Aggregated price index with volume information
Summary:
- NextGen Driving Tech stocks up 3.0% on average while median return up 2.1% in a day
- NextGen Driving Tech stocks up 0.1% on average while median return up -0.0% in a week
- NextGen Driving Tech stocks down 8.7% on average while median return down 10.7% 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
- 1M losers are : Losers for past month are $ON -10.9%, $VOXX -12.6%, $NVDA -16.1%, $MVIS -16.9%, $AMBA -17.2%
- 1W winners are : Winners for past week are $STM 4.5%, $TSLA 4.3%, $NXPI 3.6%, $ALV 1.9%, $ON 1.6%
- 1W losers are : Losers for past week are $MVIS -0.7%, $VOXX -2.5%, $AMBA -2.5%, $NVDA -5.2%, $FRSX -5.3%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 33.0%, for the past 3 months is 32.6%
In the past month for a 5 days rolling window, the highest corrrelation is 49.8%, the lowest correlation is 7.2%, the latest correlation is 44.2%
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 95.9% between ON and STM
The lowest correlation is -36.7% between NVDA and VLDR
The Dow Jones and other indexes tried to keep the rally going early Wednesday. Tesla soared after CEO Musk signaled an entry into new markets soon.
Tesla’s quarterly results, combined with recent impressive stock market gains for traditional car companies, were supposed to signal a repudiation of electric vehicles by investors as a whole. Things turned out a little differently, with the results repudiating something else: lousy strategic planning by Tesla and others. Tesla is no longer in growth mode.
A Tesla that may have been operating on the company's Autopilot driving system hit and killed a motorcyclist near Seattle, raising questions about whether a recent recall went far enough to ensure Tesla drivers using Autopilot pay attention to the road. After the crash Friday in a suburban area about 15 miles (24 kilometers) northeast of the city, the driver of a 2022 Tesla Model S told a Washington State Patrol trooper that he was using Autopilot and looked at his cellphone while the Tesla was...
Tesla said it would "accelerate" the launch of new models next year, including lower-cost cars, countering reports earlier this month it had scraped those plans.
Shares of TSLA (TSLA) are trading higher Wednesday, fueled by the electric vehicle maker's ambitious robotaxi plans. While details surrounding the project and its timeline remain somewhat a mystery, ride-share stocks like Uber (UBER) and Lyft (LYFT) are under pressure due to heightened competition concerns. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Angel Smith
Tesla stock surged more than 13% early Wednesday after Chief Executive Elon Musk gave investors an overview of the company's outlook.
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