Energy ETF Hitches Oil Ride
The Energy SPDR,
riding rising oil prices, Wednesday joined tradable tech
funds in the winner’s circle. Financial funds weakened
slightly.
The Semiconductor
HOLDR
(
SMH |
Quote |
Chart |
News |
PowerRating) advanced 3.5%, forming a bullish engulfing
pattern. In a bullish engulfing pattern, the security’s
price range exceeds that of the prior session, and it closes
above the prior session’s high. You can see the same
formation in Intel
(
INTC |
Quote |
Chart |
News |
PowerRating), one of the HOLDR’s
components, which rose 2 1/2 to a new high of 74 5/8. Volume
was mediocre.
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The Internets
rallied, lifting the Internet HOLDR
(
HHH |
Quote |
Chart |
News |
PowerRating) 3.6%, the
day’s biggest gain among the
funds. The Dow Jones Internet Index iShares
(
IYV |
Quote |
Chart |
News |
PowerRating)
gained 3.2%, the Internet Architecture HOLDR
(
IAH |
Quote |
Chart |
News |
PowerRating) 2.1%,
the Internet Infrastructure HOLDR
(
IIH |
Quote |
Chart |
News |
PowerRating) 2.0%.
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The Energy SPDR
(
XLE |
Quote |
Chart |
News |
PowerRating)
rose 2.7%, clearing a cup-with-handle-like base. Oil and oil
service stocks rallied on soaring crude and heating oil
futures. The frenzy in energy commodities followed American
Petroleum Institute’s weekly report, which showed
inventories had dropped to 39% of year-ago levels.
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On the downside,
the Financial SPDR
(
XLF |
Quote |
Chart |
News |
PowerRating) gave back 1.3%, the steepest
loss among the U.S.-focused exchange-traded funds. The
tradable fund was pressured by such components as JP Morgan
(
JPM |
Quote |
Chart |
News |
PowerRating) and Citigroup
(
C |
Quote |
Chart |
News |
PowerRating). The Dow Jones Financial Index
iShares
(
IYF |
Quote |
Chart |
News |
PowerRating) lost 0.9%.
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