It was a down week for the index after Friday's energy and transportation led a decline. Disappointing earnings from railroads spooked the market, despite
impressive earnings. The
S&P 500 Index
finished the week with a 0.7% loss.
Dick Bove caused a bit of a stir Wednesday after he made positive comments on
in the morning, only to reverse them in the afternoon, sending WFC down more than 5% on the day and triggering a market-wide sell-off. Still, when the dust was settled, the gains in the winners outstripped the losses in the losers.
Claymore/AlphaShares China Real Estate
There were some reasons to think Chinese real estate firms would underperform, given a string of less than stellar IPOs, but a successful IPO of
China Real Estate Information
on Friday and the 7% increase in the offering size of the pending Hong Kong IPO of
, a Chinese developer, suggests that some demand has come back into the market.
PowerShares DB Base Metals
iPath Copper Total Return ETN
Industrial metals picked up thanks to positive economic data. Dr. Copper is said to have the best forecasting ability of any economist, and he's grown more bullish in October, after turning a bit bearish in September.
iPath Grains Total Return
PowerShares DB Agriculture
Last week, DBA was a winner for the week as short-covering lifted grains, but this week JJG was the winner, with DBA's mild gain unimpressive and included only for comparison. JJG has nearly half the portfolio in soybeans, almost one-third in corn, and less than one-quarter in wheat. Corn and soybeans spiked this week and the more concentrated JJG benefited.