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 $ビットコイン(BTC.CC)$ to other asset classes, it has positive correlations to equities, with indexes rising along with the coin.
The $SPDR S&P 500 ETF(SPY.US)$ has the closest six-month correlation with bitcoin at just above 0.3, followed by the $Nasdaq Composite Index(.IXIC.US)$, right above 0.25.
It has negative correlations with the $USD(USDindex.FX)$, around -0.4, gold $SPDR ゴールド・シェア(GLD.US)$, around -0.6, and the $米国債10年(US10Y.BD)$ 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 $Spdr Series Trust S&P Computer Software Etf(XSW.US)$
2. Food, Beverage $Invesco Food & Beverage ETF(PBJ.US)$ and Tobacco
3. Materials $素材セレクト・セクター SPDR ファンド(XLB.US)$
4. Media & Entertainment $Ishares Evolved U.S. Media And Entertainment Etf(IEME.US)$
5. Commercial & Professional Services
6. Healthcare Equipment & Services $Spdr S&P Health Care Equipment(XHE.US)$
7. Automobiles & Components $Nasdaq Global Auto Index First Trust(CARZ.US)$
8. Diversified Financials $金融セレクト・セクター SPDR ファンド(XLF.US)$
9. Insurance $Ishares Trust U.S. Insurance Etf(IAK.US)$
10. Household & Personal Products $生活必需品セレクト・セクター SPDR ファンド(XLP.US)$
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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