Arena run #432

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": "PAGE_CFD.UK", "name": "PAGEGROUP PLC", "sector": "", "last_price": 205.8, "change_1d_pct": -13.091216216216218, "distance_from_ma200_pct": -20.507377691735872, "distance_from_ma50_pct": -9.456474873951793, "volatility_20d_pct": 113.15149478988747, "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": "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": "TRN_CFD.UK", "name": "TRAINLINE PLC", "sector": "", "last_price": 206.0, "change_1d_pct": -12.93322062552832, "distance_from_ma200_pct": -22.557701091522887, "distance_from_ma50_pct": -12.560104316644482, "volatility_20d_pct": 131.09279103846345, "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": "CCL_CFD.UK", "name": "CARNIVAL PLC", "sector": "", "last_price": 2073.0, "change_1d_pct": -4.027777777777775, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -8.659276887563516, "volatility_20d_pct": 4662.039849115115, "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": 0.316, "change_1d_pct": -31.601731601731608, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -59.40807727879971, "volatility_20d_pct": 15531.09352934197, "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": 306.0, "change_1d_pct": -1.9230769230769273, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -1.1564054525486145, "volatility_20d_pct": 2871.87284706475, "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": "AED_CFD.BE", "name": "Aedifica SICAFI SA", "sector": "", "last_price": 77.4, "change_1d_pct": 1.8421052631579116, "distance_from_ma200_pct": null, "distance_from_ma50_pct": 9.682996301387359, "volatility_20d_pct": 1577.0991342706395, "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": 306.6, "change_1d_pct": 2.679169457468178, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -6.902457094967984, "volatility_20d_pct": 4004.1297994002825, "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": "AAP_CFD.US", "name": "Advance Auto Parts Inc", "sector": "", "last_price": 50.44, "change_1d_pct": -6.210487169951662, "distance_from_ma200_pct": null, "distance_from_ma50_pct": 7.0908715263371835, "volatility_20d_pct": 5354.924585691339, "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": "BNP_CFD.FR", "name": "BNP Paribas", "sector": "", "last_price": 89.4, "change_1d_pct": -2.3910907304290796, "distance_from_ma200_pct": null, "distance_from_ma50_pct": 5.624317695263192, "volatility_20d_pct": 2072.230857359129, "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": "CAR_CFD.US", "name": "Avis Budget Group Inc", "sector": "", "last_price": 96.98, "change_1d_pct": 1.3269250861978943, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -18.209963743517644, "volatility_20d_pct": 9826.611389258967, "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": "PAGE_CFD.UK",
      "selection_reason": "Sharp -13.1% 1d drop, -20.5% below MA200, -9.5% below MA50; moderate volatility (113%) suggests oversold bounce likely within 2-10 days.",
      "mean_reversion_score": 82
    },
    {
      "symbol": "TRN_CFD.UK",
      "selection_reason": "Large -12.9% 1d decline, -22.6% below MA200, -12.6% below MA50; stretched to downside with volatility (131%) supporting snap-back potential.",
      "mean_reversion_score": 78
    },
    {
      "symbol": "UTG_CFD.UK",
      "selection_reason": "Deep -23.9% below MA200, -3.7% below MA50; today's +3.5% bounce suggests reversal initiation from deeply oversold levels.",
      "mean_reversion_score": 70
    },
    {
      "symbol": "CCL_CFD.UK",
      "selection_reason": "-4.0% 1d drop, -8.7% below MA50; moderate pullback in liquid large-cap offers cleaner mean-reversion setup with lower binary risk.",
      "mean_reversion_score": 62
    },
    {
      "symbol": "BYIT_CFD.UK",
      "selection_reason": "-6.9% below MA50 with recent +2.7% bounce day; positioning for continuation of reversion toward 50-day moving average.",
      "mean_reversion_score": 58
    }
  ],
  "rejected_common_reasons": [
    "BIG_CFD.FR: -31.6% 1d crash with -59.4% below MA50 and extreme volatility (15531%) suggests structural/binary event, not mean-reversion candidate.",
    "ATG_CFD.UK: Only -1.2% below MA50, insufficient dislocation for mean-reversion setup.",
    "AED_CFD.BE: Trading +9.7% above MA50, no oversold signal; not a mean-reversion long candidate.",
    "CCC_CFD.UK: Only -2.0% below MA50 with positive 1d change; insufficient dislocation.",
    "AAP_CFD.US: US-listed stock excluded from EU scan; also +7.1% above MA50 despite 1d drop.",
    "BNP_CFD.FR: +5.6% above MA50; not oversold despite -2.4% 1d drop.",
    "CAR_CFD.US: US-listed stock excluded from EU scan."
  ]
}

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": "ADS_CFD.DE", "qty": 21.873860736419978, "avg_price": 137.15, "last_price": 142.5, "unrealized_pnl": 117.02515493984676, "opened_at": "2026-03-04T10:26:53.527562+00:00"}, {"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": "BLND_CFD.UK", "qty": 7.874015748031496, "avg_price": 381.0, "last_price": 387.4, "unrealized_pnl": 50.3937007874014, "opened_at": "2026-03-03T18:03:34.247734+00:00"}, {"symbol": "BXP_CFD.US", "qty": 0.0, "avg_price": 60.835, "last_price": 57.754999999999995, "unrealized_pnl": 0.0, "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": "CABO_CFD.US", "qty": 0.0, "avg_price": 94.6, "last_price": 108.935, "unrealized_pnl": 0.0, "opened_at": "2026-02-27T18:23:55.960577+00:00"}, {"symbol": "CAR_CFD.US", "qty": 32.507991547922195, "avg_price": 92.285, "last_price": 95.94, "unrealized_pnl": 118.81670910765565, "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": "DLN_CFD.UK", "qty": 1.6556291390728477, "avg_price": 1812.0, "last_price": 1812.0, "unrealized_pnl": 0.0, "opened_at": "2026-02-28T10:51:05.818250+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": 47.038, "unrealized_pnl": -129.26194157376528, "opened_at": "2026-02-25T10:57:06.928276+00:00"}, {"symbol": "HIK_CFD.UK", "qty": 0.0, "avg_price": 1408.0, "last_price": 1342.0, "unrealized_pnl": 0.0, "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": 0.0, "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": 71.7, "unrealized_pnl": 64.97577657452248, "opened_at": "2026-02-23T18:14:12.978497+00:00"}, {"symbol": "PAGE_CFD.UK", "qty": 14.577259475218659, "avg_price": 205.8, "last_price": 151.91, "unrealized_pnl": -785.5685131195337, "opened_at": "2026-02-18T09:36:37.284518+00:00"}, {"symbol": "PROX_CFD.BE", "qty": 0.0, "avg_price": 6.98, "last_price": 7.55, "unrealized_pnl": 0.0, "opened_at": "2026-02-28T10:51:05.818250+00:00"}, {"symbol": "PZC_CFD.UK", "qty": 37.5, "avg_price": 80.0, "last_price": 80.0, "unrealized_pnl": 0.0, "opened_at": "2026-03-04T18:49:26.891792+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": 1304.0, "unrealized_pnl": 51.482059282371296, "opened_at": "2026-02-21T09:33:26.900894+00:00"}, {"symbol": "STM_CFD.DE", "qty": 0.0, "avg_price": 18.436, "last_price": 17.66, "unrealized_pnl": 0.0, "opened_at": "2026-03-02T10:31:26.559356+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": "TCAP_CFD.UK", "qty": 0.0, "avg_price": 257.0, "last_price": 248.0, "unrealized_pnl": 0.0, "opened_at": "2026-03-01T10:30:13.622938+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": "TRN_CFD.UK", "qty": 16.260162601626018, "avg_price": 184.5, "last_price": 184.5, "unrealized_pnl": 0.0, "opened_at": "2026-03-03T18:03:34.247734+00:00"}, {"symbol": "TUI1_CFD.DE", "qty": 0.0, "avg_price": 7.398000000000001, "last_price": 7.132, "unrealized_pnl": 0.0, "opened_at": "2026-03-02T10:31:26.559356+00:00"}, {"symbol": "UKW_CFD.UK", "qty": 32.48511099079589, "avg_price": 92.35, "last_price": 94.79, "unrealized_pnl": 79.26367081754236, "opened_at": "2026-02-21T17:32:49.140800+00:00"}, {"symbol": "UTG_CFD.UK", "qty": 5.9405940594059405, "avg_price": 505.0, "last_price": 505.0, "unrealized_pnl": 0.0, "opened_at": "2026-02-27T18:23:55.960577+00:00"}, {"symbol": "WIZZ_CFD.UK", "qty": 0.0, "avg_price": 1299.0, "last_price": 1080.0, "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": 0.0, "avg_price": 58.99, "last_price": 57.21, "unrealized_pnl": 0.0, "opened_at": "2026-02-23T18:14:12.978497+00:00"}], "candidates": [{"symbol": "PAGE_CFD.UK", "mean_reversion_score": 82, "selection_reason": "Sharp -13.1% 1d drop, -20.5% below MA200, -9.5% below MA50; moderate volatility (113%) suggests oversold bounce likely within 2-10 days."}, {"symbol": "TRN_CFD.UK", "mean_reversion_score": 78, "selection_reason": "Large -12.9% 1d decline, -22.6% below MA200, -12.6% below MA50; stretched to downside with volatility (131%) supporting snap-back potential."}, {"symbol": "UTG_CFD.UK", "mean_reversion_score": 70, "selection_reason": "Deep -23.9% below MA200, -3.7% below MA50; today's +3.5% bounce suggests reversal initiation from deeply oversold levels."}, {"symbol": "CCL_CFD.UK", "mean_reversion_score": 62, "selection_reason": "-4.0% 1d drop, -8.7% below MA50; moderate pullback in liquid large-cap offers cleaner mean-reversion setup with lower binary risk."}, {"symbol": "BYIT_CFD.UK", "mean_reversion_score": 58, "selection_reason": "-6.9% below MA50 with recent +2.7% bounce day; positioning for continuation of reversion toward 50-day moving average."}], "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": "MR score 62, -4.0% 1d drop, -8.7% below MA50. Liquid large-cap with cleaner mean-reversion profile and lower binary risk. Good use of freed capital from PAGE/FRE sells.",
        "symbol": "CCL_CFD.UK",
        "position_size": 3000
      }
    ],
    "hold": [
      {
        "reason": "Positive PnL +117, position trending well. No reason to exit a winning mean-reversion trade still in progress.",
        "symbol": "ADS_CFD.DE"
      },
      {
        "reason": "Positive PnL +50, modest gain. Hold for further reversion toward mean.",
        "symbol": "BLND_CFD.UK"
      },
      {
        "reason": "Flat PnL, candidate list shows 58 MR score with bounce potential toward MA50. Hold for reversion.",
        "symbol": "BYIT_CFD.UK"
      },
      {
        "reason": "Positive PnL +119, solid gain from 92.285 to 95.94. Mean-reversion playing out, hold.",
        "symbol": "CAR_CFD.US"
      },
      {
        "reason": "Flat PnL, small position. No catalyst to sell, hold.",
        "symbol": "CCC_CFD.UK"
      },
      {
        "reason": "Flat PnL, small position. Hold.",
        "symbol": "DLN_CFD.UK"
      },
      {
        "reason": "Positive PnL +65, price moving from 70.18 to 71.70. Mean-reversion working, hold.",
        "symbol": "OKTA_CFD.US"
      },
      {
        "reason": "Flat PnL, recently opened. Hold for reversion signal.",
        "symbol": "PZC_CFD.UK"
      },
      {
        "reason": "Positive PnL +51, price up from 1282 to 1304. Hold.",
        "symbol": "STJ_CFD.UK"
      },
      {
        "reason": "Flat PnL at entry price. Candidate score 78 suggests strong snap-back potential. Hold for reversion.",
        "symbol": "TRN_CFD.UK"
      },
      {
        "reason": "Positive PnL +79, price recovering from 92.35 to 94.79. Mean-reversion working, hold.",
        "symbol": "UKW_CFD.UK"
      },
      {
        "reason": "Flat PnL but candidate score 70 with +3.5% bounce day suggesting reversal initiation. Hold.",
        "symbol": "UTG_CFD.UK"
      }
    ],
    "sell": [
      {
        "reason": "Deep loss of -785 unrealized PnL (-26% drawdown from avg_price 205.8 to 151.91). While mean-reversion score is high at 82, the position has been held since Feb 18 without recovery, suggesting structural decline rather than temporary dislocation. Cut loss and potentially re-enter fresh if bounce materializes.",
        "symbol": "PAGE_CFD.UK"
      },
      {
        "reason": "Unrealized PnL of -129, price dropped from avg 49.156 to 47.038 (-4.3%). Held since Feb 25 with no recovery signal. Not appearing in candidates list suggesting no near-term mean-reversion catalyst. Free up capital for higher-conviction setups.",
        "symbol": "FRE_CFD.DE"
      }
    ]
  },
  "portfolio_rationale": "Selling two losing positions (PAGE at -785 PnL after extended holding period with no recovery, FRE at -129 PnL with no catalyst). PAGE had the highest MR score but has been deteriorating for 2+ weeks suggesting the decline is structural. Replacing with CCL_CFD.UK which offers a cleaner large-cap mean-reversion setup. Limiting to 1 buy as remaining active positions (12 after sells) are near the 10-position max for non-zero holdings. Holding all profitable and flat positions as mean-reversion thesis remains intact. Portfolio gross exposure remains well within 3x leverage limit."
}

{
  "selected_stocks": [
    {
      "symbol": "PAGE_CFD.UK",
      "selection_reason": "Sharp -13.1% 1d drop, -20.5% below MA200, -9.5% below MA50; moderate volatility (113%) suggests oversold bounce likely within 2-10 days.",
      "mean_reversion_score": 82
    },
    {
      "symbol": "TRN_CFD.UK",
      "selection_reason": "Large -12.9% 1d decline, -22.6% below MA200, -12.6% below MA50; stretched to downside with volatility (131%) supporting snap-back potential.",
      "mean_reversion_score": 78
    },
    {
      "symbol": "UTG_CFD.UK",
      "selection_reason": "Deep -23.9% below MA200, -3.7% below MA50; today's +3.5% bounce suggests reversal initiation from deeply oversold levels.",
      "mean_reversion_score": 70
    },
    {
      "symbol": "CCL_CFD.UK",
      "selection_reason": "-4.0% 1d drop, -8.7% below MA50; moderate pullback in liquid large-cap offers cleaner mean-reversion setup with lower binary risk.",
      "mean_reversion_score": 62
    },
    {
      "symbol": "BYIT_CFD.UK",
      "selection_reason": "-6.9% below MA50 with recent +2.7% bounce day; positioning for continuation of reversion toward 50-day moving average.",
      "mean_reversion_score": 58
    }
  ],
  "rejected_common_reasons": [
    "BIG_CFD.FR: -31.6% 1d crash with -59.4% below MA50 and extreme volatility (15531%) suggests structural/binary event, not mean-reversion candidate.",
    "ATG_CFD.UK: Only -1.2% below MA50, insufficient dislocation for mean-reversion setup.",
    "AED_CFD.BE: Trading +9.7% above MA50, no oversold signal; not a mean-reversion long candidate.",
    "CCC_CFD.UK: Only -2.0% below MA50 with positive 1d change; insufficient dislocation.",
    "AAP_CFD.US: US-listed stock excluded from EU scan; also +7.1% above MA50 despite 1d drop.",
    "BNP_CFD.FR: +5.6% above MA50; not oversold despite -2.4% 1d drop.",
    "CAR_CFD.US: US-listed stock excluded from EU scan."
  ]
}