Top 10 Trending Stocks and ETFs as Analyst Predicts $9 Trillion Productivity Gains Due to AI

3. SPDR S&P 500 ETF Trust (NYSEARCA:SPY)

Number of Hedge Funds Investors: 109

Bill Baruch, founder and President of both Blue Line Capital and Blue Line Futures, said in a recent program on CNBC that he was investing in SPY. Here’s why:

“So the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) and the IJR they sold off pretty sharply on Friday. I was really surprised to not see any follow-through to start this week response against the 50-day moving average. And then we had Fed Chair Powell on Tuesday who comes in and talks about an endgame to QT. So I think right there you saw the Russell 2000 respond. And then as for the S&P we’re talking about valuations at the desk. If you look at relative valuations which 40% of the S&P is eight names. If you look at relative valuations the MAG 7 is right in the middle of the range it’s been over the last decade. So, I don’t think it’s it’s overvalued to in to some regard, but if we respond against the 50-day moving average as we have and we’re going to rally potentially, I want to make sure that that ETF slice that we have in these portfolios is now fully allocated.”