ETF/No Load Fund Tracker StatSheet
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Friday, March 23, 2012
EQUITY ETFs RISE TO SHAVE WEEKLY LOSSES; GDXJ SHINES, TVIX NOSEDIVES FOR THE SECOND DAY
US stocks closed higher Friday as a weak dollar and a rise in oil prices boosted commodities related stocks, helping shave weekly losses.
Investors however, remained edgy about the economy’s health as latest new-home sales reading indicated housing is not out of the woods yet. Treasuries rose for the fourth day on the trot as worries over Chinese and European growth raised the safe-haven appeal of US debt.
The Dow Jones Industrial Average (DJIA) climbed 0.3 percent to 13,090.83, ending a three-day losing streak. The Dow is down 1.1 percent on the week, though it is up 7 percent since the beginning of 2012.
The S&P 500 Index (SPX) rose 5.31 points to 1398.09 with oil, miners and chemical firms leading the day’s gains.
The tech-heavy NASDAQ Composite (COMP) added 4.72 points to close at 3068.07 for the week.
ETFs in the news:
As precious metals and miners surged ahead, the Market Vectors Junior Gold Miners ETF (GDXJ) advanced 2.71 percent on the day. The strength was reflected in other bullion and mining-related products like the Global X Silver Miners ETF (SIL) and iShares Silver Trust (SLV). The Market Vectors TR Gold Miners (GDX), which tracks equities of gold miners, climbed a healthy 2.07 percent for the day.
The iShares MSCI Poland Investable Market Index Fund (EPOL) ended a three-day losing streak that had pushed the ETF towards its 50-day moving average, to end 2.71 percent higher.
Energy stocks gained today despite China’s growth worries. The SPDR S&P Oil & Gas Equipment & Services ETF (XOP) added 2.17 percent on the day, marking the fund’s first day of gains in the week.
Among the day’s losers, the premium-laden VelocityShares 2x VIX Short Term ETN (TVIX) continued its freefall, losing 29.80 percent on the day. The instrument has lost about 60 percent in two days over news of additional share creation by Credit Suisse.
The iPath S&P 500 VIX Short Term Futures ETN (VXX) closed 6.89 percent lower as the Dow and the S&P ended the week on a positive note. The fear tracking VIX index and products linked to it have been badly hammered, and the ETN has now been pushed near all time lows.
Our Trend Tracking Indexes (TTIs) slipped from last Friday’s position but both remain deep in bullish territory. Here are this week’s closing numbers:
Domestic TTI: +4.81%
International TTI: +5.59%
Have a great week.
Disclosure: No holdings
READER Q & A FOR THE WEEK
All Reader Q & A’s are listed at our web site!
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A note from reader Kent:
Q: Ulli: Clearly, the US bonds have been taken out and butchered in recent sessions, yet the bond ETF’s that you have followed and suggested don’t seem to have been hurt much at all. Do you see this continuing, especially if the bonds should resume their aggressive selling?
Thanks; at your convenience.
A: Kent: That’s why I have favored the Total Bond Market index (BND) as opposed to others. However, if the sell stops get triggered, I will abandon bond ETFs for the time being. This recent sell off may have been just one of those unintended consequences of reckless Fed policy, and we may see a bounce back to the upside.
Since I can’t be sure, if this will continue, I just focus on the trends and the sell stop points. There is a lot of fog ahead, so I can’t give you a clear answer. 🙁
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