Long F, short XLY, name against its own sector: $1 of F against $1.55 of XLY, sized so that a typical day moves each leg by about the same amount. The spread is -27.5% over the last 120 sessions, -15.0% over the last 20, and today's level sits at the 2nd percentile of its own path, deeply compressed, narrowing over the last ten sessions. Alpha 15 against 78, a gap of -63 points (-24 ten sessions ago). Net market exposure at this sizing: −0.77, it leans short the market.
Not on the desk's list as of Nov 10, three sessions behind. Pro sees today's list.
The spread is below its one-year average by more than at almost any point in the last year (2 earlier times), too few to count.
One line of your account split $1 : $1.55 across the legs at the last close (F $11.90, XLY $120.46); fractions included. Arithmetic on a setting you choose, not a recommendation.
The house book has not closed a trade in this pair.
The house takes every listed cycle pair by the rules, after average trading costs; its full record is on the engine page. Pairs you assemble yourself are ideas, not posted trades: the Hedge pairs chapter says how the two differ.
How to read it: the spread is what $1 long F and $1.55 short XLY would have made together, in percent of the long leg, close to close, before costs; the market's move cancels in it to the extent the two legs share it. Stretch is where today's level sits among the last 120 sessions of that path, a description of the spread's own history and not a forecast. Net β is the pair's remaining market exposure per $1 long at this sizing (each leg's beta over 250 sessions). The pages for F and XLY carry each leg on its own.