ETF News Update: A Good News, Bad News Day (GLD, IWM, UUP)
It was a good news, bad news day for exchange traded funds (ETFs) and stocks in world markets as data was mixed and U.S. markets declined slightly.
On the good news front, Intel blasted through their earnings expectations (as usual) by posting a 48% rise in profits and an optimistic outlook for the company’s future. More good news came out of Europe with successful bond auctions in Spain and Italy which dampened fears regarding the Eurozone financial crisis.
On the bad news side of things, U.S. jobless claims climbed on a big miss in expectations to demonstrate the stubborn nature of the employment situation in America. Weekly claims climbed to 445,000 up from 410,000 and an expected reading of 415,000.
The two big ratings agencies, Moody’s and S&P warned about possible future downgrades to the credit standing of the United States due to our ever growing debt load.
The dollar(NYSEArca: UUP) dropped 1% while gold (NYSEArca: GLD) continued its recent correction.
Daily Moves for Major ETFs:
Dow Jones Industrials: (NYSEArca: DIA) -0.17%%
Russell 2000: (NYSEArca: IWM) -0.04%
NASDAQ 100: (NasdaqGM: QQQQ) +0.04%
S&P 500 Index: (NYSEArca: SPY) -0.17%
MSCI Emerging Markets:(NYSEArca: EEM) -0.87%
MSCI China (NYSEArca: FXI) -0.29%
Gold (NYSEArca: GLD) -1.04%
7-10 Year Treasuries: (NYSEArca: IEF) +0.67%
20+ Year Treasuries: (NYSEArca: TLT) +0.90%
VIX: (NYSEArca: VXX) +0.92%
U.S. Dollar (NYSE:Arca: UUP) -1.03%
Tomorrow’s a big day of reports with retail sales, industrial production and consumer sentiment along with earnings from JP Morgan Chase before the open.
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The major indexes remain overvalued and overbought on a technical and fundamental basis and so Wall Street Sector Selector remains in “Yellow Flag” status, expecting choppy to lower prices ahead.
Disclosure: Wall Street Sector Selector actively trades a wide range of exchange traded funds and positions can change at any time.
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