This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

ETF Midweek Peek

Stocks in this article: UNG

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

By David Gillie

NEW YORK ( ETF Digest) -- Another holiday week brought volume so low it's difficult to speak of the bulls in the plural. Nevertheless, the bull(s) continued the run with only minor setbacks on any bad news such as a widespread credit downgrade across Europe and some poor earnings reports.

Wednesday's housing data was the red cape to encourage the charge. This morning's (Thursday) data was a mixed bag with slightly improved employment data, but housing starts took the wind out of the sails of yesterday's housing data. CPI was basically flat and the Philly Fed was irrelevant on the ridiculous reports and revisions.

Top Performers this week


Our #1 and #4 top performers this week are a second derivative of $100/bbl oil prices. $100/bbl oil (and price increases at the pump) brings renewed interest in alternative energy. Solar being the most viable and TAN being the primary ETF for the solar industry claimed the top spot on conviction volume. PBW just went along for the ride in the sector. Home construction continues this week on strength, especially encouraged by the positive data on Wednesday.

Materials were lifted mostly for the holdings in copper. The downward trend in India and China encouraged Emerging Markets positions for a potential reversal. Tech appears to have been in a short squeeze drifting sector higher and taking the tech weighted Q's with it.

New Highs



Semis, the most heavily shorted segment of tech, experienced a short squeeze and traders quickly piled in for the move. Oil services are the top benefactor of high oil prices, being the producers of crude.

 

Biotech tends to be were traders go when they're unsure of where else to find capital gains. The move up in tech has brought QQQ up to the 52-week high resistance. The two primary homebuilder ETFs, ITB and XHB jockey for position in slight technical differences.

New Lows

 

No surprises here that the "mega-bears" are at new lows on the recent rally. The story here is, which ones. Tech and Emerging Markets didn't just drift down in an inverse relationship to the longs. There was heavy selling in these two inverse positions indicating a short squeeze.

This, in turn, shoved down the bears in the tech heavy QQQ. Small caps are the favored "risk off" position and as the rally continued (despite absence of volume), traders moved into small caps sending the leveraged inverses to new lows.

Unusual Volume

 

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs