The major indices have seen their best week of 2023 and more gains are in store from a fundamental and technical analysis perspective. We cover the stocks and ETFs to watch that could see the most upside. Plus get ready for severe weather, heatwaves, bushfires, severe thunderstorms and flooding with a list of ETFs to keep on your radar. And you need to watch Block's shares as it's poised for a rally. _________ What's happening...
fly up high :
Absolutely crazy. Proof once again that facts can be stranger than fiction. And yet another reminder that correlation does not imply cause and effect.
Indicator analyst :
I wish people stop comparing bitcoin or any cryptocurrencies to any asset class. To me, it’s like comparing a unicorn to a horse race.
_________
What's happening...
Morgan Stanley's cryptocurrency strategy team notes that when comparing $比特币(BTC.CC)$ to other asset classes, it has positive correlations to equities, with indexes rising along with the coin.
The $SPDR 标普500指数ETF(SPY.US)$ has the closest six-month correlation with bitcoin at just above 0.3, followed by the $纳斯达克综合指数(.IXIC.US)$, right above 0.25.
It has negative correlations with the $美元指数(USDindex.FX)$, around -0.4, gold $SPDR黄金ETF(GLD.US)$, around -0.6, and the $美国10年期国债收益率(US10Y.BD)$ around -0.9.
"Below the (equity) index level, the correlations vary widely across sectors," David Adelman, Morgan Stanley director of equities strategy for the Americas writes in a note.
The top 10 most correlated subsectors are:
1. Software & Services $SPDR标普软件与服务ETF(XSW.US)$
2. Food, Beverage $Invesco Food & Beverage ETF(PBJ.US)$ and Tobacco
3. Materials $SPDR原物料类ETF(XLB.US)$
4. Media & Entertainment $Ishares Evolved U.S. Media And Entertainment Etf(IEME.US)$
5. Commercial & Professional Services
6. Healthcare Equipment & Services $SPDR S&P Health Care Equipment ETF(XHE.US)$
7. Automobiles & Components $First Trust纳斯达克全球汽车指数(CARZ.US)$
8. Diversified Financials $SPDR金融行业ETF(XLF.US)$
9. Insurance $iShares安硕美国保险ETF(IAK.US)$
10. Household & Personal Products $日常消费品精选行业指数ETF-SPDR(XLP.US)$
Bitcoin finished last week up more than 5%, while the S&P dropped 0.3%, snapping a five-week winning streak.
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