Dow Jones Industrial Average
on Thursday fell below what was previously the year's nadir, on Oct. 10. Now, 7,197, from Oct. 10, 2002, is squarely in the sights of the bears. If that level is breached, we would be back to prices not seen since 1997.
TheStreet.com Ratings' review of the five most improved and deteriorated exchange-traded fund rating changes for the month shows a few of the defensive ETFs rising faster than their peers. Meanwhile, fear of deflation turned the outlook on five funds from bullish to neutral.
The most improved ETF this month is
PowerShares Dynamic Utilities
, rising five notches to A- from a rating of C. With holdings of
(DUK - Get Report)
(D - Get Report)
American Electric Power
(AEP - Get Report)
, the fund has slipped lower recently, but not as much as the overall market sell-off.
The second-most improved fund shies away from stocks completely, instead focusing exclusively on intermediate-term U.S. government bonds. The
Vanguard Intermediate-Term Bond ETF
rose from a hold rating of C to a buy rating of B+.
Of the remaining ETFs on the list, climbing three notches, the
PowerShares Aerospace & Defense Portfolio
ranks the highest at C+ on large holdings of
(BA - Get Report)
(GD - Get Report)