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Strategies & Market Trends : CEF and ETF

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From: Julius Wong	11/7/2023 5:24:33 PM
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Twenty cheap long stock alternatives after the biggest rally in a decade Nov. 07, 2023 10:11 AM ET By: Jason Capul, SA News Editor whyframestudio In the wake of what it characterized as the sharpest rally in global equities the past decade, Barclays is looking to alternatives to chasing by simply adding to long positions. Its global equity derivatives screened for the best long-stock alternatives. “Supply relief from US Treasury, a cautious Fed and a 'Goldilocks' jobs report sparked the sharpest (volatility-adjusted) rally in risk assets in 10yrs, outside the 'Pfizer vaccine news episode,” strategist Stephano Pascale and team wrote in a note. “With VIX ( VIX) having staged one of the largest drops in history, we recommend renting rather than buying further upside, and screen for stock replacement via cheap calls,” they added. The bank said it screened for cheap volatility stock replacement candidates (replace long positions with cheap calls). In particular it looks for cheap volatility (historically low 1m ATM implied to realized volatility spread) and plentiful room for upside (high volatility-adjusted distance from YTD highs). See 20 names Barclays listed below including each instruments volatility-adjusted distance to YTD peak : No. 20: Consumer Discretionary Select Sector SPDR Fund ETF ( XLY): volatility-adjusted distance to year-to-date peak 33.4%. No. 19: Health Care Select Sector SPDR Fund ETF( XLV): 36%. No. 18: Energy Select Sector SPDR Fund ETF ( XLE): 28%. No. 17: Stoxx 600 Basic Resources: 82.2% No. 16: Stoxx 600 ( STOXX): 47.7%. No. 15: iShares TIPS Bond ETF ( TIP): 73.9%. No. 14: iShares Russell 2000 ETF ( IWM) 59.5%. No. 13: FTSE 100 Index ( UKX): 52.4%. No. 12: iShares MSCI Emerging Markets ETF ( EEM):43.7%. No. 11: Financial Select Sector SPDR Fund ETF ( XLF): 42.7%. No. 10: iShares iBoxx $ High Yield Corporate Bond ETF ( HYG): 37.3%. No. 9: SPDR S&P Metals and Mining ETF ( XME): 42.8%. No. 8: SPDR S&P Retail ETF ( XRT):58.4%. No. 7: iShares Biotechnology ETF ( IBB): 55.1%. No. 6: Consumer Staples Select Sector SPDR Fund ETF ( XLP): 75.5%. No. 5: SPDR S&P Biotech ETF ( XBI): 74.3%. No. 4: SPDR S&P Regional Banking ETF ( KRE): 183.1%. No. 3: iShares U.S. Real Estate ETF ( IYR): 88.7%. No. 2: Utilities Select Sector SPDR Fund ETF ( XLU): 84.9% . No. 1: iShares iBoxx $ Investment Grade Corporate Bond ( LQD): 92.2%. seekingalpha.com

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