Arena run #341

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": "UTG_CFD.UK", "name": "UNITE GROUP PLC/THE", "sector": "", "last_price": 567.5, "change_1d_pct": 3.4639927073837784, "distance_from_ma200_pct": -23.929923575376698, "distance_from_ma50_pct": -3.6875042216270137, "volatility_20d_pct": 73.84223442053181, "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": "WPP_CFD.UK", "name": "WPP PLC", "sector": "", "last_price": 287.7, "change_1d_pct": 12.120031176929057, "distance_from_ma200_pct": -26.952858950083826, "distance_from_ma50_pct": -6.1305832237048214, "volatility_20d_pct": 162.7763312146067, "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": 1403.0, "change_1d_pct": 0.8626887131560013, "distance_from_ma200_pct": 12.315696286669354, "distance_from_ma50_pct": 8.235260718145199, "volatility_20d_pct": 106.92938780570063, "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": "DLN_CFD.UK", "name": "DERWENT LONDON PLC", "sector": "", "last_price": 1953.0, "change_1d_pct": 10.401356698699837, "distance_from_ma200_pct": 5.069478604951705, "distance_from_ma50_pct": 12.150447212111025, "volatility_20d_pct": 115.39088732649292, "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": "AXP_CFD.US", "name": "American Express Company", "sector": "", "last_price": 335.32, "change_1d_pct": 2.5161270598306418, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -7.064768141791767, "volatility_20d_pct": 3540.913796340142, "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": 2971.0, "change_1d_pct": -0.4690117252931336, "distance_from_ma200_pct": null, "distance_from_ma50_pct": 6.192096534370339, "volatility_20d_pct": 4323.833452525154, "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": -44.3775583915242, "volatility_20d_pct": 11777.729304686243, "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": "BTRW_CFD.UK", "name": "Barratt Redrow Plc", "sector": "", "last_price": 388.9, "change_1d_pct": -1.0432569974554773, "distance_from_ma200_pct": null, "distance_from_ma50_pct": 2.643553171947066, "volatility_20d_pct": 2256.25743018361, "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": "ARE_CFD.US", "name": "Alexandria Real Estate Equities Inc", "sector": "", "last_price": 55.12, "change_1d_pct": 1.9607843137254832, "distance_from_ma200_pct": null, "distance_from_ma50_pct": 3.921423277638092, "volatility_20d_pct": 4000.593732830161, "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": 316.5, "change_1d_pct": 3.770491803278686, "distance_from_ma200_pct": null, "distance_from_ma50_pct": 2.606496790507684, "volatility_20d_pct": 3869.8570945036245, "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": "CABO_CFD.US", "name": "Cable One Inc", "sector": "", "last_price": 90.92, "change_1d_pct": -3.3999150021249536, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -11.544029513861853, "volatility_20d_pct": 9754.623907181822, "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": 3020.0, "change_1d_pct": 1.206434316353877, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -2.0345668760055946, "volatility_20d_pct": 3440.491186199078, "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": 304.0, "change_1d_pct": 5.555555555555558, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -8.46461434696728, "volatility_20d_pct": 4315.816453405245, "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": "ATE_CFD.FR", "name": "Alten SA", "sector": "", "last_price": 60.4, "change_1d_pct": 0.4991680532445919, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -16.029473098846115, "volatility_20d_pct": 7943.385228633648, "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": "ATO_CFD.FR", "name": "Atos SE", "sector": "", "last_price": 38.96, "change_1d_pct": 11.298385944865007, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -21.99231936696847, "volatility_20d_pct": 6922.33279237434, "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": "HAIN_CFD.US", "name": "The Hain Celestial Group Inc", "sector": "", "last_price": 0.9901, "change_1d_pct": -19.50406504065041, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -13.392383848173816, "volatility_20d_pct": 10353.647035541368, "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": "UTG_CFD.UK",
      "selection_reason": "Trading -23.9% below MA200 and -3.7% below MA50 with moderate volatility (73.8%), suggesting deep oversold condition with reversion potential. 1d bounce of +3.5% indicates early reversal.",
      "mean_reversion_score": 78
    },
    {
      "symbol": "ATE_CFD.FR",
      "selection_reason": "Sitting -16.0% below MA50 with only +0.5% 1d change, indicating oversold compression without a sharp spike yet. Good setup for mean reversion entry before catch-up bounce.",
      "mean_reversion_score": 72
    },
    {
      "symbol": "CABO_CFD.US",
      "selection_reason": "Trading -11.5% below MA50 with a -3.4% 1d drop extending the dislocation. Stretched below short-term moving average, creating reversion opportunity on stabilization.",
      "mean_reversion_score": 70
    },
    {
      "symbol": "BYIT_CFD.UK",
      "selection_reason": "At -8.5% below MA50 despite a +5.6% 1d bounce, still well below mean. Early reversal signal with room to revert further toward MA50.",
      "mean_reversion_score": 67
    },
    {
      "symbol": "CCC_CFD.UK",
      "selection_reason": "Modestly below MA50 at -2.0% with low recent 1d move (+1.2%), suggesting quiet consolidation near support. Lower-risk mean reversion candidate with tighter expected range.",
      "mean_reversion_score": 60
    }
  ],
  "rejected_common_reasons": [
    "WPP_CFD.UK: +12.1% 1d spike suggests momentum/event-driven move, not clean mean reversion setup",
    "DLN_CFD.UK: +10.4% 1d spike and +12.2% above MA50 — already extended above mean, no reversion opportunity",
    "ATO_CFD.FR: +11.3% 1d spike despite being below MA50 — likely binary/event-driven, high risk of reversal of the spike itself",
    "HAIN_CFD.US: -19.5% 1d crash at sub-$1 price — likely distressed/binary event, not suitable for mean reversion",
    "BIG_CFD.FR: -44.4% below MA50 with 0% 1d change and extreme volatility — likely structurally broken, not mean-reverting",
    "WIZZ_CFD.UK: Trading +12.3% above MA200 and +8.2% above MA50 — no oversold condition",
    "AXP_CFD.US: Missing MA200 data and abnormally high volatility metric (3540%) suggests data quality concerns",
    "ARE_CFD.US: Above MA50 by +3.9%, no meaningful dislocation for mean reversion",
    "ATG_CFD.UK: Above MA50 by +2.6% with +3.8% 1d gain — no oversold setup",
    "BTRW_CFD.UK: Near MA50 (+2.6%) with only -1% 1d change — insufficient dislocation",
    "CRDA_CFD.UK: Above MA50 by +6.2% — no oversold condition"
  ]
}

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": "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": 58.705, "unrealized_pnl": -105.03821813101023, "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": 95.065, "unrealized_pnl": 90.37221650322374, "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": 51.08, "unrealized_pnl": 117.42208479127672, "opened_at": "2026-02-25T10:57:06.928276+00:00"}, {"symbol": "HIK_CFD.UK", "qty": 2.1306818181818183, "avg_price": 1408.0, "last_price": 1342.0, "unrealized_pnl": -140.625, "opened_at": "2026-02-26T10:33:24.101894+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": 0.0, "avg_price": 1700.0, "last_price": 1693.0, "unrealized_pnl": 0.0, "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": 71.96, "unrealized_pnl": 76.09005414647991, "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": 57.21, "unrealized_pnl": -90.5238175962028, "opened_at": "2026-02-23T18:14:12.978497+00:00"}], "candidates": [{"symbol": "UTG_CFD.UK", "mean_reversion_score": 78, "selection_reason": "Trading -23.9% below MA200 and -3.7% below MA50 with moderate volatility (73.8%), suggesting deep oversold condition with reversion potential. 1d bounce of +3.5% indicates early reversal."}, {"symbol": "ATE_CFD.FR", "mean_reversion_score": 72, "selection_reason": "Sitting -16.0% below MA50 with only +0.5% 1d change, indicating oversold compression without a sharp spike yet. Good setup for mean reversion entry before catch-up bounce."}, {"symbol": "CABO_CFD.US", "mean_reversion_score": 70, "selection_reason": "Trading -11.5% below MA50 with a -3.4% 1d drop extending the dislocation. Stretched below short-term moving average, creating reversion opportunity on stabilization."}, {"symbol": "BYIT_CFD.UK", "mean_reversion_score": 67, "selection_reason": "At -8.5% below MA50 despite a +5.6% 1d bounce, still well below mean. Early reversal signal with room to revert further toward MA50."}, {"symbol": "CCC_CFD.UK", "mean_reversion_score": 60, "selection_reason": "Modestly below MA50 at -2.0% with low recent 1d move (+1.2%), suggesting quiet consolidation near support. Lower-risk mean reversion candidate with tighter expected range."}], "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 (78). Trading -23.9% below MA200 and -3.7% below MA50 with +3.5% 1d bounce indicating early reversal. Deep oversold condition with strong reversion potential.",
        "symbol": "UTG_CFD.UK",
        "position_size": 3000
      },
      {
        "reason": "Mean-reversion score 70. Trading -11.5% below MA50 with -3.4% 1d drop extending dislocation further. Stretched condition creates attractive entry for reversion on stabilization.",
        "symbol": "CABO_CFD.US",
        "position_size": 3000
      }
    ],
    "hold": [
      {
        "reason": "Down -3.5% but still within acceptable drawdown range for mean-reversion. Holding for potential reversion toward avg price.",
        "symbol": "BXP_CFD.US"
      },
      {
        "reason": "Profitable position +3.0% with +90.37 unrealized PnL. Momentum still favorable, holding for further mean-reversion upside.",
        "symbol": "CAR_CFD.US"
      },
      {
        "reason": "Profitable +2.5% with +76.09 unrealized PnL. Price trending back toward mean, holding.",
        "symbol": "OKTA_CFD.US"
      },
      {
        "reason": "Profitable +3.9% with +117.42 unrealized PnL. Strong reversion in progress, holding.",
        "symbol": "FRE_CFD.DE"
      },
      {
        "reason": "Profitable +1.3% with +38.61 unrealized PnL. Steady reversion, holding.",
        "symbol": "STJ_CFD.UK"
      },
      {
        "reason": "Flat at entry price but candidate list confirms -8.5% below MA50 with +5.6% 1d bounce — early reversal signal. Holding existing position.",
        "symbol": "BYIT_CFD.UK"
      },
      {
        "reason": "Flat at entry. Candidate list confirms consolidation near support, low-risk hold.",
        "symbol": "CCC_CFD.UK"
      },
      {
        "reason": "Flat at entry price. No deterioration signal, holding.",
        "symbol": "OCDO_CFD.UK"
      },
      {
        "reason": "Flat at entry price. No signal to exit, holding.",
        "symbol": "PAGE_CFD.UK"
      },
      {
        "reason": "Flat at entry price. Stable position, holding.",
        "symbol": "UKW_CFD.UK"
      },
      {
        "reason": "Flat at entry price. Recently opened, holding for reversion.",
        "symbol": "WIZZ_CFD.UK"
      }
    ],
    "sell": [
      {
        "reason": "Position is down -4.7% with -140.63 unrealized PnL. No candidate signal or mean-reversion setup supports holding. Cutting loss to free capital for higher-conviction entries.",
        "symbol": "HIK_CFD.UK"
      },
      {
        "reason": "Position is down -3.0% with -90.52 unrealized PnL. Price continues to drift lower from avg_price 58.99 to 57.21 with no reversal signal. Exiting to redeploy into stronger mean-reversion candidates.",
        "symbol": "ZION_CFD.US"
      }
    ]
  },
  "portfolio_rationale": "Selling two losing positions (HIK, ZION) that show continued deterioration with no reversal signals, freeing capital. Holding profitable positions (CAR, OKTA, FRE, STJ) and flat positions with intact mean-reversion theses (BYIT, CCC, OCDO, PAGE, UKW, WIZZ, BXP). Adding UTG (highest score, deeply oversold with early bounce) and CABO (extended dislocation below MA50, good entry before stabilization). This maintains diversification across US/UK/EU while rotating into higher-conviction mean-reversion setups. Gross leverage remains well within 3.0x limit."
}

{
  "selected_stocks": [
    {
      "symbol": "UTG_CFD.UK",
      "selection_reason": "Trading -23.9% below MA200 and -3.7% below MA50 with moderate volatility (73.8%), suggesting deep oversold condition with reversion potential. 1d bounce of +3.5% indicates early reversal.",
      "mean_reversion_score": 78
    },
    {
      "symbol": "ATE_CFD.FR",
      "selection_reason": "Sitting -16.0% below MA50 with only +0.5% 1d change, indicating oversold compression without a sharp spike yet. Good setup for mean reversion entry before catch-up bounce.",
      "mean_reversion_score": 72
    },
    {
      "symbol": "CABO_CFD.US",
      "selection_reason": "Trading -11.5% below MA50 with a -3.4% 1d drop extending the dislocation. Stretched below short-term moving average, creating reversion opportunity on stabilization.",
      "mean_reversion_score": 70
    },
    {
      "symbol": "BYIT_CFD.UK",
      "selection_reason": "At -8.5% below MA50 despite a +5.6% 1d bounce, still well below mean. Early reversal signal with room to revert further toward MA50.",
      "mean_reversion_score": 67
    },
    {
      "symbol": "CCC_CFD.UK",
      "selection_reason": "Modestly below MA50 at -2.0% with low recent 1d move (+1.2%), suggesting quiet consolidation near support. Lower-risk mean reversion candidate with tighter expected range.",
      "mean_reversion_score": 60
    }
  ],
  "rejected_common_reasons": [
    "WPP_CFD.UK: +12.1% 1d spike suggests momentum/event-driven move, not clean mean reversion setup",
    "DLN_CFD.UK: +10.4% 1d spike and +12.2% above MA50 — already extended above mean, no reversion opportunity",
    "ATO_CFD.FR: +11.3% 1d spike despite being below MA50 — likely binary/event-driven, high risk of reversal of the spike itself",
    "HAIN_CFD.US: -19.5% 1d crash at sub-$1 price — likely distressed/binary event, not suitable for mean reversion",
    "BIG_CFD.FR: -44.4% below MA50 with 0% 1d change and extreme volatility — likely structurally broken, not mean-reverting",
    "WIZZ_CFD.UK: Trading +12.3% above MA200 and +8.2% above MA50 — no oversold condition",
    "AXP_CFD.US: Missing MA200 data and abnormally high volatility metric (3540%) suggests data quality concerns",
    "ARE_CFD.US: Above MA50 by +3.9%, no meaningful dislocation for mean reversion",
    "ATG_CFD.UK: Above MA50 by +2.6% with +3.8% 1d gain — no oversold setup",
    "BTRW_CFD.UK: Near MA50 (+2.6%) with only -1% 1d change — insufficient dislocation",
    "CRDA_CFD.UK: Above MA50 by +6.2% — no oversold condition"
  ]
}