Goldman Sachs has released a report featuring their top 25 tactical trades, dubbing 2024 as “the year of the stock picker.” To provide deeper insights into this forecast, John Marshall, Goldman Sachs Head of Derivatives Research joins Market Domination.
Marshall highlights a key theme currently dominating the markets: “extremely low correlation between stocks.” This correlation, he notes, is nearing an all-time low, creating an intriguing market dynamic. The result is a disparity between the VIX (^VIX) index, which is at an unusually low level, and the level of “earnings day moves for single stocks,” which stands at 4.8%.
Explaining the methodology behind their top 25 tactical trades list, Marshall emphasizes the role of analysts. “Analysts have a powerful amount of information in their estimates,” he states, pointing out a notable trend: when estimates for a stock are above consensus, that stock tends to rise, and conversely, when estimates fall below consensus, the stock often declines.
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