Long MA, short MSFT, across sectors: $1 of MA against $0.58 of MSFT, sized so that a typical day moves each leg by about the same amount. The spread is +15.7% over the last 120 sessions, +8.0% over the last 20, and today's level sits at the 98th percentile of its own path, very stretched, widening over the last ten sessions. Alpha 79 against 38, a gap of +41 points (+5 ten sessions ago). Net market exposure at this sizing: −0.13, a clean relative bet. The two are co-movers on the desk's own test.
Not on the desk's list as of Nov 10, three sessions behind. Pro sees today's list.
The spread is above its one-year average by more than at almost any point in the last year (2 earlier times), too few to count. MA is a fresh riser; MSFT is not a stale leader (Alpha 38).
One line of your account split $1 : $0.58 across the legs at the last close (MA $653.11, MSFT $508.00); 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.
Each leg against its sector fund, and each leg's true peers.
How to read it: the spread is what $1 long MA and $0.58 short MSFT 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 MA and MSFT carry each leg on its own.