Aggregated price index with volume information
- The momentum of the sector is very strong.
- Gig Economy stocks down 4.5% on average while median return down 4.6% in a day
- Gig Economy stocks up 10.0% on average while median return up 10.8% in a week
- Gig Economy stocks up 19.9% on average while median return up 17.6% 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 $LYFT 32.3%
- 1M losers are : Losers for past month are
- 1W winners are : Winners for past week are $LYFT 34.9%
- 1W losers are : Losers for past week are $FVRR -13.1%
Index correlation analysis
Correlation for the past month is 56.6%, for the past 3 months is 52.8%
In the past month for a 5 days rolling window, the highest corrrelation is 94.3%, the lowest correlation is -21.9%, the latest correlation is 94.3%
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 90.4% between LYFT and UBER
The lowest correlation is 38.6% between FVRR and UBER
Fiverr International Ltd. ( NYSE:FVRR ) is possibly approaching a major achievement in its business, so we would like...
This cash-flow-rich innovator is defying financial expectations despite a steep decline in the stock chart. This market misjudgment sets the stage for a long-term investment that's just too good to miss.
Uber has been pulling ahead of the pack lately.
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Lyft Inc (NASDAQ: LYFT) was among the companies that defined last week. The ride hailing company stock surged more than 60% on Tuesday, but before sharply falling back as the mistake from its quarterly earnings release was corrected. The release initially showed a margin growth 2024 outlook that was exaggerated by as many as 10 times. Although the major error sent it on a wild ride, Lyft still provided strong financials, while also relying on strategic corporate partnerships with companies such
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The freelance marketplace could still have plenty of room to grow.
I update my recommendation on Uber stock after its quarterly earnings.
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