Aggregated price index with volume information
Summary:
- The momentum of the sector is very strong.
- Chinese Tech stocks down 0.3% on average while median return down -0.3% in a day
- Chinese Tech stocks up 6.3% on average while median return up 5.0% in a week
- Chinese Tech stocks up 20.3% on average while median return up 17.7% in a month
- When average return is significantly different from median return, this implies an asymmetry - composite return is driven by some outliners.
Aggregated price index (close) is based on equal weighted constituencies returns. Average short volume and average total volumes are averaged across all volume data among constituencies.
- 1M winners are : Winners for past month are $SEED 88.3%, $CWEB 54.9%, $BILI 50.8%, $JD 38.5%, $KC 35.3%
- 1M losers are : Losers for past month are $LI -14.7%, $QD -16.0%
- 1W winners are : Winners for past week are $HUYA 35.7%, $MOGU 24.3%, $SEED 24.0%, $BILI 18.6%, $YI 17.5%
- 1W losers are : Losers for past week are $YRD -2.1%, $TAL -3.7%, $LI -6.7%, $SY -6.8%, $QD -9.6%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 27.9%, for the past 3 months is 26.3%
In the past month for a 5 days rolling window, the highest corrrelation is 45.8%, the lowest correlation is 16.9%, the latest correlation is 22.4%
When a correlation deviated from the normal level and goes lower or even negative, it indicates some of stocks have deviated from the normal direction of the group. The deviation could reverse if long term level of correlation was at a higher level. It creates trading opportunities and deserves study whether the deviation is idiosyncratic or systematic.
Among pairwise correlation, the highest correlation is 99.9% between CWEB and KWEB
The lowest correlation is -44.5% between CALX and CHIK
Nvidia (NVDA) will post its first-quarter earnings results next week alongside Lowe’s (LOW), TJX Companies (TJX), Target (TGT), e.l.f Beauty (ELF), Dollar Tree (DLTR), and more. The Federal Reserve will release its FOMC meeting minutes for May on Wednesday at 2 p.m. EST. For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime. This post was written by Nicholas Jacobino
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