Arena run #321

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": "EU", "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": "HIK_CFD.UK", "name": "HIKMA PHARMACEUTICALS PLC", "sector": "", "last_price": 1407.0, "change_1d_pct": -14.207317073170733, "distance_from_ma200_pct": -22.089567759898976, "distance_from_ma50_pct": -9.596426109631583, "volatility_20d_pct": 6572.791841352222, "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": "WIZZ_CFD.UK", "name": "WIZZ AIR HOLDINGS PLC", "sector": "", "last_price": 1299.0, "change_1d_pct": -7.412687099073412, "distance_from_ma200_pct": 3.990085157792933, "distance_from_ma50_pct": 0.21211951024278086, "volatility_20d_pct": 5874.684590366408, "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": "CRDA_CFD.UK", "name": "CRODA INTERNATIONAL PLC", "sector": "", "last_price": 3270.0, "change_1d_pct": 18.306801736613608, "distance_from_ma200_pct": 15.315074372668791, "distance_from_ma50_pct": 15.114636224020273, "volatility_20d_pct": 105.57470323224747, "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": 0.462, "change_1d_pct": 0.0, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -45.79246257098606, "volatility_20d_pct": 11712.882237669019, "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": "FRVIA_CFD.FR", "name": "FORVIA SE", "sector": "", "last_price": 12.765, "change_1d_pct": -3.4052213393870545, "distance_from_ma200_pct": 12.238231691715473, "distance_from_ma50_pct": -8.546938740419453, "volatility_20d_pct": 5056.2205078171555, "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": "IPR_CFD.PT", "name": "Impresa SGPS SA", "sector": "", "last_price": 0.188, "change_1d_pct": -3.589743589743588, "distance_from_ma200_pct": 23.639472559271326, "distance_from_ma50_pct": -5.613013354754493, "volatility_20d_pct": 4014.7582461205325, "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": 250.0, "change_1d_pct": -3.474903474903479, "distance_from_ma200_pct": -23.426979584867023, "distance_from_ma50_pct": -3.8206293208582265, "volatility_20d_pct": 4554.2291072837315, "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": "FRES_CFD.UK", "name": "FRESNILLO PLC", "sector": "", "last_price": 4170.0, "change_1d_pct": -3.293135435992578, "distance_from_ma200_pct": 76.80357453580795, "distance_from_ma50_pct": 12.481333358580947, "volatility_20d_pct": 6227.4447564879465, "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": 315.5, "change_1d_pct": -0.15822784810126667, "distance_from_ma200_pct": null, "distance_from_ma50_pct": 2.9598929608719793, "volatility_20d_pct": 4125.199412345139, "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": "BEKB_CFD.BE", "name": "Bekaert", "sector": "", "last_price": 43.5, "change_1d_pct": -1.5837104072398245, "distance_from_ma200_pct": null, "distance_from_ma50_pct": 10.196326789107024, "volatility_20d_pct": 2389.5802751804977, "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": "CCC_CFD.UK", "name": "COMPUTACENTER PLC", "sector": "", "last_price": 2992.0, "change_1d_pct": -2.540716612377847, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -2.946633623541939, "volatility_20d_pct": 3425.126046830974, "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": 290.6, "change_1d_pct": 0.1378359751895264, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -13.036712512419047, "volatility_20d_pct": 3710.24320963922, "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": 412.5, "change_1d_pct": -2.4822695035460973, "distance_from_ma200_pct": -0.6645361918828807, "distance_from_ma50_pct": 3.1817499624793744, "volatility_20d_pct": 3857.1547460259226, "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": "BLND_CFD.UK", "name": "BRITISH LAND CO PLC", "sector": "", "last_price": 413.0, "change_1d_pct": 0.0, "distance_from_ma200_pct": null, "distance_from_ma50_pct": 2.3259962538279444, "volatility_20d_pct": 2013.7372429692637, "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": 9.53, "change_1d_pct": 4.266958424507639, "distance_from_ma200_pct": null, "distance_from_ma50_pct": 4.102945031897209, "volatility_20d_pct": 3975.3935883010895, "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": "BRBY_CFD.UK", "name": "BURBERRY GROUP PLC", "sector": "", "last_price": 1174.5, "change_1d_pct": -0.550381033022862, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -4.69118971687319, "volatility_20d_pct": 4100.463229875871, "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": "AA_CFD.US", "name": "Alcoa Corp", "sector": "", "last_price": 61.41, "change_1d_pct": 2.675137936799854, "distance_from_ma200_pct": null, "distance_from_ma50_pct": 5.738932796115503, "volatility_20d_pct": 5681.8944028122905, "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": "NCLH_CFD.US", "name": "Norwegian Cruise Line Holdings Ltd", "sector": "", "last_price": 24.31, "change_1d_pct": 2.401010951979776, "distance_from_ma200_pct": null, "distance_from_ma50_pct": 8.307270086521058, "volatility_20d_pct": 8081.99162683117, "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": "HIK_CFD.UK",
      "selection_reason": "Massive -14.2% 1-day drop, -9.6% below MA50, -22.1% below MA200; sharp single-day selloff in a stock well below moving averages suggests oversold bounce potential within 2-10 days.",
      "mean_reversion_score": 88
    },
    {
      "symbol": "WIZZ_CFD.UK",
      "selection_reason": "-7.4% 1-day drop while still near MA50 (0.2% above) and MA200 (+4%); large single-day decline from near-equilibrium levels creates short-term reversion setup.",
      "mean_reversion_score": 72
    },
    {
      "symbol": "FRVIA_CFD.FR",
      "selection_reason": "-3.4% 1-day drop, -8.5% below MA50 while still +12.2% above MA200; price stretched below short-term average with moderate daily decline favors mean reversion toward MA50.",
      "mean_reversion_score": 65
    },
    {
      "symbol": "LIO_CFD.UK",
      "selection_reason": "-3.5% 1-day drop, -23.4% below MA200, -3.8% below MA50; deeply oversold on longer timeframe with fresh daily selloff; contrarian bounce candidate.",
      "mean_reversion_score": 63
    },
    {
      "symbol": "BYIT_CFD.UK",
      "selection_reason": "-13% below MA50 with minimal 1-day change (stabilizing); extended below short-term average without further selling pressure suggests reversion toward MA50.",
      "mean_reversion_score": 60
    }
  ],
  "rejected_common_reasons": [
    "CRDA_CFD.FR: +18.3% 1-day surge, +15.1% above MA50 — momentum/breakout, not mean-reversion candidate; would require short bias which is riskier post-catalyst.",
    "BIG_CFD.FR: -45.8% below MA50 with 0% daily change and extremely low price (€0.46); likely structural decline, illiquid micro-cap, poor mean-reversion candidate.",
    "FRES_CFD.UK: +76.8% above MA200 — strong trend, not mean-reverting; 1-day dip is minor relative to massive uptrend.",
    "IPR_CFD.PT: Very low absolute price (€0.188), likely illiquid micro-cap; poor candidate for reliable mean reversion.",
    "BAMNB_CFD.NL, AA_CFD.US, NCLH_CFD.US: Recent positive 1-day moves (+2-4%) and above MA50 — no oversold signal for long mean-reversion entry.",
    "ATG_CFD.UK, WKP_CFD.UK, BLND_CFD.UK, BEKB_CFD.BE, BRBY_CFD.UK, CCC_CFD.UK: Insufficient deviation from moving averages or minimal 1-day moves; weak mean-reversion signal."
  ]
}

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": "EU", "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": "AMCX_CFD.US", "qty": 0.0, "avg_price": 7.58, "last_price": 7.46, "unrealized_pnl": 0.0, "opened_at": "2026-02-24T18:14:37.115518+00:00"}, {"symbol": "AMH_CFD.US", "qty": 0.0, "avg_price": 29.63, "last_price": 29.16, "unrealized_pnl": 0.0, "opened_at": "2026-02-20T17:33:34.647633+00:00"}, {"symbol": "AML_CFD.UK", "qty": 0.0, "avg_price": 59.0, "last_price": 58.0, "unrealized_pnl": 0.0, "opened_at": "2026-02-20T09:33:44.817899+00:00"}, {"symbol": "ARCAD_CFD.NL", "qty": 0.0, "avg_price": 28.6, "last_price": 27.5, "unrealized_pnl": 0.0, "opened_at": "2026-02-23T10:32:09.961595+00:00"}, {"symbol": "BXP_CFD.US", "qty": 49.31371743239911, "avg_price": 60.835, "last_price": 61.37, "unrealized_pnl": 26.382838826333355, "opened_at": "2026-02-21T17:32:49.140800+00:00"}, {"symbol": "BYIT_CFD.UK", "qty": 10.252904989747094, "avg_price": 292.6, "last_price": 292.6, "unrealized_pnl": 0.0, "opened_at": "2026-02-18T09:36:37.284518+00:00"}, {"symbol": "CAR_CFD.US", "qty": 32.507991547922195, "avg_price": 92.285, "last_price": 96.545, "unrealized_pnl": 138.48404399414872, "opened_at": "2026-02-25T17:57:28.313088+00:00"}, {"symbol": "CCC_CFD.UK", "qty": 1.007387508394896, "avg_price": 2978.0, "last_price": 2978.0, "unrealized_pnl": 0.0, "opened_at": "2026-02-19T09:33:49.074031+00:00"}, {"symbol": "CRWD_CFD.US", "qty": 0.0, "avg_price": 423.05499999999995, "last_price": 388.21500000000003, "unrealized_pnl": 0.0, "opened_at": "2026-02-20T17:33:34.647633+00:00"}, {"symbol": "ETSY_CFD.US", "qty": 0.0, "avg_price": 44.13, "last_price": 50.905, "unrealized_pnl": 0.0, "opened_at": "2026-02-19T00:47:27.070066+00:00"}, {"symbol": "FME_CFD.DE", "qty": 0.0, "avg_price": 38.38, "last_price": 38.14, "unrealized_pnl": 0.0, "opened_at": "2026-02-24T18:14:37.115518+00:00"}, {"symbol": "FRE_CFD.DE", "qty": 61.03018960045569, "avg_price": 49.156, "last_price": 51.328, "unrealized_pnl": 132.55757181219002, "opened_at": "2026-02-25T10:57:06.928276+00:00"}, {"symbol": "HO_CFD.FR", "qty": 0.0, "avg_price": 254.566, "last_price": 251.7, "unrealized_pnl": 0.0, "opened_at": "2026-02-23T10:32:09.961595+00:00"}, {"symbol": "ICG_CFD.UK", "qty": 1.7647058823529411, "avg_price": 1700.0, "last_price": 1693.0, "unrealized_pnl": -12.352941176470587, "opened_at": "2026-02-16T09:30:55.514112+00:00"}, {"symbol": "LOPE_CFD.US", "qty": 0.0, "avg_price": 157.02, "last_price": 152.77, "unrealized_pnl": 0.0, "opened_at": "2026-02-22T17:33:48.338981+00:00"}, {"symbol": "LPX_CFD.US", "qty": 0.0, "avg_price": 86.45, "last_price": 82.99, "unrealized_pnl": 0.0, "opened_at": "2026-02-19T00:47:27.070066+00:00"}, {"symbol": "LSS_CFD.FR", "qty": 0.0, "avg_price": 20.15, "last_price": 19.78, "unrealized_pnl": 0.0, "opened_at": "2026-02-16T09:30:55.514112+00:00"}, {"symbol": "MTG_CFD.US", "qty": 0.0, "avg_price": 26.27, "last_price": 25.98, "unrealized_pnl": 0.0, "opened_at": "2026-02-19T17:33:27.020111+00:00"}, {"symbol": "OCDO_CFD.UK", "qty": 13.824884792626728, "avg_price": 217.0, "last_price": 217.0, "unrealized_pnl": 0.0, "opened_at": "2026-02-19T17:33:27.020111+00:00"}, {"symbol": "OKTA_CFD.US", "qty": 42.747221430607006, "avg_price": 70.18, "last_price": 74.86, "unrealized_pnl": 200.05699629524048, "opened_at": "2026-02-23T18:14:12.978497+00:00"}, {"symbol": "PAGE_CFD.UK", "qty": 14.577259475218659, "avg_price": 205.8, "last_price": 205.8, "unrealized_pnl": 0.0, "opened_at": "2026-02-18T09:36:37.284518+00:00"}, {"symbol": "RMV_CFD.UK", "qty": 0.0, "avg_price": 424.3, "last_price": 417.16, "unrealized_pnl": 0.0, "opened_at": "2026-02-21T09:33:26.900894+00:00"}, {"symbol": "SGE_CFD.UK", "qty": 0.0, "avg_price": 795.4, "last_price": 783.4, "unrealized_pnl": 0.0, "opened_at": "2026-02-16T17:30:52.485845+00:00"}, {"symbol": "STJ_CFD.UK", "qty": 2.3400936037441498, "avg_price": 1282.0, "last_price": 1298.5, "unrealized_pnl": 38.61154446177847, "opened_at": "2026-02-21T09:33:26.900894+00:00"}, {"symbol": "STZ_CFD.US", "qty": 0.0, "avg_price": 149.07, "last_price": 156.44, "unrealized_pnl": 0.0, "opened_at": "2026-02-16T17:30:52.485845+00:00"}, {"symbol": "TMV_CFD.DE", "qty": 0.0, "avg_price": 4.781, "last_price": 4.769, "unrealized_pnl": 0.0, "opened_at": "2026-02-19T09:33:49.074031+00:00"}, {"symbol": "UKW_CFD.UK", "qty": 32.48511099079589, "avg_price": 92.35, "last_price": 92.35, "unrealized_pnl": 0.0, "opened_at": "2026-02-21T17:32:49.140800+00:00"}, {"symbol": "WIZZ_CFD.UK", "qty": 2.3094688221709005, "avg_price": 1299.0, "last_price": 1299.0, "unrealized_pnl": 0.0, "opened_at": "2026-02-25T17:57:28.313088+00:00"}, {"symbol": "ZAL_CFD.DE", "qty": 0.0, "avg_price": 21.078, "last_price": 20.775, "unrealized_pnl": 0.0, "opened_at": "2026-02-20T09:33:44.817899+00:00"}, {"symbol": "ZION_CFD.US", "qty": 50.8560773012375, "avg_price": 58.99, "last_price": 61.21, "unrealized_pnl": 112.90049160874719, "opened_at": "2026-02-23T18:14:12.978497+00:00"}], "candidates": [{"symbol": "HIK_CFD.UK", "mean_reversion_score": 88, "selection_reason": "Massive -14.2% 1-day drop, -9.6% below MA50, -22.1% below MA200; sharp single-day selloff in a stock well below moving averages suggests oversold bounce potential within 2-10 days."}, {"symbol": "WIZZ_CFD.UK", "mean_reversion_score": 72, "selection_reason": "-7.4% 1-day drop while still near MA50 (0.2% above) and MA200 (+4%); large single-day decline from near-equilibrium levels creates short-term reversion setup."}, {"symbol": "FRVIA_CFD.FR", "mean_reversion_score": 65, "selection_reason": "-3.4% 1-day drop, -8.5% below MA50 while still +12.2% above MA200; price stretched below short-term average with moderate daily decline favors mean reversion toward MA50."}, {"symbol": "LIO_CFD.UK", "mean_reversion_score": 63, "selection_reason": "-3.5% 1-day drop, -23.4% below MA200, -3.8% below MA50; deeply oversold on longer timeframe with fresh daily selloff; contrarian bounce candidate."}, {"symbol": "BYIT_CFD.UK", "mean_reversion_score": 60, "selection_reason": "-13% below MA50 with minimal 1-day change (stabilizing); extended below short-term average without further selling pressure suggests reversion toward MA50."}], "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 (88). Massive -14.2% single-day drop, -9.6% below MA50, -22.1% below MA200. Sharp oversold selloff creates strong short-term bounce potential. Excellent mean-reversion candidate.",
        "symbol": "HIK_CFD.UK",
        "position_size": 3000
      }
    ],
    "hold": [
      {
        "reason": "Positive PnL (+26.38), position still working. Hold for further mean-reversion upside.",
        "symbol": "BXP_CFD.US"
      },
      {
        "reason": "Strong positive PnL (+138.48), momentum continuing. Hold.",
        "symbol": "CAR_CFD.US"
      },
      {
        "reason": "Positive PnL (+132.56), price trending toward mean. Hold.",
        "symbol": "FRE_CFD.DE"
      },
      {
        "reason": "Strong positive PnL (+200.06), mean-reversion thesis playing out well. Hold.",
        "symbol": "OKTA_CFD.US"
      },
      {
        "reason": "Positive PnL (+112.90), continuing to revert upward. Hold.",
        "symbol": "ZION_CFD.US"
      },
      {
        "reason": "Positive PnL (+38.61), still reverting. Hold.",
        "symbol": "STJ_CFD.UK"
      },
      {
        "reason": "Flat PnL but candidate list confirms it is stabilizing below MA50 with reversion potential (score 60). Hold existing position.",
        "symbol": "BYIT_CFD.UK"
      },
      {
        "reason": "Recently opened, flat PnL. Candidate list confirms mean-reversion setup (score 72). Hold.",
        "symbol": "WIZZ_CFD.UK"
      },
      {
        "reason": "Flat PnL, no deterioration signal. Hold.",
        "symbol": "PAGE_CFD.UK"
      },
      {
        "reason": "Flat PnL, no clear reason to exit. Hold.",
        "symbol": "OCDO_CFD.UK"
      },
      {
        "reason": "Flat PnL, stable. Hold.",
        "symbol": "UKW_CFD.UK"
      },
      {
        "reason": "Flat PnL, stable. Hold.",
        "symbol": "CCC_CFD.UK"
      }
    ],
    "sell": [
      {
        "reason": "Small position with negative unrealized PnL (-12.35), no strong mean-reversion catalyst. Freeing up capacity for higher-conviction candidate HIK_CFD.UK which has a much stronger mean-reversion score (88).",
        "symbol": "ICG_CFD.UK"
      }
    ]
  },
  "portfolio_rationale": "Portfolio has 12 active positions (qty > 0). Selling ICG_CFD.UK (weak, negative PnL, no catalyst) to make room and buying HIK_CFD.UK which has the strongest mean-reversion signal at score 88 with a massive single-day drop. Existing winners (OKTA, CAR, ZION, FRE, BXP, STJ) are held as their mean-reversion theses are playing out. Flat positions (BYIT, WIZZ, PAGE, OCDO, UKW, CCC) are held as there is no deterioration. Only 1 buy and 1 sell to avoid overtrading. Zero-quantity legacy positions are ignored. Gross leverage remains well within the 3.0x limit."
}

{
  "selected_stocks": [
    {
      "symbol": "HIK_CFD.UK",
      "selection_reason": "Massive -14.2% 1-day drop, -9.6% below MA50, -22.1% below MA200; sharp single-day selloff in a stock well below moving averages suggests oversold bounce potential within 2-10 days.",
      "mean_reversion_score": 88
    },
    {
      "symbol": "WIZZ_CFD.UK",
      "selection_reason": "-7.4% 1-day drop while still near MA50 (0.2% above) and MA200 (+4%); large single-day decline from near-equilibrium levels creates short-term reversion setup.",
      "mean_reversion_score": 72
    },
    {
      "symbol": "FRVIA_CFD.FR",
      "selection_reason": "-3.4% 1-day drop, -8.5% below MA50 while still +12.2% above MA200; price stretched below short-term average with moderate daily decline favors mean reversion toward MA50.",
      "mean_reversion_score": 65
    },
    {
      "symbol": "LIO_CFD.UK",
      "selection_reason": "-3.5% 1-day drop, -23.4% below MA200, -3.8% below MA50; deeply oversold on longer timeframe with fresh daily selloff; contrarian bounce candidate.",
      "mean_reversion_score": 63
    },
    {
      "symbol": "BYIT_CFD.UK",
      "selection_reason": "-13% below MA50 with minimal 1-day change (stabilizing); extended below short-term average without further selling pressure suggests reversion toward MA50.",
      "mean_reversion_score": 60
    }
  ],
  "rejected_common_reasons": [
    "CRDA_CFD.FR: +18.3% 1-day surge, +15.1% above MA50 — momentum/breakout, not mean-reversion candidate; would require short bias which is riskier post-catalyst.",
    "BIG_CFD.FR: -45.8% below MA50 with 0% daily change and extremely low price (€0.46); likely structural decline, illiquid micro-cap, poor mean-reversion candidate.",
    "FRES_CFD.UK: +76.8% above MA200 — strong trend, not mean-reverting; 1-day dip is minor relative to massive uptrend.",
    "IPR_CFD.PT: Very low absolute price (€0.188), likely illiquid micro-cap; poor candidate for reliable mean reversion.",
    "BAMNB_CFD.NL, AA_CFD.US, NCLH_CFD.US: Recent positive 1-day moves (+2-4%) and above MA50 — no oversold signal for long mean-reversion entry.",
    "ATG_CFD.UK, WKP_CFD.UK, BLND_CFD.UK, BEKB_CFD.BE, BRBY_CFD.UK, CCC_CFD.UK: Insufficient deviation from moving averages or minimal 1-day moves; weak mean-reversion signal."
  ]
}