Analyst Paul Weisbruch brings us his daily fund flows update, which today includes a recovery in some beleaguered tech names, as well as the closure of some bearish bets on oil.
The Large Cap tech names that have been blistered since Trump’s election, such as top weightings in QQQ (Nasdaq 100 ETF) like 1) AAPL (10.98%), 2) MSFT (8.38%), 3) AMZN (6.72%), 4) FB (5.46%), and 5) GOOG (4.84%), have gotten a bit of a lift early this week after pivoting at multi-month lows just last week. Amazon, for example, is up 4.3% over the past five sessions, while Facebook has gained 3.5% in that time frame.
Likely as a result of the better tech stock performance, buyers have been around in QQQ itself as well, pouring about $1.4 billion into the fund via creation flows this week.
Elsewhere, fund flows have calmed down quite a bit when compared to the multi-billion dollar flows we had witnessed across several products into the “Trump Rally” following election day. One wonders if the massive rally can sustain itself through the end of the year, and if this is a “pre-Santa Claus” rally. Only time will tell, of course.
Disclaimer: The content of this article is excerpted from a daily newsletter from Street One Financial. While ETF Daily News may edit the contents and add a relevant title to the piece, the author, Paul Weisbruch, does not endorse or recommend any issuer or security mentioned herein.
He holds his Series 4 (Registered Options Principal), 6, 7, 55 (Equity Trader), 63, and 65 licenses. He graduated from the University of Pittsburgh (B.S. – Economics), graduating magna cum laude, and has an MBA from Villanova University.