Long XLI, short GE, name against a sector: $1 of XLI against $0.58 of GE, sized so that a typical day moves each leg by about the same amount. The spread is -5.5% over the last 120 sessions, -2.3% over the last 20, and today's level sits at the 6th percentile of its own path, deeply compressed, narrowing over the last ten sessions. Alpha 59 against 56, a gap of +3 points (+3 ten sessions ago). Net market exposure at this sizing: +0.32, it leans long the market.
Not on the desk's list as of Nov 10, three sessions behind. Pro sees today's list.
The last 8 times these two sat this far below their one-year average, 3 closed half the gap within ten sessions.
One line of your account split $1 : $0.58 across the legs at the last close (XLI $169.44, GE $331.92); 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 XLI and $0.58 short GE 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 XLI and GE carry each leg on its own.