Investing Ideas

High-Flying Week Ends With a Whimper (Daily ETF Wrap-Up)

via SmartMoney.com by letters@smartmoney.com (Will Swarts) on 7/16/09

Market Wrap-Up

Traders remained cautious on Friday as they digested earnings results from Bank of America (BAC) and Citigroup (C). Tepid earnings from General Electric (GE) also clouded the session. The Dow Jones Industrial Average added 32 points to close at 8744. The Nasdaq gained 1.6 to 1887 and the S&P 500 stayed flat at 940. For a detailed rundown on Friday's trading session see our market story.

That lukewarm session came after a series of rallies that saw the Dow climb almost 600 points higher over the course of the week.

Winners

Boosted by blowout results from Goldman Sachs (GS) and JPMorgan Chase (JPM), financial stocks had a strong week despite tepid Friday trading. That pushed the iShares Dow Jones US Financial Sector (IYF) ETF up almost 9% for the week. The SPDR KBW Bank (KBE) ETF gained more than 8%.

Losers

As equities rose, money came out of the investment grade corporate bond market. The iShares iBoxx $ Invest Grade Corporate Bond (LQD) ETF shed nearly 1%. Meanwhile, the specter of trillion-dollar deficits hurt long-term government debt. The iShares Barclays 20+ Year Treasury Bond (TLT) ETF lost more than 5% on the week.

This Week's Industry News

Massachusetts Secretary of State William Galvin launched an inquiry into how three leveraged ETF providers -- Rydex, ProShares and Direxion -- are selling their products to investors in his state. (See story.)

Next Week's Notebook

Earnings and Conference Calls

Monday
Boston Scientific, Brown & Brown, Citizens South Banking, Great Atlantic & Pacific Tea, Halliburton, Hasbro, Johnson Controls, Legg Mason, M&T Bank, Merck, PetMed Express, Texas Instruments, Volterra Semiconductor, Zions Bancorp

Tuesday
Advanced Micro Devices, AK Steel Holding, Apple, Arbitron, Bank of Florida, BJ Services, BlackRock, Boston Properties, Caterpillar, Charlotte Russe Holding, Coca-Cola, Comerica, Dearborn Bancorp, Dr. Reddy's Laboratories, DuPont, First Cash, Gilead Sciences, Illinois Tool Works, Jefferies, Journal Communications, Lexmark International, Lockheed Martin, McClatchy, Peabody Energy, Precision Castparts, Regions Financial, Robert Half International, Schering-Plough, Seagate Technology, Sherwin-Williams, SLM, Southwest Airlines, Starbucks, State Street, Stryker, Sybase, TD Ameritrade Holding, UAL, United Technologies, UnitedHealth Group, Western Union, Yahoo

Wednesday
AirTran Holdings, Alcon, Allegheny Technologies, Alliance Data, Altria Group, Amdocs Limited, BancorpSouth, Bank of New York Mellon, Boeing, Chipotle Mexican Grill, Cirrus Logic, Cohen & Steers, Delta Air Lines, Domino's, E*Trade Financial, eBay, Eli Lilly, Equifax, Genzyme, GlaxoSmithKline, iRobot, KeyCorp, Lennox International, Logitech International, Northern Trust, Old Dominion Freight Line, P.F. Chang's China Bistro, PepsiCo, Pfizer, SanDisk, SunTrust, Tupperware Brands, U.S. Bancorp, VMware, Wells Fargo, Westell Technologies, Whirlpool, Wipro

Thursday
3M Company, ABB, Airgas, Alaska Airlines, Amazon.com, American Express, Ameriprise Financial, AT&T, Ball Corp., Bristol-Myers Squibb, Broadcom, Capital One Financial, Cheesecake Factory, Chubb, CIT Group, Compuware, Eastman Chemical, Fifth Third Bancorp, Freescale Semiconductor, Goodrich, Healthways, Hercules Offshore, Hershey, Huntington Bancshares, Immucor, Invesco, Janus Capital Group, JetBlue Airways, L-3 Communications Holdings, Manpower, McDonald's, NCR, Netflix, Newmont Mining, Nucor, Occidental Petroleum, Philip Morris International, PNC Financial Services, Potash Corp. of Saskatchewan, ProLogis, Provident Financial Services, Raytheon, Ryder System, Safeway, Synovus Financial, Union Pacific, United Parcel Service, W.R. Grace, Wyeth, Xerox

Friday
Arch Coal, Black & Decker, Fortune Brands, Ingersoll-Rand, Schlumberger, United Community Banks

Economic Data

Monday
10:00 a.m. June Conference Board Leading Indicators

Tuesday
7:45 a.m. ICSC Chain Store Sales Index for July 18
8:55 a.m. Redbook Retail Sales Index for July 18
5:00 p.m. ABC/Wash Post Consumer Confidence for July 18

Wednesday
No economic events scheduled

Thursday
8:30 a.m. Initial Jobless Claims for July 18
10:00 a.m. July Philadelphia Fed Business Index
10:00 a.m. July Existing Home Sales
10:00 a.m. DJ-BTMU Business Barometer for July 11

Friday
10:00 a.m. End-July Reuters/Univ. Michigan Sentiment Index

A look at how the industry's most popular ETFs did on Friday:

10 Largest ETFs

Symbol	Net Assets	Price	52 Week High	52 Week Low	Volume
SPY	63,739	94.13	130.7	68.13	138,303,571
EFA	29,392	46.82	67.84	32.16	16,180,892
EEM	28,449	33.57	43.75	19.12	56,896,466
GLD	NA	91.93	97.24	70.14	8,747,804
IVV	18,337	94.48	130.92	68.24	2,729,764
QQQQ	14,025	37.56	48.32	25.51	103,564,248
IWF	9,479	42.12	55.45	30.49	1,862,134
SHY	7,044	83.75	85	82.52	833,076
VTI	10,258	47.32	65.56	33.75	1,761,473
IWD	7,068	48.02	70.64	34.22	1,678,389

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