from pandas import DataFrame, Series

def signals(data: DataFrame) -> Series:
    """
    Generate swing trading signals based the Large Moves (Down) strategy.

    Returns a Series with 'L' for long signals and 'N' otherwise.
    """
    percent_change = (data['Open'] - data['Close']) / data['Open']
    return percent_change.apply(lambda change: 'L' if change >= 0.01 else 'N')