The market waited for the Federal Reserve to deliver its statement Wednesday and then had a brief bullish move upwards before digesting the implications. Gold and stocks traded lower, while bonds and the U.S. dollar moved higher. Oil had the extra weight of much higher than expected inventories and suffered a sizable drop. With that in mind, here are the winners are losers for the week:
WinnersProShares UltraShort China ( FXP) +10.4% ProShares UltraShort Real Estate ( SRS) +9.8% PowerShares DB Crude Oil Double Short ( DTO) +18.5% It was a down week for the market, and that means higher prices for the inverse ETFs. The best performers became the worst performers. Both FXP and SRS are below $10 a shares, even though they traded near $200 and $300 per share last fall. WisdomTree Dreyfus New Zealand Dollar ( BNZ) +1.1% New Zealand surprised economists when it reported second-quarter GDP growth of 0.1% and the news sparked further buying of New Zealand dollars. It is a favorite of carry traders because of the interest rate spread vs. U.S. dollars. Traders borrow U.S. dollars and hold New Zealand dollars, collecting interest plus any appreciation in the $NZ vs. $US, which has been substantial. At $24.84, BNZ is well off its 2009 low of $16.74, set in March. iShares Barclays 20+ Year Treasury ( TLT) +2.3% Whether the markets move up or down lately, the demand for Treasuries continues to depress long-term yields. Friday's 1.3% gain left TLT at its highest level since May.
LosersiShares FTSE NAREIT Retail ( RTL) -9.0%
iShares Cohen & Steers Realty Majors ( ICF) -6.8% REITs were down across the board. A list of the worst performers this past week is dominated by REITs at the bottom. Retail shares had the worst showing. Even without their internal problems, REITs were leaders in the late-summer rally, and that's reason enough for them to lead the sell-off. iPath Crude Oil Total Return ( OIL) -8.8% PowerShares DB Oil ( DBO) -7.6% United States Oil ( USO) -8.4% Oil tanked this week on higher inventory. The gap between crude oil inventory expectations and reality was about 5 million barrels, as inventories climbed more than 2 million barrels. Gasoline inventories rose by more than 5 million barrels, to a level well above the start of driving season this year. iShares Mexico ( EWW) -5.3% American Movil ( AMX) and Cemex ( CX) both fell about 5% last week, and they combine for 30% of EWW's assets (25% for AMX and 5% for CX). Cemex sold $1.8 billion worth of shares this week. The stock fell ahead of the news and then recovered.