ARTICLE SYNOPSIS ...Alpha measures the performance of a stock compared with the stock market. Here, the alpha between a cyclical stock group and the Treasury bond market is used as an indicator for trading T-bonds to signal trends. By Frank Ritchie The alphaY´ of a stock has long been used as a tool for portfolio selection. Investors want to know if the market's return was a certain number and, all things being equal, what the stock's return should be. Further, if the stock market was unchanged, would the stock's return be positive or negative? The stock's alpha is the statistic that answers this question. Alpha...