NEW YORK (
) -- Here are five ETFs to watch this week.
PowerShares QQQ (QQQ)
News that Steve Jobs was stepping down from his CEO post at
(AAPL - Get Report)
sent shockwaves across the media realm last week. Interestingly, however, the initial impact Jobs' exit has had on Apple's stock price has been largely negligible; on Thursday, immediately following the news, shares of AAPL closed down less than 1%.
Today begins Apple's first full week in the post-Jobs era. Looking ahead it will be interesting to see how newly-appointed CEO, Tim Cook handles the captain chair. This is not the first time Cook has been placed in charge, however. On the contrary, as I pointed out late last week,
Jobs had turned to the former COO
on a number of occasions over the past few years.
ETF investors looking to follow the developments taking place at Apple should have their sights set on QQQ. The tech giant is listed as the fund's number one holding, accounting for nearly 15% of its total assets.
SPDR Gold Shares (GLD)
After months of climbing higher on the back of persistent market uncertainty, the physically-backed gold ETF, GLD took a breather. Prior to the sell-off, however, the fund marked a landmark achievement. At the start of the week, the fund managed to surpass
SDPR S&P 500 ETF
for a short time to become the
world's largest exchange-traded product.
The past week's selloff may be unsettling to some. However, as I've explained on a number of occasions, gold ETFs like
GLD and iShares Gold Trust
should not be viewed as short-term trades. Rather, these funds are best
utilized as long-term portfolio staples
. During periods of economic duress, their defensive nature will provide welcomed relief.
iShares MSCI Canada Index Fund (EWC)
Although the bulk of earnings season is behind us, there are still a number of firms on tap to report their quarterly performance numbers and provide insight into the months ahead. Found among this week's list are a number of Canadian banks including
Bank of Nova Scotia
Canadian Imperial Bank of Commerce
All three of these firms can be found among EWC's top 15 holdings.
Amid the weeks of economic turmoil, Canada's markets have witnessed stand out strength. This, in turn, has helped EWC gain ground in both our short and long term momentum rankings.
Market Vectors Solar ETF (KWT)
Meyer Berger Technology
will announce their respective earnings and outlooks this week, providing investors with insight into the state of the solar energy sector. The two firms account for nearly 15% of KWT's total portfolio.