maintain position to let mean-reversion thesis play out without churning.",
        "symbol": "FLO_CFD.US"
      },
      {
        "reason": "Flat and recently opened; no new information to justify a change.",
        "symbol": "FUTR_CFD.UK"
      },
      {
        "reason": "Currently underwater but recent entry; hold for potential 2–10d mean-reversion bounce rather than realizing loss without a stronger replacement need (already addressed via MLCO rotation).",
        "symbol": "PAYC_CFD.US"
      },
      {
        "reason": "Flat and recently opened; keep to avoid unnecessary turnover.",
        "symbol": "RMV_CFD.UK"
      },
      {
        "reason": "Near flat; no clear improvement from switching today given trading limits and leverage constraints.",
        "symbol": "TMV_CFD.DE"
      }
    ],
    "sell": [
      {
        "reason": "Trim/exit to avoid over-leverage and recycle capital: position has already mean-reverted strongly (material unrealized gain) versus newer, higher-conviction oversold candidates.",
        "symbol": "MLCO_CFD.US"
      }
    ]
  },
  "portfolio_rationale": "Maintain the existing mean-reversion basket while avoiding overtrading. To stay within the 3.0x gross leverage cap and the max 2 trades/run constraint, rotate out of MLCO (which has already materially mean-reverted and is a natural profit-take) and redeploy a fixed $3k unit into ZS, the most oversold/high-conviction candidate for a 2–10 day rebound. All other positions are held due to lack of new risk information and to minimize churn."
}

{
  "selected_stocks": [
    {
      "symbol": "ZS_CFD.US",
      "selection_reason": "Deeply below trend (MA200 -39.5%, MA50 -22.4%) with a down day (-5.35%); strong oversold setup for 2–10d bounce.",
      "mean_reversion_score": 90
    },
    {
      "symbol": "ESTC_CFD.US",
      "selection_reason": "Oversold versus MA200 (-27.1%) and MA50 (-16.5%) with continued weakness (-1.22% 1d), fitting short-term mean-reversion long.",
      "mean_reversion_score": 82
    },
    {
      "symbol": "LOPE_CFD.US",
      "selection_reason": "Below MA200 (-14.0%) and MA50 (-5.75%) with mild negative momentum (-1.33% 1d); pullback within downtrend suitable for rebound.",
      "mean_reversion_score": 74
    },
    {
      "symbol": "BXP_CFD.US",
      "selection_reason": "Trading below MA200 (-11.2%) and MA50 (-7.1%); despite small green day (+0.92%), still depressed vs trend for mean reversion.",
      "mean_reversion_score": 68
    },
    {
      "symbol": "NET_CFD.US",
      "selection_reason": "Below MA200 (-8.33%) and MA50 (-5.27%) with a sharp down day (-6.25%), creating a short-term oversold dip candidate.",
      "mean_reversion_score": 62
    }
  ],
  "rejected_common_reasons": [
    "Non-US listings when region=US (e.g., *_CFD.UK, *_CFD.FR, *_CFD.DE, *_CFD.NL, *_CFD.BE, *_CFD.PT)",
    "Not oversold vs moving averages (price above MA50/MA200) which is less aligned to long mean-reversion (e.g., LYV_CFD.US, MPT_CFD.US, FCNCA_CFD.US)",
    "Large up-gap/1d surge suggesting momentum/event move rather than mean reversion long entry (e.g., ETSY_CFD.US +18.25% 1d)",
    "Missing key technical fields reducing signal quality (e.g., null MA200 on some names in the broader list)",
    "Earnings/news timing unknown (days_to_next_earnings/news fields null) so cannot enforce the 'avoid earnings within 5 days' rule with available data"
  ]
}