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Traders Are Betting The XLF Will Finally Break Out To New Highs

Tuesday, February 7, 2017 10:25
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Analyst Paul Weisbruch of Street One Financial brings us his daily fund flows update, which today points out some outflows from the world’s largest ETF, along with some interesting options activity in financials.

Money Is Leaving SPY Again

Just as soon as we were announcing larger inflows into SPY ahead of AAPL’s earnings this time last week — and last week’s FOMC rate decision — the assets have already left the doors (over $4 billion coming out of SPY). Speaking of SPY, we continue to see some interest in upside February 232 calls there, as the SPX itself is once again tipping up against recent intraday highs and resistance in early trading today.

The SPDR S&P 500 ETF Trust (NYSE:SPY) was trading at $229.28 per share on Tuesday morning, up $0.35 (+0.15%). Year-to-date, SPY has gained 2.57%, versus a % rise in the benchmark S&P 500 index during the same period.

SPY currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 109 ETFs in the Large Cap Blend ETFs category.

Traders Looking For More Upside In Financials

In other activity, there has also been some upside trading in XLF (SPDR Financials) involving March 24 calls lately. XLF continues to have trouble with the $23.76-$23.80 levels, where it has failed to break through five times prior since last December.

XLF has seen modest inflows year-to-date ($70 million in), but if we go back to the Presidential election last year, we see a massive $6.9 billion in since then.

The Financial Select Sector SPDR Fund (NYSE:XLF) was trading at $23.63 per share on Tuesday morning, up $0.02 (+0.08%). Year-to-date, XLF has gained 1.63%, versus a 2.53% rise in the benchmark S&P 500 index during the same period.

XLF currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 38 ETFs in the Financial Equities ETFs category.

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.

About the Author: Paul Weisbruch

paul-weisbruchPaul Weisbruch is the VP of ETF/Options Sales and Trading at Street One Financial. Prior to joining the team at Street One, Paul served as the Director of RIA and Institutional ETF Sales at RevenueShares ETFs from December 2007 until November of 2009. Before RevenueShares, Paul was employed by Susquehanna International Group from 2000 until 2007 serving in roles including OTC/NYSE Institutional Block Trading, Nasdaq/OTC Market Making, ETF/Derivatives Intelligence and Strategy, Algorithmic Trading, as well as acting as the PHLX Floor Specialist in the ETFs, SPY and DIA.Paul has been actively involved in the ETF space from both a product and trading standpoint since 2000. Additionally, Paul has well forged relationships with national RIAs, institutional pension fund managers and consultants, mutual fund and hedge fund managers, and also the ETF media. Co-authoring the “S1F ETF Daily” since 2009, the daily piece has become a must for many portfolio managers in the ETF space, with segments regularly appearing in the likes of Barron’s, WSJ, and for instance.

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.

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