Recs for tools / services that track correlation in movement between stocks?

Discussion in 'Stocks' started by d0rian, Apr 5, 2020.

  1. d0rian

    d0rian

    Haven't done much in the field of correlation between different symbols and want to know what tools or services might give me a good primer on how to identify peer companies whose movements another stock is, to some degree, correlated with.

    FWIW, I'm asking for a specific purpose: I'm looking into pre-market activity and trying to narrow the range of where various stocks will open. When there's high pre-open volume and a narrow bid/ask spread in the minutes leading up to 9:30:00, that's a somewhat reliable signal. But lower-volume stocks often have no pre-market volume and wide pre-open bids/offers that are of little use. So I'm interested in identifying peer companies I can look to for relevant data points. E.g. If I'm tracking a smaller airline like Hawaiin (HA) and trying to get a sense of where it will open after a big industry-disruptive overnight event, even if there's no premarket activity in HA, I might look to major airline stocks UAL, AAL, LUV, DAL, and if they're all -5% to -6% premarket, it's a reasonable assumption HA will open in the same range.

    So I'm looking for tools that will help me identify peer sets of highly-correlated stocks for me to use to gauge anticipated opens.
     
  2. Real Money

    Real Money