iShares S&P North American Technology-Multimedia Networking (IGN) +2.5%Tech ETFs gained this week after an optimistic report from chip-making giant Intel (INTC). While broad technology funds such as iShares Dow Jones Technology Index Fund (IYW) traded higher, it was networking funds such as IGN and PowerShares Dynamic Networking Portfolio (PXQ) that have led the pack.
Looking to the second half of 2010, I believe that the technology industry will continue to be a dominant player. Investors looking for a strong, stable play for this specific slice of the market should stick to PowerShares QQQ (QQQQ) and First Trust Dow Jones Internet Index ETF (FDN).
iShares MSCI Sweden Index Fund (EWD) +1.6%A number of European nation-focused ETFs pocketed big gains as fears concerning the region's economic situation abated. EWD, which tracks the broad Swedish markets, was the biggest mover of the group.
Despite its strength through much of the week, on Friday EWD took a shot across the bow, even after top holding Ericsson reported strong earnings performance during the quarter ended June 30.
United States Natural Gas Fund (UNG) +2.2%The natural gas ETF had a strong week thanks largely to an impressive rally on Thursday. The sweltering heat in many parts of the nation has caused consumers to crank up their air conditioners, and along with them, demand for natural gas from utilities.
Although UNG witnessed a rally heading into the first part of June and appeared on the verge of a breakout, the fund seems to have reverted back to a sideways trading range. Investors looking to play natural gas should avoid UNG and instead stick to First Trust ISE-Revere Natural Gas Index ETF (FCG).