Market signal backtest

Did the calls predict anything?

When the analyzer tags a story with tickers and a bullish or bearish read, this page checks what the stock did next. Every call from the last 120 days with relevance 50 or higher is measured at 1, 5, 20, and 40 trading days, raw and relative to SPY over the same window. A hit is a move in the called direction. The misses are published with the hits.

Ticker-events
417
From 293 events across 195 symbols. Longer horizons have fewer samples because recent calls have not aged yet.
5-day hit rate
48.0%
Coin flip is 50%. Relative to SPY: 49.3% on 379 samples.
40-day hit rate
55.5%
Raw, on 247 samples. Relative to SPY: 56.3%. The gap between the two is the market's own drift.
40-day return vs SPY
+2.45%
Average direction-adjusted excess return. Positive means the call beat simply holding the market, before costs.

By horizon

Raw hit rate counts a move in the called direction. The SPY-relative columns subtract SPY's move over the same trading days first, so a bullish call in a rising market gets no credit for the rise.

Trading daysnHitAvg adjHit vs SPYAvg vs SPYMedian |move|
141745.8%+0.01%50.1%+0.06%1.49%
537948.0%+0.38%49.3%+0.42%3.21%
2026851.9%+1.08%54.9%+1.2%6.63%
4024755.5%+2.12%56.3%+2.45%7.16%

By call

Bullish and bearish calls separately. Bearish calls fight the market drift, so their SPY-relative numbers are the cleaner test.

Groupn5d hit20d hit40d hit20d vs SPY40d vs SPY40d avg vs SPY
bearish22443.4%44.0%50.8%52.2%61.5%+6.42%
bullish19353.0%59.7%60.0%57.5%51.2%-1.43%

By divergence

The question this site exists to ask: are stories outlets disagree about better or worse calls?

Groupn5d hit20d hit40d hit20d vs SPY40d vs SPY40d avg vs SPY
high (35+)3033.3%42.9%71.4%42.9%71.4%+1.48%
low (<20)29248.7%53.7%54.7%57.3%56.2%+3.32%
mid (20-34)9550.6%44.4%53.1%44.4%50.0%-2.59%

By relevance score

Does a stronger relevance score mean a better call?

Groupn5d hit20d hit40d hit20d vs SPY40d vs SPY40d avg vs SPY
50-697946.4%50.0%59.5%52.6%67.6%+3.17%
70+33848.4%52.2%54.8%55.2%54.3%+2.32%

How to read this

Entry is the first close on or after the event date, so a story that broke after the bell is measured from the next day. Excess return subtracts SPY over the identical window. No costs, slippage, or survivorship handling. Sample sizes are small and one earnings move can swing a bucket; the 40-day buckets are the smallest because only calls at least two months old qualify. This is a published check on the analyzer's own calls, not a strategy and not investment advice. Refreshed every 6 hours; last run 2026-09-11 15:22 UTC.

No price data for: ADNOC, BBD-B, BIMB, BOSS, DAST, DHER, EN, GOTO, LFC, LYC, NPPEF, OIL, OPENAI, OZON, RHPP, RWE, SAAB, SDZ, SIE, SIX.

Best calls

Direction-adjusted return relative to SPY, 20 trading days where the call is old enough, otherwise 5.

PARAParamount considers leaving California if state blocks Warner Bros. Discovery merger.2026-07-14 · bearish · relevance 82 · divergence 17 · 20d+40.45%
PARATwelve states file lawsuit to block Paramount Skydance's acquisition of Warner Bros. Discovery.2026-07-14 · bearish · relevance 88 · divergence 33 · 20d+40.45%
PARAUK culture minister signals intent to intervene in Paramount-Warner Bros Discovery merger.2026-06-30 · bearish · relevance 82 · divergence 17 · 20d+39.73%
INTUIntuit announces 17% workforce reduction affecting thousands of employees globally2026-05-20 · bearish · relevance 78 · divergence 8 · 20d+31.46%
IMAXChristopher Nolan's 'The Odyssey' opens with $264.1 million global debut.2026-07-17 · bullish · relevance 72 · divergence 17 · 20d+30.28%
ORCLOracle eliminates 21,000 jobs, citing AI adoption.2026-06-23 · bearish · relevance 88 · divergence 13 · 20d+25.43%

Worst calls

Direction-adjusted return relative to SPY, 20 trading days where the call is old enough, otherwise 5.

SPCXSpaceX acquires AI coding startup Anysphere for $60 billion.2026-06-16 · bullish · relevance 95 · divergence 6 · 20d-38.29%
SPCXSpaceX completed its initial public offering with a valuation exceeding $2 trillion.2026-06-15 · bullish · relevance 92 · divergence 26 · 20d-29.98%
MSFTMicrosoft cuts 4,800 jobs including major Xbox division restructuring.2026-07-09 · bearish · relevance 78 · divergence 17 · 20d-27.81%
SPCXWall Street banks initiate coverage of SpaceX with bullish ratings following IPO.2026-07-09 · bullish · relevance 95 · divergence 13 · 20d-26.72%
WULFTeraWulf signs $19 billion lease agreement with Anthropic for AI data center infrastructure.2026-07-09 · bullish · relevance 92 · divergence 3 · 20d-26.29%
UALDHS Secretary Mullin announces plans to halt international flight processing at sanctuary city airports.2026-05-23 · bearish · relevance 62 · divergence 47 · 20d-25.3%
HOODTrump Accounts launch as tax-advantaged savings vehicle for children.2026-07-09 · bullish · relevance 72 · divergence 13 · 20d-23.44%
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