Arena run #1119

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": "HAS_CFD.UK", "name": "HAYS PLC", "sector": "", "last_price": 47.66, "change_1d_pct": -17.213826645822483, "distance_from_ma200_pct": -26.546854506980832, "distance_from_ma50_pct": -12.888674431016456, "volatility_20d_pct": 117.95597135078918, "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": "RS GROUP PLC", "sector": "", "last_price": 725.5, "change_1d_pct": 23.91118701964132, "distance_from_ma200_pct": 26.42587431420933, "distance_from_ma50_pct": 23.74236481466445, "volatility_20d_pct": 102.67597620645313, "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": "JUP_CFD.UK", "name": "JUPITER FUND MANAGEMENT", "sector": "", "last_price": 193.6, "change_1d_pct": 22.06809583858764, "distance_from_ma200_pct": 57.65825374753912, "distance_from_ma50_pct": 19.274691586205538, "volatility_20d_pct": 96.15961444303547, "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": "BOY_CFD.UK", "name": "BODYCOTE PLC", "sector": "", "last_price": 775.4, "change_1d_pct": 24.163330664531625, "distance_from_ma200_pct": 28.652243313347768, "distance_from_ma50_pct": 18.63612217470385, "volatility_20d_pct": 103.46484337510964, "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": "THG_CFD.UK", "name": "THG PLC", "sector": "", "last_price": 34.98, "change_1d_pct": -21.463852716659193, "distance_from_ma200_pct": 2.6990050116409536, "distance_from_ma50_pct": -18.650784422253118, "volatility_20d_pct": 150.5308117928466, "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": "CRST_CFD.UK", "name": "CREST NICHOLSON HOLDINGS", "sector": "", "last_price": 118.83, "change_1d_pct": -12.817314746881891, "distance_from_ma200_pct": -28.150055914529826, "distance_from_ma50_pct": -15.848139991077058, "volatility_20d_pct": 236.5351415372937, "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": "PAGE_CFD.UK", "name": "PAGEGROUP PLC", "sector": "", "last_price": 152.7, "change_1d_pct": -36.79635761589404, "distance_from_ma200_pct": -40.61156091058385, "distance_from_ma50_pct": -31.72721647345812, "volatility_20d_pct": 193.22753953431183, "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": "FGP_CFD.UK", "name": "FIRSTGROUP PLC", "sector": "", "last_price": 193.2, "change_1d_pct": 1.3109596224436304, "distance_from_ma200_pct": -4.044842646206826, "distance_from_ma50_pct": 1.7250076083144883, "volatility_20d_pct": 88.3516119820011, "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": "JDW_CFD.UK", "name": "WETHERSPOON (J.D.) PLC", "sector": "", "last_price": 664.5, "change_1d_pct": -2.9927007299270114, "distance_from_ma200_pct": -5.6847404935860375, "distance_from_ma50_pct": -6.433911223030586, "volatility_20d_pct": 119.51576459001842, "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": "SHC_CFD.UK", "name": "SHAFTESBURY CAPITAL PLC", "sector": "", "last_price": 140.4, "change_1d_pct": -2.9045643153526868, "distance_from_ma200_pct": 0.26963533347688085, "distance_from_ma50_pct": -0.771073778544229, "volatility_20d_pct": 63.75522821252001, "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": "PAG_CFD.UK", "name": "PARAGON BANKING GROUP PLC", "sector": "", "last_price": 852.5, "change_1d_pct": -3.399433427762044, "distance_from_ma200_pct": -1.3404962254783492, "distance_from_ma50_pct": 0.699141440891915, "volatility_20d_pct": 71.52779356208148, "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": "SAFE_CFD.UK", "name": "SAFESTORE HOLDINGS PLC", "sector": "", "last_price": 708.0, "change_1d_pct": 0.14144271570013522, "distance_from_ma200_pct": 7.079918522466522, "distance_from_ma50_pct": -2.535991476029087, "volatility_20d_pct": 107.99712610776675, "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": "RHIM_CFD.UK", "name": "RHI MAGNESITA NV", "sector": "", "last_price": 2550.0, "change_1d_pct": -6.764168190127973, "distance_from_ma200_pct": -2.35709026809392, "distance_from_ma50_pct": 0.9429816244979738, "volatility_20d_pct": 151.25590362229855, "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": "HBR_CFD.UK", "name": "HARBOUR ENERGY PLC", "sector": "", "last_price": 293.4, "change_1d_pct": -2.3172193367958616, "distance_from_ma200_pct": 32.20661812632039, "distance_from_ma50_pct": 13.726219824177853, "volatility_20d_pct": 156.34190016756523, "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": "PNN_CFD.UK", "name": "PENNON GROUP PLC", "sector": "", "last_price": 599.27, "change_1d_pct": 16.58722592945663, "distance_from_ma200_pct": 23.75684537859759, "distance_from_ma50_pct": 16.983140154106113, "volatility_20d_pct": 84.07433118596934, "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": "CBG_CFD.UK", "name": "CLOSE BROTHERS GROUP PLC", "sector": "", "last_price": 372.74, "change_1d_pct": -26.625984251968504, "distance_from_ma200_pct": -13.365429078084645, "distance_from_ma50_pct": -22.129222788055436, "volatility_20d_pct": 169.0552301316783, "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": "RSW_CFD.UK", "name": "RENISHAW PLC", "sector": "", "last_price": 4100.0, "change_1d_pct": 18.155619596541793, "distance_from_ma200_pct": 36.779911314574385, "distance_from_ma50_pct": 14.333028240759926, "volatility_20d_pct": 92.61568245477878, "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": "TPK_CFD.UK", "name": "TRAVIS PERKINS PLC", "sector": "", "last_price": 601.57, "change_1d_pct": -1.21029986533977, "distance_from_ma200_pct": 0.5267641208837714, "distance_from_ma50_pct": -4.983077425595306, "volatility_20d_pct": 108.19399806448348, "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": "DOM_CFD.UK", "name": "DOMINO'S PIZZA GROUP PLC", "sector": "", "last_price": 183.13, "change_1d_pct": -0.3102885138813294, "distance_from_ma200_pct": -15.070952368916624, "distance_from_ma50_pct": 1.0777282376278619, "volatility_20d_pct": 87.92203351330001, "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": "MAB_CFD.UK", "name": "MITCHELLS & BUTLERS PLC", "sector": "", "last_price": 292.81, "change_1d_pct": 14.37890625, "distance_from_ma200_pct": 11.595067041457764, "distance_from_ma50_pct": 10.935906392690597, "volatility_20d_pct": 118.87119977937589, "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": "CNA_CFD.UK", "name": "CENTRICA PLC", "sector": "", "last_price": 219.4, "change_1d_pct": 8.452792881858628, "distance_from_ma200_pct": 26.974463027947415, "distance_from_ma50_pct": 12.919213868167589, "volatility_20d_pct": 108.05347024816936, "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": "HUBS_CFD.US", "name": "HubSpot Inc", "sector": "", "last_price": 209.29, "change_1d_pct": -9.76934684199181, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -39.141166091198976, "volatility_20d_pct": 7372.220885228378, "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": "OCDO_CFD.UK", "name": "OCADO GROUP PLC", "sector": "", "last_price": 191.8, "change_1d_pct": -27.731725697061027, "distance_from_ma200_pct": -25.425914067168765, "distance_from_ma50_pct": -16.54505218327368, "volatility_20d_pct": 249.00720326714767, "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": "ESNT_CFD.UK", "name": "ESSENTRA PLC", "sector": "", "last_price": 90.1, "change_1d_pct": -10.61507936507937, "distance_from_ma200_pct": -10.657490467074904, "distance_from_ma50_pct": -8.545188421272742, "volatility_20d_pct": 126.22890829663649, "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": "IPO_CFD.UK", "name": "IP GROUP PLC", "sector": "", "last_price": 57.6, "change_1d_pct": -1.873935264054516, "distance_from_ma200_pct": 10.233643652522883, "distance_from_ma50_pct": -2.027486732888828, "volatility_20d_pct": 89.82123635439407, "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": "VXXB_CFD.ETF", "name": "IPATH SERIES B S&P 500 VIX", "sector": "", "last_price": 36.18, "change_1d_pct": 5.4810495626822275, "distance_from_ma200_pct": 4.488258788941213, "distance_from_ma50_pct": 16.413761149079107, "volatility_20d_pct": 169.75949201361448, "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": "GROW_CFD.UK", "name": "MOLTEN VENTURES PLC", "sector": "", "last_price": 465.0, "change_1d_pct": 1.572739187418093, "distance_from_ma200_pct": 22.569628774815076, "distance_from_ma50_pct": -4.275686024250158, "volatility_20d_pct": 115.72658030340939, "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": "SMG_CFD.US", "name": "", "sector": "", "last_price": 63.15, "change_1d_pct": 4.001976284584985, "distance_from_ma200_pct": 2.9045480877108565, "distance_from_ma50_pct": -3.3721069012054516, "volatility_20d_pct": 87.1544710211987, "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": "BME_CFD.UK", "name": "B&M EUROPEAN VALUE RETAIL SA", "sector": "", "last_price": 183.5, "change_1d_pct": -5.534105534105538, "distance_from_ma200_pct": -13.158231617644445, "distance_from_ma50_pct": 5.595587888329945, "volatility_20d_pct": 140.16230415606387, "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": "IWG_CFD.UK", "name": "IWG PLC", "sector": "", "last_price": 172.2, "change_1d_pct": -2.7118644067796627, "distance_from_ma200_pct": -19.879269877746097, "distance_from_ma50_pct": -24.25375432175879, "volatility_20d_pct": 8127.791425139084, "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": "COTY_CFD.US", "name": "Coty Inc", "sector": "", "last_price": 2.65, "change_1d_pct": -0.7490636704119868, "distance_from_ma200_pct": null, "distance_from_ma50_pct": -12.425644415069403, "volatility_20d_pct": 7661.46272234243, "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": 313.0, "change_1d_pct": 0.3205128205128194, "distance_from_ma200_pct": null, "distance_from_ma50_pct": 0.8343803356850588, "volatility_20d_pct": 2871.9337920464413, "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": 109.96, "change_1d_pct": -4.7222944285590485, "distance_from_ma200_pct": null, "distance_from_ma50_pct": 10.582579924977598, "volatility_20d_pct": 9205.89183144133, "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"]}}

{
  "raw": {
    "id": "gen-1775648677-0pgVIECjEdcOBIrAgkch",
    "model": "minimax/minimax-m2.1",
    "usage": {
      "cost": 0.0066846,
      "is_byok": false,
      "cost_details": {
        "upstream_inference_cost": 0.0066846,
        "upstream_inference_prompt_cost": 0.0018846,
        "upstream_inference_completions_cost": 0.0048
      },
      "total_tokens": 10282,
      "prompt_tokens": 6282,
      "completion_tokens": 4000,
      "prompt_tokens_details": {
        "audio_tokens": 0,
        "video_tokens": 0,
        "cached_tokens": 0,
        "cache_write_tokens": 0
      },
      "completion_tokens_details": {
        "audio_tokens": 0,
        "image_tokens": 0,
        "reasoning_tokens": 2926
      }
    },
    "object": "chat.completion",
    "choices": [
      {
        "index": 0,
        "message": {
          "role": "assistant",
          "content": null,
          "refusal": null,
          "reasoning": "Let me analyze this task carefully:\n\n1. **Strategy**: Mean Reversion (Two-Stage LLM Mean-Reversion v1)\n2. **Target**: Short-term mean reversion in liquid equities (2-10 trading days)\n3. **Constraints**:\n   - Select exactly 5 candidates\n   - Avoid earnings within 5 trading days (none known in data)\n   - Avoid binary/event-driven moves (none known)\n   - Max 1 per sector (sectors unknown, so this constraint is effectively neutral)\n   - Max positions: 10, Max buys per run: 2\n\n4. **Universe**: EU region stocks (mostly UK CFDs)\n\nFor mean reversion, I need to identify stocks that have deviated significantly from their moving averages and are likely to revert. Key indicators:\n- Distance from MA200 and MA50 (negative distance = below average = potential buy for mean reversion)\n- Change 1d % (large negative changes = potential mean reversion candidates)\n- Volatility (should be reasonable - extremely high volatility might indicate issues)\n\nLet me rank the candidates by their mean reversion potential:\n\n**Candidates showing significant negative deviation from moving averages (potential mean reversion buys):**\n\n1. **PAGE_CFD.UK** - Pagegroup PLC\n   - Change 1d: -36.8% (huge drop)\n   - Distance from MA200: -40.6% (very far below)\n   - Distance from MA50: -31.7% (very far below)\n   - Volatility: 193% (high but manageable)\n   - This is a strong mean reversion candidate\n\n2. **CBG_CFD.UK** - Close Brothers Group\n   - Change 1d: -26.6%\n   - Distance from MA200: -13.4%\n   - Distance from MA50: -22.1%\n   - Volatility: 169%\n   - Good candidate\n\n3. **OCDO_CFD.UK** - Ocado Group\n   - Change 1d: -27.7%\n   - Distance from MA200: -25.4%\n   - Distance from MA50: -16.5%\n   - Volatility: 249% (very high)\n   - Potential candidate but high volatility\n\n4. **CRST_CFD.UK** - Crest Nicholson\n   - Change 1d: -12.8%\n   - Distance from MA200: -28.2%\n   - Distance from MA50: -15.8%\n   - Volatility: 237% (very high)\n\n5. **HAS_CFD.UK** - Hays PLC\n   - Change 1d: -17.2%\n   - Distance from MA200: -26.5%\n   - Distance from MA50: -12.9%\n   - Volatility: 118%\n\n6. **THG_CFD.UK** - THG PLC\n   - Change 1d: -21.5%\n   - Distance from MA200: +2.7% (actually above)\n   - Distance from MA50: -18.7%\n   - Volatility: 151%\n\n7. **IWG_CFD.UK** - IWG PLC\n   - Change 1d: -2.7%\n   - Distance from MA200: -19.9%\n   - Distance from MA50: -24.3%\n   - Volatility: 8128% (EXTREMELY high - likely data issue or very illiquid)\n\n8. **BME_CFD.UK** - B&M European Value Retail\n   - Change 1d: -5.5%\n   - Distance from MA200: -13.2%\n   - Distance from MA50: +5.6% (above)\n   - Volatility: 140%\n\n9. **ESNT_CFD.UK** - Essentra\n   - Change 1d: -10.6%\n   - Distance from MA200: -10.7%\n   - Distance from MA50: -8.5%\n   - Volatility: 126%\n\n10. **DOM_CFD.UK** - Domino's Pizza\n    - Change 1d: -0.3%\n    - Distance from MA200: -15.1%\n    - Distance from MA50: +1.1% (above)\n    - Volatility: 88%\n\n11. **JDW_CFD.UK** - J.D. Wetherspoon\n    - Change 1d: -3.0%\n    - Distance from MA200: -5.7%\n    - Distance from MA50: -6.4%\n    - Volatility: 120%\n\n12. **SHC_CFD.UK** - Shaftesbury Capital\n    - Change 1d: -2.9%\n    - Distance from MA200: +0.3% (near)\n    - Distance from MA50: -0.8% (near)\n    - Volatility: 64% (low)\n\n13. **PAG_CFD.UK** - Paragon Banking\n    - Change 1d: -3.4%\n    - Distance from MA200: -1.3%\n    - Distance from MA50: +0.7% (near)\n    - Volatility: 72% (low)\n\n14. **FGP_CFD.UK** - Firstgroup\n    - Change 1d: +1.3% (up)\n    - Distance from MA200: -4.0%\n    - Distance from MA50: +1.7%\n    - Volatility: 88%\n\n15. **SAFE_CFD.UK** - Safestore\n    - Change 1d: +0.1% (up)\n    - Distance from MA200: +7.1%\n    - Distance from MA50: -2.5%\n    - Volatility: 108%\n\n16. **RHIM_CFD.UK** - RHI Magnesita\n    - Change 1d: -6.8%\n    - Distance from MA200: -2.4%\n    - Distance from MA50: +0.9%\n    - Volatility: 151%\n\n17. **TPK_CFD.UK** - Travis Perkins\n    - Change 1d: -1.2%\n    - Distance from MA200: +0.5%\n    - Distance from MA50: -5.0%\n    - Volatility: 108%\n\n18. **IPO_CFD.UK** - IP Group\n    - Change 1d: -1.9%\n    - Distance from MA200: +10.2%\n    - Distance from MA50: -2.0%\n    - Volatility: 90%\n\n**Stocks to AVOID due to extreme volatility or data issues:**\n- HUBS_CFD.US: Volatility 7372% - extreme, likely data issue\n- IWG_CFD.UK: Volatility 8128% - extreme\n- COTY_CFD.US: Volatility 7661% - extreme\n- CABO_CFD.US: Volatility 9206% - extreme\n- ATG_CFD.UK: Volatility 2872% - very high\n- VXXB_CFD.ETF: This is a VIX product, not suitable for mean reversion strategy\n\n**Top 5 Mean Reversion Candidates (balancing deviation magnitude with reasonable volatility):**\n\n1. **PAGE_CFD.UK** - Pagegroup PLC\n   - Largest 1-day drop (-36.8%)\n   - Farthest from MA200 (-40.6%)\n   - High volatility but reasonable for the move\n   - Strong mean reversion candidate\n\n2. **CBG_CFD.UK** - Close Brothers Group\n   - Large 1-day drop (-26.6%)\n   - Significant deviation from MA50 (-22.1%)\n   - Reasonable volatility (169%)\n\n3. **OCDO_CFD.UK** - Ocado Group\n   - Large 1-day drop (-27.7%)\n   - Significant deviation from MA200 (-25.4%)\n   - High volatility (249%) but still tradable\n\n4. **HAS_CFD.UK** - Hays PLC\n   - Significant 1-day drop (-17.2%)\n   - Large deviation from MA200 (-26.5%)\n   - More moderate volatility (118%)\n\n5. **CRST_CFD.UK** - Crest Nicholson\n   - Moderate 1-day drop (-12.8%)\n   - Large deviation from MA200 (-28.2%)\n   - High volatility (237%) but significant mean reversion potential\n\nI'll calculate a mean reversion score based on:\n- Distance from MA200 (40% weight)\n- Distance from MA50 (30% weight)\n- 1-day change magnitude (20% weight)\n- Inverse volatility (10% weight, penalizing extreme volatility)\n\nLet me score these:\n\n**PAGE_CFD.UK:**\n- MA200 distance: 40.6% → score: 100\n- MA50 distance: 31.7% → score: 100\n- 1d change: 36.8% → score: 100\n- Volatility: 193% → score: ~50\n- Overall: ~88\n\n**CBG_CFD.UK:**\n- MA200 distance: 13.4% → score: ~33\n- MA50 distance: 22.1% → score: ~70\n- 1d change: 26.6% → score: ~72\n- Volatility: 169% → score: ~60\n- Overall: ~56\n\n**OCDO_CFD.UK:**\n- MA200 distance: 25.4% → score: ~63\n- MA50 distance: 16.5% → score: ~52\n- 1d change: 27.7% → score: ~75\n- Volatility: 249% → score: ~40\n- Overall: ~57\n\n**HAS_CFD.UK:**\n- MA200 distance: 26.5% → score: ~66\n- MA50 distance: 12.9% → score: ~41\n- 1d change: 17.2% → score: ~47\n- Volatility: 118% → score: ~85\n- Overall: ~58\n\n**CRST_CFD.UK:**\n- MA200 distance: 28.2% → score: ~70\n- MA50 distance: 15.8% → score: ~50\n- 1d change: 12.8% → score: ~35\n- Volatility: 237% → score: ~42\n- Overall: ~51\n\nWait, I should reconsider. Let me also consider THG_CFD.UK which has:\n- 1d change: -21.5% → score: ~58\n- MA50 distance: 18.7% → score: ~59\n- MA200 distance: +2.7% (not below, so not good for mean reversion)\n- Volatility: 151% → score: ~66\n- Overall: ~48 (but MA200 is positive, which is a negative signal)\n\nLet me also consider ESNT_CFD.UK:\n- 1d change: -10.6% → score: ~29\n- MA50 distance: 8.5% → score: ~27\n- MA200 distance: 10.7% → score: ~27\n- Volatility: 126% → score: ~80\n- Overall: ~36\n\nAnd BME_CFD.UK:\n- 1d change: -5.5% → score: ~15\n- MA50 distance: -5.6% (below) → score: ~18\n- MA200 distance: 13.2% (above) → not good\n- Volatility: 140% → score: ~71\n- Overall: ~22\n\nActually, let me reconsider the scoring. For mean reversion, we want stocks that are BELOW their moving averages. So:\n- Negative distance from MA200/MA50 is GOOD (indicates potential upside reversion)\n- Large negative 1-day change is GOOD (indicates oversold condition)\n\nLet me recalculate with this understanding:\n\n**PAGE_CFD.UK:**\n- MA200 distance: -40.6% → magnitude 40.6 → score: 100\n- MA50 distance: -31.7% → magnitude 31.7 → score: 100\n- 1d change: -36.8% → magnitude 36.8 → score: 100\n- Volatility: 193% → higher volatility is riskier, so lower score: ~50\n- Overall: (40+30+20)*100/90 + 10*0.5 = 77.8 + 5 = ~83\n\n**CBG_CFD.UK:**\n- MA200 distance: -13.4% → magnitude 13.4 → score: ~33\n- MA50 distance: -22.1% → magnitude 22.1 → score: ~70\n- 1d change: -26.6% → magnitude 26.6 → score: ~72\n- Volatility: 169% → score: ~60\n- Overall: (0.4*33 + 0.3*70 + 0.2*72) + 0.1*60 = (13.2 + 21 + 14.4) + 6 = 54.6\n\n**OCDO_CFD.UK:**\n- MA200 distance: -25.4% → magnitude 25.4 → score: ~63\n- MA50 distance: -16.5% → magnitude 16.5 → score: ~52\n- 1d change: -27.7% → magnitude 27.7 → score: ~75\n- Volatility: 249% → score: ~40\n- Overall: (0.4*63 + 0.3*52 + 0.2*75) + 0.1*40 = (25.2 + 15.6 + 15) + 4 = 59.8\n\n**HAS_CFD.UK:**\n- MA200 distance: -26.5% → magnitude 26.5 → score: ~66\n- MA50 distance: -12.9% → magnitude 12.9 → score: ~41\n- 1d change: -17.2% → magnitude 17.2 → score: ~47\n- Volatility: 118% → score: ~85\n- Overall: (0.4*66 + 0.3*41 + 0.2*47) + 0.1*85 = (26.4 + 12.3 + 9.4) + 8.5 = 56.6\n\n**CRST_CFD.UK:**\n- MA200 distance: -28.2% → magnitude 28.2 → score: ~70\n- MA50 distance: -15.8% → magnitude 15.8 → score: ~50\n- 1d change: -12.8% → magnitude 12.8 → score: ~35\n- Volatility: 237% → score: ~42\n- Overall: (0.4*70 + 0.3*50 + 0.2*35) + 0.1*42 = (28 + 15 + 7) + 4.2 = 54.2\n\n**THG_CFD.UK:**\n- MA200 distance: +2.7% → magnitude 2.7 (but positive, so not good for mean reversion) → score: ~7\n- MA50 distance: -18.7% → magnitude 18.7 → score: ~59\n- 1d change: -21.5% → magnitude 21.5 → score: ~58\n- Volatility: 151% → score: ~66\n- Overall: (0.4*7 + 0.3*59 + 0.2*58) + 0.1*66 = (2.8 + 17.7 + 11.6) + 6.6 = 38.7\n\n**ESNT_CFD.UK:**\n- MA200 distance: -10.7% → magnitude 10.7 → score: ~27\n- MA50 distance: -8.5% → magnitude 8.5 → score: ~27\n- 1d change: -10.6% → magnitude 10.6 → score: ~29\n- Volatility: 126% → score: ~80\n- Overall: (0.4*27 + 0.3*27 + 0.2*29) + 0.1*80 = (10.8 + 8.1 + 5.8) + 8 = 32.7\n\n**IWG_CFD.UK:**\n- MA200 distance: -19.9% → magnitude 19.9 → score: ~50\n- MA50 distance: -24.3% → magnitude 24.3 → score: ~77\n- 1d change: -2.7% → magnitude 2.7 → score: ~7\n- Volatility: 8128% → score: ~1 (extreme, avoid)\n- Overall: Would be low due to volatility\n\n**BME_CFD.UK:**\n- MA200 distance: -13.2% → magnitude 13.2 → score: ~33\n- MA50 distance: +5.6% → not below, so not good for mean reversion → score: ~0\n- 1d change: -5.5% → magnitude 5.5 → score: ~15\n- Volatility: 140% → score: ~71\n- Overall: (0.4*33 + 0.3*0 + 0.2*15) + 0.1*71 = (13.2 + 0 + 3) + 7.1 = 23.3\n\n**JDW_CFD.UK:**\n- MA200 distance: -5.7% → magnitude 5.7 → score: ~14\n- MA50 distance: -6.4% → magnitude 6.4 → score: ~20\n- 1d change: -3.0% → magnitude 3.0 → score: ~8\n- Volatility: 120% → score: ~83\n- Overall: (0.4*14 + 0.3*20 + 0.2*8) + 0.1*83 = (5.6 + 6 + 1.6) + 8.3 = 21.5\n\n**SHC_CFD.UK:**\n- MA200 distance: +0.3% → not below → score: ~1\n- MA50 distance: -0.",
          "reasoning_details": [
            {
              "text": "Let me analyze this task carefully:\n\n1. **Strategy**: Mean Reversion (Two-Stage LLM Mean-Reversion v1)\n2. **Target**: Short-term mean reversion in liquid equities (2-10 trading days)\n3. **Constraints**:\n   - Select exactly 5 candidates\n   - Avoid earnings within 5 trading days (none known in data)\n   - Avoid binary/event-driven moves (none known)\n   - Max 1 per sector (sectors unknown, so this constraint is effectively neutral)\n   - Max positions: 10, Max buys per run: 2\n\n4. **Universe**: EU region stocks (mostly UK CFDs)\n\nFor mean reversion, I need to identify stocks that have deviated significantly from their moving averages and are likely to revert. Key indicators:\n- Distance from MA200 and MA50 (negative distance = below average = potential buy for mean reversion)\n- Change 1d % (large negative changes = potential mean reversion candidates)\n- Volatility (should be reasonable - extremely high volatility might indicate issues)\n\nLet me rank the candidates by their mean reversion potential:\n\n**Candidates showing significant negative deviation from moving averages (potential mean reversion buys):**\n\n1. **PAGE_CFD.UK** - Pagegroup PLC\n   - Change 1d: -36.8% (huge drop)\n   - Distance from MA200: -40.6% (very far below)\n   - Distance from MA50: -31.7% (very far below)\n   - Volatility: 193% (high but manageable)\n   - This is a strong mean reversion candidate\n\n2. **CBG_CFD.UK** - Close Brothers Group\n   - Change 1d: -26.6%\n   - Distance from MA200: -13.4%\n   - Distance from MA50: -22.1%\n   - Volatility: 169%\n   - Good candidate\n\n3. **OCDO_CFD.UK** - Ocado Group\n   - Change 1d: -27.7%\n   - Distance from MA200: -25.4%\n   - Distance from MA50: -16.5%\n   - Volatility: 249% (very high)\n   - Potential candidate but high volatility\n\n4. **CRST_CFD.UK** - Crest Nicholson\n   - Change 1d: -12.8%\n   - Distance from MA200: -28.2%\n   - Distance from MA50: -15.8%\n   - Volatility: 237% (very high)\n\n5. **HAS_CFD.UK** - Hays PLC\n   - Change 1d: -17.2%\n   - Distance from MA200: -26.5%\n   - Distance from MA50: -12.9%\n   - Volatility: 118%\n\n6. **THG_CFD.UK** - THG PLC\n   - Change 1d: -21.5%\n   - Distance from MA200: +2.7% (actually above)\n   - Distance from MA50: -18.7%\n   - Volatility: 151%\n\n7. **IWG_CFD.UK** - IWG PLC\n   - Change 1d: -2.7%\n   - Distance from MA200: -19.9%\n   - Distance from MA50: -24.3%\n   - Volatility: 8128% (EXTREMELY high - likely data issue or very illiquid)\n\n8. **BME_CFD.UK** - B&M European Value Retail\n   - Change 1d: -5.5%\n   - Distance from MA200: -13.2%\n   - Distance from MA50: +5.6% (above)\n   - Volatility: 140%\n\n9. **ESNT_CFD.UK** - Essentra\n   - Change 1d: -10.6%\n   - Distance from MA200: -10.7%\n   - Distance from MA50: -8.5%\n   - Volatility: 126%\n\n10. **DOM_CFD.UK** - Domino's Pizza\n    - Change 1d: -0.3%\n    - Distance from MA200: -15.1%\n    - Distance from MA50: +1.1% (above)\n    - Volatility: 88%\n\n11. **JDW_CFD.UK** - J.D. Wetherspoon\n    - Change 1d: -3.0%\n    - Distance from MA200: -5.7%\n    - Distance from MA50: -6.4%\n    - Volatility: 120%\n\n12. **SHC_CFD.UK** - Shaftesbury Capital\n    - Change 1d: -2.9%\n    - Distance from MA200: +0.3% (near)\n    - Distance from MA50: -0.8% (near)\n    - Volatility: 64% (low)\n\n13. **PAG_CFD.UK** - Paragon Banking\n    - Change 1d: -3.4%\n    - Distance from MA200: -1.3%\n    - Distance from MA50: +0.7% (near)\n    - Volatility: 72% (low)\n\n14. **FGP_CFD.UK** - Firstgroup\n    - Change 1d: +1.3% (up)\n    - Distance from MA200: -4.0%\n    - Distance from MA50: +1.7%\n    - Volatility: 88%\n\n15. **SAFE_CFD.UK** - Safestore\n    - Change 1d: +0.1% (up)\n    - Distance from MA200: +7.1%\n    - Distance from MA50: -2.5%\n    - Volatility: 108%\n\n16. **RHIM_CFD.UK** - RHI Magnesita\n    - Change 1d: -6.8%\n    - Distance from MA200: -2.4%\n    - Distance from MA50: +0.9%\n    - Volatility: 151%\n\n17. **TPK_CFD.UK** - Travis Perkins\n    - Change 1d: -1.2%\n    - Distance from MA200: +0.5%\n    - Distance from MA50: -5.0%\n    - Volatility: 108%\n\n18. **IPO_CFD.UK** - IP Group\n    - Change 1d: -1.9%\n    - Distance from MA200: +10.2%\n    - Distance from MA50: -2.0%\n    - Volatility: 90%\n\n**Stocks to AVOID due to extreme volatility or data issues:**\n- HUBS_CFD.US: Volatility 7372% - extreme, likely data issue\n- IWG_CFD.UK: Volatility 8128% - extreme\n- COTY_CFD.US: Volatility 7661% - extreme\n- CABO_CFD.US: Volatility 9206% - extreme\n- ATG_CFD.UK: Volatility 2872% - very high\n- VXXB_CFD.ETF: This is a VIX product, not suitable for mean reversion strategy\n\n**Top 5 Mean Reversion Candidates (balancing deviation magnitude with reasonable volatility):**\n\n1. **PAGE_CFD.UK** - Pagegroup PLC\n   - Largest 1-day drop (-36.8%)\n   - Farthest from MA200 (-40.6%)\n   - High volatility but reasonable for the move\n   - Strong mean reversion candidate\n\n2. **CBG_CFD.UK** - Close Brothers Group\n   - Large 1-day drop (-26.6%)\n   - Significant deviation from MA50 (-22.1%)\n   - Reasonable volatility (169%)\n\n3. **OCDO_CFD.UK** - Ocado Group\n   - Large 1-day drop (-27.7%)\n   - Significant deviation from MA200 (-25.4%)\n   - High volatility (249%) but still tradable\n\n4. **HAS_CFD.UK** - Hays PLC\n   - Significant 1-day drop (-17.2%)\n   - Large deviation from MA200 (-26.5%)\n   - More moderate volatility (118%)\n\n5. **CRST_CFD.UK** - Crest Nicholson\n   - Moderate 1-day drop (-12.8%)\n   - Large deviation from MA200 (-28.2%)\n   - High volatility (237%) but significant mean reversion potential\n\nI'll calculate a mean reversion score based on:\n- Distance from MA200 (40% weight)\n- Distance from MA50 (30% weight)\n- 1-day change magnitude (20% weight)\n- Inverse volatility (10% weight, penalizing extreme volatility)\n\nLet me score these:\n\n**PAGE_CFD.UK:**\n- MA200 distance: 40.6% → score: 100\n- MA50 distance: 31.7% → score: 100\n- 1d change: 36.8% → score: 100\n- Volatility: 193% → score: ~50\n- Overall: ~88\n\n**CBG_CFD.UK:**\n- MA200 distance: 13.4% → score: ~33\n- MA50 distance: 22.1% → score: ~70\n- 1d change: 26.6% → score: ~72\n- Volatility: 169% → score: ~60\n- Overall: ~56\n\n**OCDO_CFD.UK:**\n- MA200 distance: 25.4% → score: ~63\n- MA50 distance: 16.5% → score: ~52\n- 1d change: 27.7% → score: ~75\n- Volatility: 249% → score: ~40\n- Overall: ~57\n\n**HAS_CFD.UK:**\n- MA200 distance: 26.5% → score: ~66\n- MA50 distance: 12.9% → score: ~41\n- 1d change: 17.2% → score: ~47\n- Volatility: 118% → score: ~85\n- Overall: ~58\n\n**CRST_CFD.UK:**\n- MA200 distance: 28.2% → score: ~70\n- MA50 distance: 15.8% → score: ~50\n- 1d change: 12.8% → score: ~35\n- Volatility: 237% → score: ~42\n- Overall: ~51\n\nWait, I should reconsider. Let me also consider THG_CFD.UK which has:\n- 1d change: -21.5% → score: ~58\n- MA50 distance: 18.7% → score: ~59\n- MA200 distance: +2.7% (not below, so not good for mean reversion)\n- Volatility: 151% → score: ~66\n- Overall: ~48 (but MA200 is positive, which is a negative signal)\n\nLet me also consider ESNT_CFD.UK:\n- 1d change: -10.6% → score: ~29\n- MA50 distance: 8.5% → score: ~27\n- MA200 distance: 10.7% → score: ~27\n- Volatility: 126% → score: ~80\n- Overall: ~36\n\nAnd BME_CFD.UK:\n- 1d change: -5.5% → score: ~15\n- MA50 distance: -5.6% (below) → score: ~18\n- MA200 distance: 13.2% (above) → not good\n- Volatility: 140% → score: ~71\n- Overall: ~22\n\nActually, let me reconsider the scoring. For mean reversion, we want stocks that are BELOW their moving averages. So:\n- Negative distance from MA200/MA50 is GOOD (indicates potential upside reversion)\n- Large negative 1-day change is GOOD (indicates oversold condition)\n\nLet me recalculate with this understanding:\n\n**PAGE_CFD.UK:**\n- MA200 distance: -40.6% → magnitude 40.6 → score: 100\n- MA50 distance: -31.7% → magnitude 31.7 → score: 100\n- 1d change: -36.8% → magnitude 36.8 → score: 100\n- Volatility: 193% → higher volatility is riskier, so lower score: ~50\n- Overall: (40+30+20)*100/90 + 10*0.5 = 77.8 + 5 = ~83\n\n**CBG_CFD.UK:**\n- MA200 distance: -13.4% → magnitude 13.4 → score: ~33\n- MA50 distance: -22.1% → magnitude 22.1 → score: ~70\n- 1d change: -26.6% → magnitude 26.6 → score: ~72\n- Volatility: 169% → score: ~60\n- Overall: (0.4*33 + 0.3*70 + 0.2*72) + 0.1*60 = (13.2 + 21 + 14.4) + 6 = 54.6\n\n**OCDO_CFD.UK:**\n- MA200 distance: -25.4% → magnitude 25.4 → score: ~63\n- MA50 distance: -16.5% → magnitude 16.5 → score: ~52\n- 1d change: -27.7% → magnitude 27.7 → score: ~75\n- Volatility: 249% → score: ~40\n- Overall: (0.4*63 + 0.3*52 + 0.2*75) + 0.1*40 = (25.2 + 15.6 + 15) + 4 = 59.8\n\n**HAS_CFD.UK:**\n- MA200 distance: -26.5% → magnitude 26.5 → score: ~66\n- MA50 distance: -12.9% → magnitude 12.9 → score: ~41\n- 1d change: -17.2% → magnitude 17.2 → score: ~47\n- Volatility: 118% → score: ~85\n- Overall: (0.4*66 + 0.3*41 + 0.2*47) + 0.1*85 = (26.4 + 12.3 + 9.4) + 8.5 = 56.6\n\n**CRST_CFD.UK:**\n- MA200 distance: -28.2% → magnitude 28.2 → score: ~70\n- MA50 distance: -15.8% → magnitude 15.8 → score: ~50\n- 1d change: -12.8% → magnitude 12.8 → score: ~35\n- Volatility: 237% → score: ~42\n- Overall: (0.4*70 + 0.3*50 + 0.2*35) + 0.1*42 = (28 + 15 + 7) + 4.2 = 54.2\n\n**THG_CFD.UK:**\n- MA200 distance: +2.7% → magnitude 2.7 (but positive, so not good for mean reversion) → score: ~7\n- MA50 distance: -18.7% → magnitude 18.7 → score: ~59\n- 1d change: -21.5% → magnitude 21.5 → score: ~58\n- Volatility: 151% → score: ~66\n- Overall: (0.4*7 + 0.3*59 + 0.2*58) + 0.1*66 = (2.8 + 17.7 + 11.6) + 6.6 = 38.7\n\n**ESNT_CFD.UK:**\n- MA200 distance: -10.7% → magnitude 10.7 → score: ~27\n- MA50 distance: -8.5% → magnitude 8.5 → score: ~27\n- 1d change: -10.6% → magnitude 10.6 → score: ~29\n- Volatility: 126% → score: ~80\n- Overall: (0.4*27 + 0.3*27 + 0.2*29) + 0.1*80 = (10.8 + 8.1 + 5.8) + 8 = 32.7\n\n**IWG_CFD.UK:**\n- MA200 distance: -19.9% → magnitude 19.9 → score: ~50\n- MA50 distance: -24.3% → magnitude 24.3 → score: ~77\n- 1d change: -2.7% → magnitude 2.7 → score: ~7\n- Volatility: 8128% → score: ~1 (extreme, avoid)\n- Overall: Would be low due to volatility\n\n**BME_CFD.UK:**\n- MA200 distance: -13.2% → magnitude 13.2 → score: ~33\n- MA50 distance: +5.6% → not below, so not good for mean reversion → score: ~0\n- 1d change: -5.5% → magnitude 5.5 → score: ~15\n- Volatility: 140% → score: ~71\n- Overall: (0.4*33 + 0.3*0 + 0.2*15) + 0.1*71 = (13.2 + 0 + 3) + 7.1 = 23.3\n\n**JDW_CFD.UK:**\n- MA200 distance: -5.7% → magnitude 5.7 → score: ~14\n- MA50 distance: -6.4% → magnitude 6.4 → score: ~20\n- 1d change: -3.0% → magnitude 3.0 → score: ~8\n- Volatility: 120% → score: ~83\n- Overall: (0.4*14 + 0.3*20 + 0.2*8) + 0.1*83 = (5.6 + 6 + 1.6) + 8.3 = 21.5\n\n**SHC_CFD.UK:**\n- MA200 distance: +0.3% → not below → score: ~1\n- MA50 distance: -0.",
              "type": "reasoning.text",
              "index": 0,
              "format": "unknown"
            }
          ]
        },
        "logprobs": null,
        "finish_reason": "length",
        "native_finish_reason": "length"
      }
    ],
    "created": 1775648677,
    "provider": "Nebius",
    "system_fingerprint": null
  }
}

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": "ABF_CFD.UK", "qty": 0.0, "avg_price": 1868.5, "last_price": 1849.5, "unrealized_pnl": 0.0, "opened_at": "2026-03-06T18:02:13.212382+00:00"}, {"symbol": "AEO_CFD.US", "qty": 0.0, "avg_price": 22.265, "last_price": 18.64, "unrealized_pnl": 0.0, "opened_at": "2026-03-03T21:11:27.888829+00:00"}, {"symbol": "AGFB_CFD.BE", "qty": 0.0, "avg_price": 0.465, "last_price": 0.452, "unrealized_pnl": 0.0, "opened_at": "2026-03-03T21:11:27.888829+00:00"}, {"symbol": "AML_CFD.UK", "qty": 0.0, "avg_price": 36.92, "last_price": 36.04, "unrealized_pnl": 0.0, "opened_at": "2026-03-04T10:26:53.527562+00:00"}, {"symbol": "ATG_CFD.UK", "qty": 0.0, "avg_price": 296.0, "last_price": 326.5, "unrealized_pnl": 0.0, "opened_at": "2026-03-04T18:49:26.891792+00:00"}, {"symbol": "ATO_CFD.FR", "qty": 0.0, "avg_price": 40.34, "last_price": 39.505, "unrealized_pnl": 0.0, "opened_at": "2026-02-25T10:57:06.928276+00:00"}, {"symbol": "AUTO_CFD.UK", "qty": 18.64125932062966, "avg_price": 482.79999999999995, "last_price": 482.8, "unrealized_pnl": 1.0596329116554933e-12, "opened_at": "2026-03-19T18:04:14.272849+00:00"}, {"symbol": "BIG_CFD.FR", "qty": 0.0, "avg_price": 0.453, "last_price": 0.296, "unrealized_pnl": 0.0, "opened_at": "2026-02-22T09:32:59.506254+00:00"}, {"symbol": "BTRW_CFD.UK", "qty": 0.0, "avg_price": 250.8, "last_price": 272.44, "unrealized_pnl": 0.0, "opened_at": "2026-03-23T18:04:09.108429+00:00"}, {"symbol": "BYIT_CFD.UK", "qty": 20.505809979494188, "avg_price": 292.6, "last_price": 289.6, "unrealized_pnl": -61.517429938482564, "opened_at": "2026-02-16T09:30:55.514112+00:00"}, {"symbol": "CBG_CFD.UK", "qty": 0.0, "avg_price": 342.91999999999996, "last_price": 342.92, "unrealized_pnl": 0.0, "opened_at": "2026-03-13T18:17:31.188931+00:00"}, {"symbol": "CCL_CFD.UK", "qty": 0.0, "avg_price": 1945.9999999999998, "last_price": 1989.0, "unrealized_pnl": 0.0, "opened_at": "2026-03-06T18:02:13.212382+00:00"}, {"symbol": "CRST_CFD.UK", "qty": 0.0, "avg_price": 118.83, "last_price": 118.83, "unrealized_pnl": 0.0, "opened_at": "2026-03-23T10:03:51.599067+00:00"}, {"symbol": "CRWD_CFD.US", "qty": 0.0, "avg_price": 349.265, "last_price": 365.38, "unrealized_pnl": 0.0, "opened_at": "2026-02-24T18:14:37.115518+00:00"}, {"symbol": "DKNG_CFD.US", "qty": 0.0, "avg_price": 25.28, "last_price": 24.91, "unrealized_pnl": 0.0, "opened_at": "2026-03-05T18:20:59.102726+00:00"}, {"symbol": "DSY_CFD.FR", "qty": 0.0, "avg_price": 17.881, "last_price": 17.133, "unrealized_pnl": 0.0, "opened_at": "2026-02-16T09:30:55.514112+00:00"}, {"symbol": "DT_CFD.US", "qty": 0.0, "avg_price": 34.105000000000004, "last_price": 35.864999999999995, "unrealized_pnl": 0.0, "opened_at": "2026-02-24T18:14:37.115518+00:00"}, {"symbol": "ERA_CFD.FR", "qty": 0.0, "avg_price": 47.4, "last_price": 48.88, "unrealized_pnl": 0.0, "opened_at": "2026-02-19T17:33:27.020111+00:00"}, {"symbol": "FUTR_CFD.UK", "qty": 0.0, "avg_price": 284.2, "last_price": 297.6, "unrealized_pnl": 0.0, "opened_at": "2026-02-19T00:47:27.070066+00:00"}, {"symbol": "GO_CFD.US", "qty": 0.0, "avg_price": 6.53, "last_price": 6.34, "unrealized_pnl": -87.28943338437996, "opened_at": "2026-03-05T18:20:59.102726+00:00"}, {"symbol": "HAIN_CFD.US", "qty": 0.0, "avg_price": 0.63, "last_price": 0.6, "unrealized_pnl": 0.0, "opened_at": "2026-03-20T18:25:08.105367+00:00"}, {"symbol": "HIK_CFD.UK", "qty": 0.0, "avg_price": 1409.0, "last_price": 1244.0, "unrealized_pnl": 0.0, "opened_at": "2026-02-26T10:33:24.101894+00:00"}, {"symbol": "HYQ_CFD.DE", "qty": 0.0, "avg_price": 82.3, "last_price": 77.3, "unrealized_pnl": 0.0, "opened_at": "2026-03-19T10:09:24.325041+00:00"}, {"symbol": "ICG_CFD.UK", "qty": 2.0053475935828877, "avg_price": 1496.0, "last_price": 1496.0, "unrealized_pnl": 0.0, "opened_at": "2026-03-31T17:54:15.044829+00:00"}, {"symbol": "IHG_CFD.UK", "qty": 23.032629558541267, "avg_price": 130.25, "last_price": 139.75, "unrealized_pnl": 218.80998080614202, "opened_at": "2026-04-02T18:04:13.492519+00:00"}, {"symbol": "INF_CFD.UK", "qty": 0.0, "avg_price": 795.2, "last_price": 785.85, "unrealized_pnl": 0.0, "opened_at": "2026-03-02T18:21:09.503139+00:00"}, {"symbol": "IWG_CFD.UK", "qty": 34.84320557491289, "avg_price": 172.2, "last_price": 172.2, "unrealized_pnl": 0.0, "opened_at": "2026-03-28T18:06:26.607078+00:00"}, {"symbol": "LIO_CFD.UK", "qty": 0.0, "avg_price": 250.0, "last_price": 250.0, "unrealized_pnl": 0.0, "opened_at": "2026-02-26T10:33:24.101894+00:00"}, {"symbol": "LMND_CFD.US", "qty": 0.0, "avg_price": 48.96, "last_price": 52.07, "unrealized_pnl": 0.0, "opened_at": "2026-02-24T11:23:36.694156+00:00"}, {"symbol": "LMP_CFD.UK", "qty": 0.0, "avg_price": 181.3, "last_price": 181.3, "unrealized_pnl": 0.0, "opened_at": "2026-03-23T10:03:51.599067+00:00"}, {"symbol": "LPE_CFD.FR", "qty": 0.0, "avg_price": 88.414, "last_price": 86.679, "unrealized_pnl": 0.0, "opened_at": "2026-03-02T18:21:09.503139+00:00"}, {"symbol": "LXS_CFD.DE", "qty": 0.0, "avg_price": 13.14, "last_price": 13.24, "unrealized_pnl": 0.0, "opened_at": "2026-03-06T10:33:43.857578+00:00"}, {"symbol": "MAN_CFD.US", "qty": 0.0, "avg_price": 25.68, "last_price": 27.94, "unrealized_pnl": 0.0, "opened_at": "2026-02-25T10:57:06.928276+00:00"}, {"symbol": "MCG_CFD.UK", "qty": 0.0, "avg_price": 17.39, "last_price": 19.28, "unrealized_pnl": 0.0, "opened_at": "2026-03-31T10:31:52.715854+00:00"}, {"symbol": "MDB_CFD.US", "qty": 0.0, "avg_price": 252.01, "last_price": 263.69, "unrealized_pnl": 0.0, "opened_at": "2026-03-04T10:26:53.527562+00:00"}, {"symbol": "OCDO_CFD.UK", "qty": 0.0, "avg_price": 204.3, "last_price": 204.3, "unrealized_pnl": 0.0, "opened_at": "2026-02-22T09:32:59.506254+00:00"}, {"symbol": "PAGE_CFD.UK", "qty": 67.72009029345372, "avg_price": 132.9, "last_price": 132.9, "unrealized_pnl": 0.0, "opened_at": "2026-03-06T10:33:43.857578+00:00"}, {"symbol": "PBB_CFD.DE", "qty": 0.0, "avg_price": 2.826, "last_price": 2.7640000000000002, "unrealized_pnl": 0.0, "opened_at": "2026-03-19T10:09:24.325041+00:00"}, {"symbol": "PROX_CFD.BE", "qty": 0.0, "avg_price": 6.98, "last_price": 7.3, "unrealized_pnl": 0.0, "opened_at": "2026-03-01T10:30:13.622938+00:00"}, {"symbol": "RCO_CFD.FR", "qty": 0.0, "avg_price": 44.34, "last_price": 43.58, "unrealized_pnl": 0.0, "opened_at": "2026-02-23T10:32:09.961595+00:00"}, {"symbol": "RIVN_CFD.US", "qty": 0.0, "avg_price": 15.62, "last_price": 15.1, "unrealized_pnl": 0.0, "opened_at": "2026-03-12T18:01:52.554929+00:00"}, {"symbol": "RMV_CFD.UK", "qty": 0.0, "avg_price": 424.3, "last_price": 417.16, "unrealized_pnl": 0.0, "opened_at": "2026-02-19T00:47:27.070066+00:00"}, {"symbol": "RSW_CFD.UK", "qty": 0.0, "avg_price": 3790.0000000000005, "last_price": 3790.0, "unrealized_pnl": 0.0, "opened_at": "2026-03-12T18:01:52.554929+00:00"}, {"symbol": "SGRO_CFD.UK", "qty": 0.0, "avg_price": 789.8, "last_price": 735.4, "unrealized_pnl": 0.0, "opened_at": "2026-03-08T18:08:31.007911+00:00"}, {"symbol": "SYNT_CFD.UK", "qty": 0.0, "avg_price": 27.2, "last_price": 34.9, "unrealized_pnl": 0.0, "opened_at": "2026-03-21T10:00:02.317290+00:00"}, {"symbol": "TCAP_CFD.UK", "qty": 0.0, "avg_price": 247.99999999999997, "last_price": 255.5, "unrealized_pnl": 0.0, "opened_at": "2026-03-04T18:49:26.891792+00:00"}, {"symbol": "TRN_CFD.UK", "qty": 0.0, "avg_price": 184.5, "last_price": 204.2, "unrealized_pnl": 0.0, "opened_at": "2026-03-08T18:08:31.007911+00:00"}, {"symbol": "TRST_CFD.UK", "qty": 0.0, "avg_price": 151.8, "last_price": 224.82, "unrealized_pnl": 0.0, "opened_at": "2026-02-19T09:33:49.074031+00:00"}, {"symbol": "UKW_CFD.UK", "qty": 0.0, "avg_price": 92.35, "last_price": 94.79, "unrealized_pnl": 0.0, "opened_at": "2026-02-25T17:57:28.313088+00:00"}, {"symbol": "UTG_CFD.UK", "qty": 0.0, "avg_price": 461.2, "last_price": 461.2, "unrealized_pnl": 0.0, "opened_at": "2026-03-10T18:24:41.570614+00:00"}, {"symbol": "VIRI_CFD.FR", "qty": 24.23263327948304, "avg_price": 123.79999999999998, "last_price": 123.8, "unrealized_pnl": 3.4436643090150254e-13, "opened_at": "2026-04-07T10:08:43.931517+00:00"}, {"symbol": "VTY_CFD.UK", "qty": 0.0, "avg_price": 385.0, "last_price": 354.1, "unrealized_pnl": 0.0, "opened_at": "2026-03-10T18:24:41.570614+00:00"}, {"symbol": "WIZZ_CFD.UK", "qty": 0.0, "avg_price": 908.5, "last_price": 878.0, "unrealized_pnl": 0.0, "opened_at": "2026-03-03T10:20:03.276878+00:00"}, {"symbol": "WPP_CFD.UK", "qty": 0.0, "avg_price": 263.4, "last_price": 257.0, "unrealized_pnl": 0.0, "opened_at": "2026-02-27T18:23:55.960577+00:00"}, {"symbol": "WTB_CFD.UK", "qty": 0.0, "avg_price": 2345.0, "last_price": 2308.0, "unrealized_pnl": 0.0, "opened_at": "2026-03-13T18:17:31.188931+00:00"}], "candidates": [], "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": [],
    "hold": [
      {
        "reason": "Price at cost basis (482.8). No clear mean reversion signal - holding existing position.",
        "symbol": "AUTO_CFD.UK"
      },
      {
        "reason": "Price at cost basis (1496.0). No clear mean reversion signal - holding existing position.",
        "symbol": "ICG_CFD.UK"
      },
      {
        "reason": "Price above cost basis (139.75 vs 130.25) with +218.81 unrealized PnL. Profitable position - holding for potential further gains or mean reversion exit.",
        "symbol": "IHG_CFD.UK"
      },
      {
        "reason": "Price at cost basis (172.2). No clear mean reversion signal - holding existing position.",
        "symbol": "IWG_CFD.UK"
      },
      {
        "reason": "Price at cost basis (132.9). No clear mean reversion signal - holding existing position.",
        "symbol": "PAGE_CFD.UK"
      },
      {
        "reason": "Price at cost basis (123.8). No clear mean reversion signal - holding existing position.",
        "symbol": "VIRI_CFD.FR"
      }
    ],
    "sell": [
      {
        "reason": "Mean reversion sell: Price (289.6) is 1.0% below cost basis (292.6) with -61.52 unrealized PnL. Closing losing position to free capital for better opportunities.",
        "symbol": "BYIT_CFD.UK"
      }
    ]
  },
  "portfolio_rationale": "Single sell action executed on BYIT_CFD.UK to realize -61.52 loss and free capital. This position showed continued weakness with price below cost basis. No buy opportunities identified - candidates list is empty and no symbols show compelling mean reversion setups with sufficient upside potential. Existing profitable position (IHG_CFD.UK) held for continued mean reversion upside. Portfolio maintains 6 active positions with 3,000 capital available for future opportunities. Following overtrading rules by limiting to 1 sell action when only 1 clear opportunity exists."
}

{
  "raw": {
    "id": "gen-1775648677-0pgVIECjEdcOBIrAgkch",
    "model": "minimax/minimax-m2.1",
    "usage": {
      "cost": 0.0066846,
      "is_byok": false,
      "cost_details": {
        "upstream_inference_cost": 0.0066846,
        "upstream_inference_prompt_cost": 0.0018846,
        "upstream_inference_completions_cost": 0.0048
      },
      "total_tokens": 10282,
      "prompt_tokens": 6282,
      "completion_tokens": 4000,
      "prompt_tokens_details": {
        "audio_tokens": 0,
        "video_tokens": 0,
        "cached_tokens": 0,
        "cache_write_tokens": 0
      },
      "completion_tokens_details": {
        "audio_tokens": 0,
        "image_tokens": 0,
        "reasoning_tokens": 2926
      }
    },
    "object": "chat.completion",
    "choices": [
      {
        "index": 0,
        "message": {
          "role": "assistant",
          "content": null,
          "refusal": null,
          "reasoning": "Let me analyze this task carefully:\n\n1. **Strategy**: Mean Reversion (Two-Stage LLM Mean-Reversion v1)\n2. **Target**: Short-term mean reversion in liquid equities (2-10 trading days)\n3. **Constraints**:\n   - Select exactly 5 candidates\n   - Avoid earnings within 5 trading days (none known in data)\n   - Avoid binary/event-driven moves (none known)\n   - Max 1 per sector (sectors unknown, so this constraint is effectively neutral)\n   - Max positions: 10, Max buys per run: 2\n\n4. **Universe**: EU region stocks (mostly UK CFDs)\n\nFor mean reversion, I need to identify stocks that have deviated significantly from their moving averages and are likely to revert. Key indicators:\n- Distance from MA200 and MA50 (negative distance = below average = potential buy for mean reversion)\n- Change 1d % (large negative changes = potential mean reversion candidates)\n- Volatility (should be reasonable - extremely high volatility might indicate issues)\n\nLet me rank the candidates by their mean reversion potential:\n\n**Candidates showing significant negative deviation from moving averages (potential mean reversion buys):**\n\n1. **PAGE_CFD.UK** - Pagegroup PLC\n   - Change 1d: -36.8% (huge drop)\n   - Distance from MA200: -40.6% (very far below)\n   - Distance from MA50: -31.7% (very far below)\n   - Volatility: 193% (high but manageable)\n   - This is a strong mean reversion candidate\n\n2. **CBG_CFD.UK** - Close Brothers Group\n   - Change 1d: -26.6%\n   - Distance from MA200: -13.4%\n   - Distance from MA50: -22.1%\n   - Volatility: 169%\n   - Good candidate\n\n3. **OCDO_CFD.UK** - Ocado Group\n   - Change 1d: -27.7%\n   - Distance from MA200: -25.4%\n   - Distance from MA50: -16.5%\n   - Volatility: 249% (very high)\n   - Potential candidate but high volatility\n\n4. **CRST_CFD.UK** - Crest Nicholson\n   - Change 1d: -12.8%\n   - Distance from MA200: -28.2%\n   - Distance from MA50: -15.8%\n   - Volatility: 237% (very high)\n\n5. **HAS_CFD.UK** - Hays PLC\n   - Change 1d: -17.2%\n   - Distance from MA200: -26.5%\n   - Distance from MA50: -12.9%\n   - Volatility: 118%\n\n6. **THG_CFD.UK** - THG PLC\n   - Change 1d: -21.5%\n   - Distance from MA200: +2.7% (actually above)\n   - Distance from MA50: -18.7%\n   - Volatility: 151%\n\n7. **IWG_CFD.UK** - IWG PLC\n   - Change 1d: -2.7%\n   - Distance from MA200: -19.9%\n   - Distance from MA50: -24.3%\n   - Volatility: 8128% (EXTREMELY high - likely data issue or very illiquid)\n\n8. **BME_CFD.UK** - B&M European Value Retail\n   - Change 1d: -5.5%\n   - Distance from MA200: -13.2%\n   - Distance from MA50: +5.6% (above)\n   - Volatility: 140%\n\n9. **ESNT_CFD.UK** - Essentra\n   - Change 1d: -10.6%\n   - Distance from MA200: -10.7%\n   - Distance from MA50: -8.5%\n   - Volatility: 126%\n\n10. **DOM_CFD.UK** - Domino's Pizza\n    - Change 1d: -0.3%\n    - Distance from MA200: -15.1%\n    - Distance from MA50: +1.1% (above)\n    - Volatility: 88%\n\n11. **JDW_CFD.UK** - J.D. Wetherspoon\n    - Change 1d: -3.0%\n    - Distance from MA200: -5.7%\n    - Distance from MA50: -6.4%\n    - Volatility: 120%\n\n12. **SHC_CFD.UK** - Shaftesbury Capital\n    - Change 1d: -2.9%\n    - Distance from MA200: +0.3% (near)\n    - Distance from MA50: -0.8% (near)\n    - Volatility: 64% (low)\n\n13. **PAG_CFD.UK** - Paragon Banking\n    - Change 1d: -3.4%\n    - Distance from MA200: -1.3%\n    - Distance from MA50: +0.7% (near)\n    - Volatility: 72% (low)\n\n14. **FGP_CFD.UK** - Firstgroup\n    - Change 1d: +1.3% (up)\n    - Distance from MA200: -4.0%\n    - Distance from MA50: +1.7%\n    - Volatility: 88%\n\n15. **SAFE_CFD.UK** - Safestore\n    - Change 1d: +0.1% (up)\n    - Distance from MA200: +7.1%\n    - Distance from MA50: -2.5%\n    - Volatility: 108%\n\n16. **RHIM_CFD.UK** - RHI Magnesita\n    - Change 1d: -6.8%\n    - Distance from MA200: -2.4%\n    - Distance from MA50: +0.9%\n    - Volatility: 151%\n\n17. **TPK_CFD.UK** - Travis Perkins\n    - Change 1d: -1.2%\n    - Distance from MA200: +0.5%\n    - Distance from MA50: -5.0%\n    - Volatility: 108%\n\n18. **IPO_CFD.UK** - IP Group\n    - Change 1d: -1.9%\n    - Distance from MA200: +10.2%\n    - Distance from MA50: -2.0%\n    - Volatility: 90%\n\n**Stocks to AVOID due to extreme volatility or data issues:**\n- HUBS_CFD.US: Volatility 7372% - extreme, likely data issue\n- IWG_CFD.UK: Volatility 8128% - extreme\n- COTY_CFD.US: Volatility 7661% - extreme\n- CABO_CFD.US: Volatility 9206% - extreme\n- ATG_CFD.UK: Volatility 2872% - very high\n- VXXB_CFD.ETF: This is a VIX product, not suitable for mean reversion strategy\n\n**Top 5 Mean Reversion Candidates (balancing deviation magnitude with reasonable volatility):**\n\n1. **PAGE_CFD.UK** - Pagegroup PLC\n   - Largest 1-day drop (-36.8%)\n   - Farthest from MA200 (-40.6%)\n   - High volatility but reasonable for the move\n   - Strong mean reversion candidate\n\n2. **CBG_CFD.UK** - Close Brothers Group\n   - Large 1-day drop (-26.6%)\n   - Significant deviation from MA50 (-22.1%)\n   - Reasonable volatility (169%)\n\n3. **OCDO_CFD.UK** - Ocado Group\n   - Large 1-day drop (-27.7%)\n   - Significant deviation from MA200 (-25.4%)\n   - High volatility (249%) but still tradable\n\n4. **HAS_CFD.UK** - Hays PLC\n   - Significant 1-day drop (-17.2%)\n   - Large deviation from MA200 (-26.5%)\n   - More moderate volatility (118%)\n\n5. **CRST_CFD.UK** - Crest Nicholson\n   - Moderate 1-day drop (-12.8%)\n   - Large deviation from MA200 (-28.2%)\n   - High volatility (237%) but significant mean reversion potential\n\nI'll calculate a mean reversion score based on:\n- Distance from MA200 (40% weight)\n- Distance from MA50 (30% weight)\n- 1-day change magnitude (20% weight)\n- Inverse volatility (10% weight, penalizing extreme volatility)\n\nLet me score these:\n\n**PAGE_CFD.UK:**\n- MA200 distance: 40.6% → score: 100\n- MA50 distance: 31.7% → score: 100\n- 1d change: 36.8% → score: 100\n- Volatility: 193% → score: ~50\n- Overall: ~88\n\n**CBG_CFD.UK:**\n- MA200 distance: 13.4% → score: ~33\n- MA50 distance: 22.1% → score: ~70\n- 1d change: 26.6% → score: ~72\n- Volatility: 169% → score: ~60\n- Overall: ~56\n\n**OCDO_CFD.UK:**\n- MA200 distance: 25.4% → score: ~63\n- MA50 distance: 16.5% → score: ~52\n- 1d change: 27.7% → score: ~75\n- Volatility: 249% → score: ~40\n- Overall: ~57\n\n**HAS_CFD.UK:**\n- MA200 distance: 26.5% → score: ~66\n- MA50 distance: 12.9% → score: ~41\n- 1d change: 17.2% → score: ~47\n- Volatility: 118% → score: ~85\n- Overall: ~58\n\n**CRST_CFD.UK:**\n- MA200 distance: 28.2% → score: ~70\n- MA50 distance: 15.8% → score: ~50\n- 1d change: 12.8% → score: ~35\n- Volatility: 237% → score: ~42\n- Overall: ~51\n\nWait, I should reconsider. Let me also consider THG_CFD.UK which has:\n- 1d change: -21.5% → score: ~58\n- MA50 distance: 18.7% → score: ~59\n- MA200 distance: +2.7% (not below, so not good for mean reversion)\n- Volatility: 151% → score: ~66\n- Overall: ~48 (but MA200 is positive, which is a negative signal)\n\nLet me also consider ESNT_CFD.UK:\n- 1d change: -10.6% → score: ~29\n- MA50 distance: 8.5% → score: ~27\n- MA200 distance: 10.7% → score: ~27\n- Volatility: 126% → score: ~80\n- Overall: ~36\n\nAnd BME_CFD.UK:\n- 1d change: -5.5% → score: ~15\n- MA50 distance: -5.6% (below) → score: ~18\n- MA200 distance: 13.2% (above) → not good\n- Volatility: 140% → score: ~71\n- Overall: ~22\n\nActually, let me reconsider the scoring. For mean reversion, we want stocks that are BELOW their moving averages. So:\n- Negative distance from MA200/MA50 is GOOD (indicates potential upside reversion)\n- Large negative 1-day change is GOOD (indicates oversold condition)\n\nLet me recalculate with this understanding:\n\n**PAGE_CFD.UK:**\n- MA200 distance: -40.6% → magnitude 40.6 → score: 100\n- MA50 distance: -31.7% → magnitude 31.7 → score: 100\n- 1d change: -36.8% → magnitude 36.8 → score: 100\n- Volatility: 193% → higher volatility is riskier, so lower score: ~50\n- Overall: (40+30+20)*100/90 + 10*0.5 = 77.8 + 5 = ~83\n\n**CBG_CFD.UK:**\n- MA200 distance: -13.4% → magnitude 13.4 → score: ~33\n- MA50 distance: -22.1% → magnitude 22.1 → score: ~70\n- 1d change: -26.6% → magnitude 26.6 → score: ~72\n- Volatility: 169% → score: ~60\n- Overall: (0.4*33 + 0.3*70 + 0.2*72) + 0.1*60 = (13.2 + 21 + 14.4) + 6 = 54.6\n\n**OCDO_CFD.UK:**\n- MA200 distance: -25.4% → magnitude 25.4 → score: ~63\n- MA50 distance: -16.5% → magnitude 16.5 → score: ~52\n- 1d change: -27.7% → magnitude 27.7 → score: ~75\n- Volatility: 249% → score: ~40\n- Overall: (0.4*63 + 0.3*52 + 0.2*75) + 0.1*40 = (25.2 + 15.6 + 15) + 4 = 59.8\n\n**HAS_CFD.UK:**\n- MA200 distance: -26.5% → magnitude 26.5 → score: ~66\n- MA50 distance: -12.9% → magnitude 12.9 → score: ~41\n- 1d change: -17.2% → magnitude 17.2 → score: ~47\n- Volatility: 118% → score: ~85\n- Overall: (0.4*66 + 0.3*41 + 0.2*47) + 0.1*85 = (26.4 + 12.3 + 9.4) + 8.5 = 56.6\n\n**CRST_CFD.UK:**\n- MA200 distance: -28.2% → magnitude 28.2 → score: ~70\n- MA50 distance: -15.8% → magnitude 15.8 → score: ~50\n- 1d change: -12.8% → magnitude 12.8 → score: ~35\n- Volatility: 237% → score: ~42\n- Overall: (0.4*70 + 0.3*50 + 0.2*35) + 0.1*42 = (28 + 15 + 7) + 4.2 = 54.2\n\n**THG_CFD.UK:**\n- MA200 distance: +2.7% → magnitude 2.7 (but positive, so not good for mean reversion) → score: ~7\n- MA50 distance: -18.7% → magnitude 18.7 → score: ~59\n- 1d change: -21.5% → magnitude 21.5 → score: ~58\n- Volatility: 151% → score: ~66\n- Overall: (0.4*7 + 0.3*59 + 0.2*58) + 0.1*66 = (2.8 + 17.7 + 11.6) + 6.6 = 38.7\n\n**ESNT_CFD.UK:**\n- MA200 distance: -10.7% → magnitude 10.7 → score: ~27\n- MA50 distance: -8.5% → magnitude 8.5 → score: ~27\n- 1d change: -10.6% → magnitude 10.6 → score: ~29\n- Volatility: 126% → score: ~80\n- Overall: (0.4*27 + 0.3*27 + 0.2*29) + 0.1*80 = (10.8 + 8.1 + 5.8) + 8 = 32.7\n\n**IWG_CFD.UK:**\n- MA200 distance: -19.9% → magnitude 19.9 → score: ~50\n- MA50 distance: -24.3% → magnitude 24.3 → score: ~77\n- 1d change: -2.7% → magnitude 2.7 → score: ~7\n- Volatility: 8128% → score: ~1 (extreme, avoid)\n- Overall: Would be low due to volatility\n\n**BME_CFD.UK:**\n- MA200 distance: -13.2% → magnitude 13.2 → score: ~33\n- MA50 distance: +5.6% → not below, so not good for mean reversion → score: ~0\n- 1d change: -5.5% → magnitude 5.5 → score: ~15\n- Volatility: 140% → score: ~71\n- Overall: (0.4*33 + 0.3*0 + 0.2*15) + 0.1*71 = (13.2 + 0 + 3) + 7.1 = 23.3\n\n**JDW_CFD.UK:**\n- MA200 distance: -5.7% → magnitude 5.7 → score: ~14\n- MA50 distance: -6.4% → magnitude 6.4 → score: ~20\n- 1d change: -3.0% → magnitude 3.0 → score: ~8\n- Volatility: 120% → score: ~83\n- Overall: (0.4*14 + 0.3*20 + 0.2*8) + 0.1*83 = (5.6 + 6 + 1.6) + 8.3 = 21.5\n\n**SHC_CFD.UK:**\n- MA200 distance: +0.3% → not below → score: ~1\n- MA50 distance: -0.",
          "reasoning_details": [
            {
              "text": "Let me analyze this task carefully:\n\n1. **Strategy**: Mean Reversion (Two-Stage LLM Mean-Reversion v1)\n2. **Target**: Short-term mean reversion in liquid equities (2-10 trading days)\n3. **Constraints**:\n   - Select exactly 5 candidates\n   - Avoid earnings within 5 trading days (none known in data)\n   - Avoid binary/event-driven moves (none known)\n   - Max 1 per sector (sectors unknown, so this constraint is effectively neutral)\n   - Max positions: 10, Max buys per run: 2\n\n4. **Universe**: EU region stocks (mostly UK CFDs)\n\nFor mean reversion, I need to identify stocks that have deviated significantly from their moving averages and are likely to revert. Key indicators:\n- Distance from MA200 and MA50 (negative distance = below average = potential buy for mean reversion)\n- Change 1d % (large negative changes = potential mean reversion candidates)\n- Volatility (should be reasonable - extremely high volatility might indicate issues)\n\nLet me rank the candidates by their mean reversion potential:\n\n**Candidates showing significant negative deviation from moving averages (potential mean reversion buys):**\n\n1. **PAGE_CFD.UK** - Pagegroup PLC\n   - Change 1d: -36.8% (huge drop)\n   - Distance from MA200: -40.6% (very far below)\n   - Distance from MA50: -31.7% (very far below)\n   - Volatility: 193% (high but manageable)\n   - This is a strong mean reversion candidate\n\n2. **CBG_CFD.UK** - Close Brothers Group\n   - Change 1d: -26.6%\n   - Distance from MA200: -13.4%\n   - Distance from MA50: -22.1%\n   - Volatility: 169%\n   - Good candidate\n\n3. **OCDO_CFD.UK** - Ocado Group\n   - Change 1d: -27.7%\n   - Distance from MA200: -25.4%\n   - Distance from MA50: -16.5%\n   - Volatility: 249% (very high)\n   - Potential candidate but high volatility\n\n4. **CRST_CFD.UK** - Crest Nicholson\n   - Change 1d: -12.8%\n   - Distance from MA200: -28.2%\n   - Distance from MA50: -15.8%\n   - Volatility: 237% (very high)\n\n5. **HAS_CFD.UK** - Hays PLC\n   - Change 1d: -17.2%\n   - Distance from MA200: -26.5%\n   - Distance from MA50: -12.9%\n   - Volatility: 118%\n\n6. **THG_CFD.UK** - THG PLC\n   - Change 1d: -21.5%\n   - Distance from MA200: +2.7% (actually above)\n   - Distance from MA50: -18.7%\n   - Volatility: 151%\n\n7. **IWG_CFD.UK** - IWG PLC\n   - Change 1d: -2.7%\n   - Distance from MA200: -19.9%\n   - Distance from MA50: -24.3%\n   - Volatility: 8128% (EXTREMELY high - likely data issue or very illiquid)\n\n8. **BME_CFD.UK** - B&M European Value Retail\n   - Change 1d: -5.5%\n   - Distance from MA200: -13.2%\n   - Distance from MA50: +5.6% (above)\n   - Volatility: 140%\n\n9. **ESNT_CFD.UK** - Essentra\n   - Change 1d: -10.6%\n   - Distance from MA200: -10.7%\n   - Distance from MA50: -8.5%\n   - Volatility: 126%\n\n10. **DOM_CFD.UK** - Domino's Pizza\n    - Change 1d: -0.3%\n    - Distance from MA200: -15.1%\n    - Distance from MA50: +1.1% (above)\n    - Volatility: 88%\n\n11. **JDW_CFD.UK** - J.D. Wetherspoon\n    - Change 1d: -3.0%\n    - Distance from MA200: -5.7%\n    - Distance from MA50: -6.4%\n    - Volatility: 120%\n\n12. **SHC_CFD.UK** - Shaftesbury Capital\n    - Change 1d: -2.9%\n    - Distance from MA200: +0.3% (near)\n    - Distance from MA50: -0.8% (near)\n    - Volatility: 64% (low)\n\n13. **PAG_CFD.UK** - Paragon Banking\n    - Change 1d: -3.4%\n    - Distance from MA200: -1.3%\n    - Distance from MA50: +0.7% (near)\n    - Volatility: 72% (low)\n\n14. **FGP_CFD.UK** - Firstgroup\n    - Change 1d: +1.3% (up)\n    - Distance from MA200: -4.0%\n    - Distance from MA50: +1.7%\n    - Volatility: 88%\n\n15. **SAFE_CFD.UK** - Safestore\n    - Change 1d: +0.1% (up)\n    - Distance from MA200: +7.1%\n    - Distance from MA50: -2.5%\n    - Volatility: 108%\n\n16. **RHIM_CFD.UK** - RHI Magnesita\n    - Change 1d: -6.8%\n    - Distance from MA200: -2.4%\n    - Distance from MA50: +0.9%\n    - Volatility: 151%\n\n17. **TPK_CFD.UK** - Travis Perkins\n    - Change 1d: -1.2%\n    - Distance from MA200: +0.5%\n    - Distance from MA50: -5.0%\n    - Volatility: 108%\n\n18. **IPO_CFD.UK** - IP Group\n    - Change 1d: -1.9%\n    - Distance from MA200: +10.2%\n    - Distance from MA50: -2.0%\n    - Volatility: 90%\n\n**Stocks to AVOID due to extreme volatility or data issues:**\n- HUBS_CFD.US: Volatility 7372% - extreme, likely data issue\n- IWG_CFD.UK: Volatility 8128% - extreme\n- COTY_CFD.US: Volatility 7661% - extreme\n- CABO_CFD.US: Volatility 9206% - extreme\n- ATG_CFD.UK: Volatility 2872% - very high\n- VXXB_CFD.ETF: This is a VIX product, not suitable for mean reversion strategy\n\n**Top 5 Mean Reversion Candidates (balancing deviation magnitude with reasonable volatility):**\n\n1. **PAGE_CFD.UK** - Pagegroup PLC\n   - Largest 1-day drop (-36.8%)\n   - Farthest from MA200 (-40.6%)\n   - High volatility but reasonable for the move\n   - Strong mean reversion candidate\n\n2. **CBG_CFD.UK** - Close Brothers Group\n   - Large 1-day drop (-26.6%)\n   - Significant deviation from MA50 (-22.1%)\n   - Reasonable volatility (169%)\n\n3. **OCDO_CFD.UK** - Ocado Group\n   - Large 1-day drop (-27.7%)\n   - Significant deviation from MA200 (-25.4%)\n   - High volatility (249%) but still tradable\n\n4. **HAS_CFD.UK** - Hays PLC\n   - Significant 1-day drop (-17.2%)\n   - Large deviation from MA200 (-26.5%)\n   - More moderate volatility (118%)\n\n5. **CRST_CFD.UK** - Crest Nicholson\n   - Moderate 1-day drop (-12.8%)\n   - Large deviation from MA200 (-28.2%)\n   - High volatility (237%) but significant mean reversion potential\n\nI'll calculate a mean reversion score based on:\n- Distance from MA200 (40% weight)\n- Distance from MA50 (30% weight)\n- 1-day change magnitude (20% weight)\n- Inverse volatility (10% weight, penalizing extreme volatility)\n\nLet me score these:\n\n**PAGE_CFD.UK:**\n- MA200 distance: 40.6% → score: 100\n- MA50 distance: 31.7% → score: 100\n- 1d change: 36.8% → score: 100\n- Volatility: 193% → score: ~50\n- Overall: ~88\n\n**CBG_CFD.UK:**\n- MA200 distance: 13.4% → score: ~33\n- MA50 distance: 22.1% → score: ~70\n- 1d change: 26.6% → score: ~72\n- Volatility: 169% → score: ~60\n- Overall: ~56\n\n**OCDO_CFD.UK:**\n- MA200 distance: 25.4% → score: ~63\n- MA50 distance: 16.5% → score: ~52\n- 1d change: 27.7% → score: ~75\n- Volatility: 249% → score: ~40\n- Overall: ~57\n\n**HAS_CFD.UK:**\n- MA200 distance: 26.5% → score: ~66\n- MA50 distance: 12.9% → score: ~41\n- 1d change: 17.2% → score: ~47\n- Volatility: 118% → score: ~85\n- Overall: ~58\n\n**CRST_CFD.UK:**\n- MA200 distance: 28.2% → score: ~70\n- MA50 distance: 15.8% → score: ~50\n- 1d change: 12.8% → score: ~35\n- Volatility: 237% → score: ~42\n- Overall: ~51\n\nWait, I should reconsider. Let me also consider THG_CFD.UK which has:\n- 1d change: -21.5% → score: ~58\n- MA50 distance: 18.7% → score: ~59\n- MA200 distance: +2.7% (not below, so not good for mean reversion)\n- Volatility: 151% → score: ~66\n- Overall: ~48 (but MA200 is positive, which is a negative signal)\n\nLet me also consider ESNT_CFD.UK:\n- 1d change: -10.6% → score: ~29\n- MA50 distance: 8.5% → score: ~27\n- MA200 distance: 10.7% → score: ~27\n- Volatility: 126% → score: ~80\n- Overall: ~36\n\nAnd BME_CFD.UK:\n- 1d change: -5.5% → score: ~15\n- MA50 distance: -5.6% (below) → score: ~18\n- MA200 distance: 13.2% (above) → not good\n- Volatility: 140% → score: ~71\n- Overall: ~22\n\nActually, let me reconsider the scoring. For mean reversion, we want stocks that are BELOW their moving averages. So:\n- Negative distance from MA200/MA50 is GOOD (indicates potential upside reversion)\n- Large negative 1-day change is GOOD (indicates oversold condition)\n\nLet me recalculate with this understanding:\n\n**PAGE_CFD.UK:**\n- MA200 distance: -40.6% → magnitude 40.6 → score: 100\n- MA50 distance: -31.7% → magnitude 31.7 → score: 100\n- 1d change: -36.8% → magnitude 36.8 → score: 100\n- Volatility: 193% → higher volatility is riskier, so lower score: ~50\n- Overall: (40+30+20)*100/90 + 10*0.5 = 77.8 + 5 = ~83\n\n**CBG_CFD.UK:**\n- MA200 distance: -13.4% → magnitude 13.4 → score: ~33\n- MA50 distance: -22.1% → magnitude 22.1 → score: ~70\n- 1d change: -26.6% → magnitude 26.6 → score: ~72\n- Volatility: 169% → score: ~60\n- Overall: (0.4*33 + 0.3*70 + 0.2*72) + 0.1*60 = (13.2 + 21 + 14.4) + 6 = 54.6\n\n**OCDO_CFD.UK:**\n- MA200 distance: -25.4% → magnitude 25.4 → score: ~63\n- MA50 distance: -16.5% → magnitude 16.5 → score: ~52\n- 1d change: -27.7% → magnitude 27.7 → score: ~75\n- Volatility: 249% → score: ~40\n- Overall: (0.4*63 + 0.3*52 + 0.2*75) + 0.1*40 = (25.2 + 15.6 + 15) + 4 = 59.8\n\n**HAS_CFD.UK:**\n- MA200 distance: -26.5% → magnitude 26.5 → score: ~66\n- MA50 distance: -12.9% → magnitude 12.9 → score: ~41\n- 1d change: -17.2% → magnitude 17.2 → score: ~47\n- Volatility: 118% → score: ~85\n- Overall: (0.4*66 + 0.3*41 + 0.2*47) + 0.1*85 = (26.4 + 12.3 + 9.4) + 8.5 = 56.6\n\n**CRST_CFD.UK:**\n- MA200 distance: -28.2% → magnitude 28.2 → score: ~70\n- MA50 distance: -15.8% → magnitude 15.8 → score: ~50\n- 1d change: -12.8% → magnitude 12.8 → score: ~35\n- Volatility: 237% → score: ~42\n- Overall: (0.4*70 + 0.3*50 + 0.2*35) + 0.1*42 = (28 + 15 + 7) + 4.2 = 54.2\n\n**THG_CFD.UK:**\n- MA200 distance: +2.7% → magnitude 2.7 (but positive, so not good for mean reversion) → score: ~7\n- MA50 distance: -18.7% → magnitude 18.7 → score: ~59\n- 1d change: -21.5% → magnitude 21.5 → score: ~58\n- Volatility: 151% → score: ~66\n- Overall: (0.4*7 + 0.3*59 + 0.2*58) + 0.1*66 = (2.8 + 17.7 + 11.6) + 6.6 = 38.7\n\n**ESNT_CFD.UK:**\n- MA200 distance: -10.7% → magnitude 10.7 → score: ~27\n- MA50 distance: -8.5% → magnitude 8.5 → score: ~27\n- 1d change: -10.6% → magnitude 10.6 → score: ~29\n- Volatility: 126% → score: ~80\n- Overall: (0.4*27 + 0.3*27 + 0.2*29) + 0.1*80 = (10.8 + 8.1 + 5.8) + 8 = 32.7\n\n**IWG_CFD.UK:**\n- MA200 distance: -19.9% → magnitude 19.9 → score: ~50\n- MA50 distance: -24.3% → magnitude 24.3 → score: ~77\n- 1d change: -2.7% → magnitude 2.7 → score: ~7\n- Volatility: 8128% → score: ~1 (extreme, avoid)\n- Overall: Would be low due to volatility\n\n**BME_CFD.UK:**\n- MA200 distance: -13.2% → magnitude 13.2 → score: ~33\n- MA50 distance: +5.6% → not below, so not good for mean reversion → score: ~0\n- 1d change: -5.5% → magnitude 5.5 → score: ~15\n- Volatility: 140% → score: ~71\n- Overall: (0.4*33 + 0.3*0 + 0.2*15) + 0.1*71 = (13.2 + 0 + 3) + 7.1 = 23.3\n\n**JDW_CFD.UK:**\n- MA200 distance: -5.7% → magnitude 5.7 → score: ~14\n- MA50 distance: -6.4% → magnitude 6.4 → score: ~20\n- 1d change: -3.0% → magnitude 3.0 → score: ~8\n- Volatility: 120% → score: ~83\n- Overall: (0.4*14 + 0.3*20 + 0.2*8) + 0.1*83 = (5.6 + 6 + 1.6) + 8.3 = 21.5\n\n**SHC_CFD.UK:**\n- MA200 distance: +0.3% → not below → score: ~1\n- MA50 distance: -0.",
              "type": "reasoning.text",
              "index": 0,
              "format": "unknown"
            }
          ]
        },
        "logprobs": null,
        "finish_reason": "length",
        "native_finish_reason": "length"
      }
    ],
    "created": 1775648677,
    "provider": "Nebius",
    "system_fingerprint": null
  }
}