- Keeping track of what people on social media are saying about stocks and the general economy has become essential to investing.
- Market Prophit compiles and analyzes social media commentary that is related to the stock market and general investing, and then elaborates statistics that tracksentiment for both experts (Market Prophits) and the public (the Crowd).
- On Monday, Benzinga spoke with Market Prophits CEO Igor Gonta, who shared some comments on trending stocks.
Regarding the FOMC decision, the Chief Executive explained, With the Fed holding rates at 0 and deciding to not initiate liftoff, the market was undecided going into the meeting.
The Crowd was bearish on the iShares Barclays 20+ Yr Treas.Bond (ETF) (NYSE:TLT) while the Market Prophits were bullish, he added, explaining that this disagreement persists. This will be interesting to watch as to how sentiment evolves between the two camps headed into the end of the year, he continued.
Gonta then went into Oil, explicating that, Market sentiment is starting to shift with some traders getting bullish on oil. Several factors are being cited, including declining US production and rig rates as well as some non- OPEC members calling for cooperation with OPEC on cutting output.
Currently, the Crowd is bullish on the United States Oil Fund LP (ETF) (NYSE:USO), but the Market Prophits are bearish, the expert told Benzinga.
The investor finally looked into Alibaba Group Holding Ltd (NYSE:BABA), which saw its stock lockup come to an end this weekend. Consequently, all eyes are on the internet retailer as to where the price action might be headed, he expounded.Currently, both the Crowd and the Market Prophits are bearish on Alibaba, Gonta assured, adding that the same is true for Yahoo! Inc. (NASDAQ:YHOO).
Disclosure: Javier Hasse holds no stakes in any of the securities mentioned above.
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