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On October 10, 2025,
(CLF) closed at a 7.18% decline, with a trading volume of $0.42 billion, marking a 33.38% drop from the previous day's volume. The stock ranked 306th in terms of trading activity among listed companies on the day.Analysts attributed the sharp volume contraction to shifting market dynamics in the steel sector, driven by softening demand for raw materials amid slowing industrial activity. While broader market indices showed mixed performance, CLF's liquidity metrics highlighted reduced short-term trading interest, consistent with sector-wide trends observed in recent weeks.
The back-test framework outlined requires precise parameters for replication: universe constraints, ranking methodologies, transaction cost assumptions, and rebalancing frequency must be confirmed. Key parameters include a daily rebalancing approach with equal-weighted portfolios, a focus on U.S. common stocks, and a timeframe spanning from January 3, 2022, to October 10, 2025. Finalizing these details will enable the generation of cumulative return metrics and risk-adjusted performance analysis.
To proceed, the following aspects must be confirmed: - Universe definition (e.g., exclusion of ADRs/ETFs) - Volume ranking methodology (dollar volume vs. share volume) - Transaction cost assumptions (e.g., 5 basis points) - Portfolio construction rules (e.g., closing positions daily) - Date range alignment with available data. Once validated, the back-test will produce an equity curve and performance metrics for review.

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