Aggregated price index with volume information
Summary:
- Gig Economy stocks up 2.6% on average while median return up 2.6% in a day
- Gig Economy stocks down 4.4% on average while median return down 4.5% in a week
- Gig Economy stocks down 13.1% on average while median return down 11.8% 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
- 1M losers are : Losers for past month are $LYFT -16.1%
- 1W winners are : Winners for past week are
- 1W losers are : Losers for past week are $LYFT -7.4%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 57.5%, for the past 3 months is 52.0%
In the past month for a 5 days rolling window, the highest corrrelation is 90.8%, the lowest correlation is -16.4%, the latest correlation is 67.0%
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 65.8% between LYFT and UBER
The lowest correlation is 52.7% between FVRR and UBER
The heavy selling pressure might have exhausted for Uber (UBER) as it is technically in oversold territory now. In addition to this technical measure, strong agreement among Wall Street analysts in revising earnings estimates higher indicates that the stock is ripe for a trend reversal.
Find out why analysts are fired up about these stocks to see if they could be right for you.
The latest trading day saw Uber Technologies (UBER) settling at $68.98, representing a -0.32% change from its previous close.
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Uber (UBER) has become technically an oversold stock now, which implies exhaustion of the heavy selling pressure on it. This, combined with strong agreement among Wall Street analysts in revising earnings estimates higher, indicates a potential trend reversal for the stock in the near term.
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