Unless you're a professional, it's best to stay away from markets on quadwitching. After all there is lots of action with little meaning and relevant to most investors. Markets churned about particularly as those players involved in "the game" moved prices about to settle their affairs. Late in the day came an unconfirmed report the Israeli cabinet had voted 8-6 to authorize an attack on Iran. Brent crude shot up $3 as did trading in oil futures in the U.S which benefitted ETFs (BNO, USO, and USL). Some oddly attributed oil's gains to ideas the U.S. and Britain will release stocks from the strategic reserve later this year (ya mean like October?). Why would prices rise then? Nevertheless, it's exogenous events that are the deadliest for investors beyond the obvious chaos in the region. Economic data Friday included the CPI which rose .4% vs the comical "core" rate which was 0%. Industrial Production was also flat (0% vs .4% prior) which was a disappointment. Consumer Sentiment also missed (74.3 vs 75 expected and prior 75.3) which must reflect real life living costs not included in the CPI the government wants you to accept. Stocks finished the week down Friday for the most part but higher on the week overall. Banks (BAC and KBE) and financials (XLF) continued to lead markets higher overall. Elsewhere gold rebounded along with a lower dollar and commodities were mixed. Bond prices rose and yields fell modestly. Volume barely rose on this quadwitching day which is odd frankly. Breadth per the WSJ was mixed. You can follow our pithy comments on twitter and become a fan of ETF Digest on facebook. SPY - The SPDR® S&P 500® ETF is a fund that, before expenses, generally corresponds to the price and yield performance of the S&P 500 Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
See more details IWM - The iShares Russell 2000 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the small capitalization sector of the U.S. equity market as represented by the Russell 2000 Index. The index represents the approximately 2,000 smallest companies in the Russell 3000 Index.
See more details QQQ - PowerShares Capital Management LLC is passionate about our goal of delivering the highest quality investment management available through one of the more benefit-rich investment vehicles ever created, the exchange-traded fund. PowerShares QQQ¿, formerly known as "QQQ" or the "NASDAQ- 100 Index Tracking Stock®", is an exchange-traded fund based on the Nasdaq-100 Index®. The Fund will, under most circumstances, consists of all of stocks in the Index.
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