Saxo’s Client Positioning Overview – Week ending 22nd Nov 2024

What does it mean?

1. Nvidia shares holdings climbed by 2% after the company reported another remarkable revenue quarter, driven by the limitless demand for the company's new Blackwell graphics processing unit. Investors appear to be focusing on the big picture as Nvidia's AI growth story seems to be far from over.
2. Client holdings in Coca-Cola rose by 2%, with net exposure rising by 8%. Similarly, holdings in Micron shares increased by 2%, along with a 7% increase in net exposure following Nvidia’s earnings report. Micron directly benefits from Nvidia's surging AI-related sales, as memory chips are essential for training and running the large-scale models that support generative AI.
3. Nike shares holdings also rose by 1%, with an increase in net exposure of 8%, after the stock was given a new buy rating as the analysts suggest that Nike’s worst may nearly be over, with the recent CEO transition.

Top 5 Major Stocks with the highest week-on-week % decrease in holdings

What does it mean?

1. Snowflake shares saw a 4% decline in the number of clients holding them, while its net exposure increased by 16.6%. This is likely due to clients taking profit after the shares surged 33% last week, following its Q3 earnings and product revenue that surpassed Wall Street estimates.
2. The remaining instruments saw a 2% drop in the number of clients holding the shares. In terms of exposure, SoFi Technologies shares saw the largest increase of 10.4%.

Top 5 ETFs with the highest week-on-week % increase in holdings

What does it mean?

1. Holdings in the iShares Bitcoin Trust ETF, which mirrors the performance of bitcoin’s price, which reached a record high last week, saw the largest increase of 6%, along with a 14% rise in net exposure. There have been significant recent inflows of assets into Bitcoin ETFs.
2. Similarly, holdings in the ProShares UltraPro QQQ ETF increased by 4%, with a net exposure increase of 3%.
3. The remaining instruments saw a comparable 3% increase in the number of clients holding the ETFs. Meanwhile, Direxion Daily Semiconductor Bull 3X Shares ETF experienced the largest decline in net exposure of 17%.

Top 5 ETFs with the highest week-on-week % decrease in holdings

What does it mean?

1. The ProShares UltraPro Short QQQ ETF and the Grayscale Bitcoin Trust ETF saw a 3% decrease in clients holding these ETFs last week.
2. Additionally, there was a slight 2% decline in client holdings for the Vanguard FTSE Emerging Markets ETF as well as the Vanguard Value ETF.
3. In terms of net exposure, the Grayscale Bitcoin Trust ETF had a notable increase of 12%.

Position Change in the Top CFD Indices (week-on-week)

What does it mean?

1. The Japan 225 index saw a 3% decrease in the number of clients trading the index, with 7.6% of the clients switching from long positions.
2. The Germany 40 index experienced the largest decline of 24% in the number of clients trading the index, while there was only a slight change in the % of the clients holding long positions.
3. On the other hand, the EU Stocks 50 index experienced a notable 18% decline in the number of clients trading the index, with 78% of the clients still maintaining long positions.
4. Meanwhile, the Hong Kong Index has the highest % of clients with long positions, standing at 88%, likely due to continued optimism for Chinese stimulus.

Position Change in the Most Popular FX pairs (week-on-week)

What does it mean?

1. Among FX pairs, EURJPY had the highest increase in % of clients trading the pair at 36%, followed by USDCNH at 17%. However, GBPJPY saw a 15% decline in the number of clients trading the pair, followed by AUDJPY pair with a decline of 12%.
2. In terms of % change in long positions, AUDJPY experienced the highest increase at 17.4%, followed by USDCNH at 10%.

Note:

• The percentage change in number of clients refers to the total change in number of clients trading the instruments.
• The percentage change in net exposure refers to the change in total value of positions held by clients.
• The percentage changes are calculated based on a comparative analysis between the data as of the end of trading day on 18^th Nov 2024 and 22^nd Nov 2024.