Market Update November 22, 2021
Patrick Traverse CFP? EA CEPA?
Owner Founder at Breakaway Financial Group LLC
Latest from the Twittersphere: stock indexes to track most-hyped companies
What is it??
“What’s the value of being Twitter-famous? Two new stock indexes created by S&P Dow Jones Indices and Twitter will unravel the mystery on Thursday, measuring the performance of the buzziest companies for investors with an eye on social media influence.”*?
“Twitter has long played a central role for investors and traders to share stock tips, keep up with breaking company news and follow the latest musings from CEOs like Tesla’s Elon Musk, who recently polled his 64 million followers on whether he should sell 10% of his Tesla shares.”*
“The S&P 500 Twitter Sentiment Index will measure the performance of the top 200 companies within the S&P 500 that have “the highest sentiment scores,” based on how the social network’s users are discussing the stocks, said S&P Dow Jones Indices.”*?
Why does it matter?
“The new indexes come as tweets about finance are rising on the San Francisco-based social media site, particularly with the growth of cryptocurrencies. Finance-related conversations were up more than 26% in 2020 from the previous year, Twitter said.”*
Financial discussions are becoming more common on Twitter. Another popular website that had an impact on market conditions is Reddit. In the past few years, there have been unprecedented investment returns made by some individual investors through investing in meme stocks and cryptocurrencies.?
Using a sentiment ETF like those noted above may help capitalize on the current market trends mentioned on social media. Sentiment ETFs are better suited for our Opportunistic Portfolio. We plan on keeping one within our watchlist to invest in as we see fit.??
President Biden likely to choose next Fed chair before Thanksgiving
What is it?
This title is from a video where Yahoo Finance Fed Correspondent Brian Cheung breaks down the latest on the topic.** The Federal Reserve is about to change, and the top seat is up for grabs.?
Jerome Powell is the current Fed chair. However, there are past Fed chairs and individuals with considerable experience that can be picked. It is up to President Biden and those around him to make the selection.?
Why does it matter?
The Fed chair is a role player in the global economy. Their beliefs on monetary policy can affect when the Fed takes actions with implications on the value of the U.S. Dollar and the economy as a whole.?
Other articles I found interesting this week:
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Our last portfolio reallocation: 10/11/2021.?
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The weekly market update provides a window into the process we use in our investment management process. At MoneyCoach, we believe markets are always changing and require a nimble yet data-oriented approach.?
Our process attempts to identify trends and momentum in the financial markets. With that information, we align our clients’ portfolio accordingly in the hope to help our clients accomplish their life goals while attempting to lower the risk of a large drop in their portfolio.
Sources:
*Sheila Dang. “Latest from the Twittersphere: stock indexes to track most-hyped companies”. 11/18/2021. Reuters. https://www.reuters.com/article/twitter-sp-index/latest-from-the-twittersphere-stock-indexes-to-track-most-hyped-companies-idUSL1N2S832E
**Brian Cheung. “President Biden likely to choose next Fed chair before Thanksgiving”. 11/18/2021. Yahoo Finance. https://finance.yahoo.com/video/president-biden-likely-choose-next-144014027.html
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