First (FCNCA) Surges to 239th in Volume Rankings on 56% Jump Closes Slightly Lower

On September 23, 2025, , . Despite the surge in liquidity, .

Recent market commentary highlights elevated trading interest in First, driven by institutional activity and patterns observed in after-hours sessions. Analysts note that the volume spike aligns with broader trends but caution that momentum-driven moves may lack fundamental catalysts. The stock’s muted price action suggests limited conviction among traders amid mixed signals from .

To run this back-test accurately, I need a bit more detail: 1. Universe of stocks • U.S. listed equities only (NYSE + NASDAQ), or a different market? • Should OTC / ADRs be included? 2. Weighting method for the day’s portfolio of the top-500 volume names • Equal-weight? • Volume-weight? • Market-cap weight? 3. Re-investment of proceeds • Each day do we fully reinvest into the next day’s top-500 list (i.e., 100% turnover)? Once I have these points, I can build the data retrieval plan and run the back-test for 2022-01-01 to present.