From the desk of Steve Strazza @Sstrazza.
Welcome to this week’s edition of “Under The Hood.” You can read more about the column here.
What we do is analyze the most popular Robinhood stocks over the trailing week and find opportunities to either join in and ride these momentum names higher, or fade the crowd and bet against them.
We have some new additions coming for how we generate the list of most popular names, which we’ll explain more each week as we add new data sets. This is a really exciting time for us. There are so many new data sources popping up so it’s really just our responsibility to organize it to where it only tells us exactly what we want: An unusual increased level of interest for an asset.
Relatively speaking, it was an uneventful week for the overall market. The S&P 500 did a dead stop at its former highs and has been trading in a tight range since. However, the reason we do this type of bottoms/up work is because there is always plenty going on beneath the surface in individual stocks. So let’s look under the hood at what investors were most excited about this week!