More Of The Same
Tradable funds
focused on the Old Economy gave way Friday as money moved
back into tech and defensive funds.
The tech funds
remained in trading ranges, although the Biotech HOLDR
(
BBH |
Quote |
Chart |
News |
PowerRating)
continues to show signs of consolidating recent gains. Note
the volatility and volume contractions.
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The B2B HOLDR
(
BHH |
Quote |
Chart |
News |
PowerRating)
rose 5.1%, the day’s largest gain among the ETFs. The
Technology SPDR
(
XLK |
Quote |
Chart |
News |
PowerRating) picked up 2.0%, the Broadband
HOLDR
(
BDH |
Quote |
Chart |
News |
PowerRating) 1.9%.
The Pharmaceutical
HOLDR
(
PPH |
Quote |
Chart |
News |
PowerRating) added 2.0%, setting its second straight new
high. The Consumer Staples SPDR
(
XLP |
Quote |
Chart |
News |
PowerRating) climbed 1.0%.
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The Mexico WEBS
(
EWW |
Quote |
Chart |
News |
PowerRating)
jumped 3.1%, the Australia WEBS
(
EWA |
Quote |
Chart |
News |
PowerRating) 3.0%.
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On the downside,
the Basic Industries SPDR
(
XLB |
Quote |
Chart |
News |
PowerRating) dropped 2.4%, the
biggest decline among the U.S.-focused exchange-traded
funds. Among the sector Spider’s components, Du Pont
(
DD |
Quote |
Chart |
News |
PowerRating)
edged down fractionally to 52 9/16, another new 52-week low.
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Financials
remained under pressure. The Financial SPDR
(
XLF |
Quote |
Chart |
News |
PowerRating) gave
up 2.4%, recovering slightly after breaching recent support.
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U.S.
stock markets are open for half a day on Monday and will
close all day Tuesday for Independence Day.