Overcoming Resistance
There’s nothing magic about moving
averages. However, a change in behavior around a moving average can signal a
change in the weather. On Wednesday, a number of the tech and financial
exchange-traded funds cleared their 50-day moving averages, in some cases on significant
volume.
The Nasdaq 100 Tracking Stock
(
QQQ |
Quote |
Chart |
News |
PowerRating)
gained 13.6%, the day’s sharpest advance among the ETFs, and cleared its 50-day
moving average. The Semiconductor HOLDR
(
SMH |
Quote |
Chart |
News |
PowerRating) ran up 12.7%, piercing through
its 50-day on heavy volume.
The Broadband HOLDR
(
BDH |
Quote |
Chart |
News |
PowerRating) rose
11.8%, the B2B Internet HOLDR
(
BHH |
Quote |
Chart |
News |
PowerRating) 10.9%, the Dow Jones Internet iShares
(
IYV |
Quote |
Chart |
News |
PowerRating)
10.6%, the Internet HOLDR
(
HHH |
Quote |
Chart |
News |
PowerRating) 9.6%, the Internet Infrastrucutre HOLDR
(
IIH |
Quote |
Chart |
News |
PowerRating)
9.6%, the Technology SPDR
(
XLK |
Quote |
Chart |
News |
PowerRating) 9.1%, the Software HOLDR
(
SWH |
Quote |
Chart |
News |
PowerRating) 8.9%.,
the Wireless HOLDR
(
WMH |
Quote |
Chart |
News |
PowerRating) 8.8%, the Biotech HOLDR
(
BBH |
Quote |
Chart |
News |
PowerRating) 7.2%.
Aided by retailers, the Dow Jones
Consumer Cyclical iShares
(
IYC |
Quote |
Chart |
News |
PowerRating) rallied 6.3%.
The Dow Jones Financial Services
iShares
(
IYG |
Quote |
Chart |
News |
PowerRating) picked up 4.8%, the Financial SPDR
(
XLF |
Quote |
Chart |
News |
PowerRating) 4.2%, the Dow
Jones Financial iShares
(
IYF |
Quote |
Chart |
News |
PowerRating) 3.8%, the Regional Banking HOLDR
(
RKH |
Quote |
Chart |
News |
PowerRating)
3.8%.
