A member of Congress that was tracked as one of the top-performing stock pickers in 2021 recently disclosed positions in several of the biggest technology companies. Could this be a sign that big tech is setting up for a major recovery in 2023?
What Happened: One of the top performing traders in Congress in 2021 was Dan Crenshaw (R-TX), according to an annual report on Congress trading by UnusualWhales.
In the report, Crenshaw was named as the fifth-best trader among members of Congress who bought and sold stocks in 2021.
A recent filing from Crenshaw shows he bought stock in some of the biggest technology companies on Oct. 25, 2022, and also bet on several other stocks in sectors that could see growth ahead.
Crenshaw bought the following:
- Alphabet Inc GOOGGOOGL: $1,000 to $15,000 in shares
- Amazon.com Inc AMZN: $1,000 to $15,000 in shares
- Meta Platforms META: $1,000 to $15,000 in shares
- Apple Inc AAPL: $1,000 to $15,000 in shares
- WYNN Resorts WYNN: $1,000 to $15,000 in shares
- Direxion Daily Financial Bull 3X Shares ETF FAS: $1,000 to $15,000 in shares
- The United States Oil ETF USO: $1,000 to $15,000 in shares
Related Link: US Congressman Proposes New Taxes On Oil Companies Months After Buying Tesla Shares
Why It’s Important: The purchases show Crenshaw may believe big technology stocks are due for a rebound. At the time of writing, shares of Alphabet, Meta Platforms, Amazon and Apple are down 33%, 63%, 45% and 20% year-to-date in 2022.
The purchase of shares of Wynn Resorts could signal a bet on the casino or sports betting market. Shares of Wynn are down less than 1% year-to-date in 2022.
The ETF picks by Crenshaw could signal which sectors he expects will lead the market's recovery. The Direxion Daily Financial ETF is a leveraged ETF offering increased exposure to the financial sector, which could be Crenshaw’s bet that the major financial stocks are set for a big year in 2023.
Crenshaw also picked up a small stake in the United States Oil ETF, which is up 23% year-to-date in 2022 and could be a bet that the price of oil will continue to stay high with global issues ahead.
The Twitter account of Congress Trading pointed out that while Crenshaw bet on the leveraged financial ETF, Congressman Dan Bishop (R-NC) bought $200,000 to $500,000 in U.S. Treasury Notes in November and December, which could signal a belief that the markets won’t have strong returns in the coming year.
Crenshaw made headlines previously for buying shares of Tesla Inc TSLA in 2021 and openly lobbying for the company to move to Texas, his home state.
While members of Congress are supposed to buy and sell stocks without inside information, a push to ban members from trading due to late disclosures and conflicts of interest has gained steam.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
