Tradable Funds Ease Over Rates
Most of the
tradable funds headed lower Tuesday as some areas of the
market came under profit-taking and other areas pulled back
as strong-than-expected housing data raised interest-rate
concerns. By and large, though, the moves were muted.
The Dow Jones
Telecommunications Index iShares
(
IYZ |
Quote |
Chart |
News |
PowerRating) lost 1.8%, the
largest decline among the U.S.-focused
funds. The Telecom HOLDR
(
TTH |
Quote |
Chart |
News |
PowerRating) gave up 1.0%.
The Pharmaceutical
HOLDR
(
PPH |
Quote |
Chart |
News |
PowerRating) forfeited 1.4% as Democrat presidential
nominee Al Gore continued to bang away at drug makers.
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In the
rate-sensitive arena, the Financial SPDR
(
XLF |
Quote |
Chart |
News |
PowerRating) gave up
0.9% within a trading range. The Regional Bank HOLDR
(
RKH |
Quote |
Chart |
News |
PowerRating)
fell 1.5%, the Dow Jones Financial Index iShares
(
IYF |
Quote |
Chart |
News |
PowerRating)
1.0%.
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The
Cyclicals-Transportation SPDR
(
XLY |
Quote |
Chart |
News |
PowerRating) lost 0.4% and is
threatening recent support. Among its largest components,
General Motors
(
GM |
Quote |
Chart |
News |
PowerRating) ran into a patch of profit-taking,
dropping 1 1/16 to 73 11/16.
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The Biotech HOLDR
(
BBH |
Quote |
Chart |
News |
PowerRating) gave up 0.8%, but the basket of biotech stocks is
consolidating nicely after recent gains. For a look at a
possible "cheat" entry point on Genentech
(
DNA |
Quote |
Chart |
News |
PowerRating),
check out my
The News commentary for Tuesday.
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On the positive
side, the U.S.-focused ETFs were largely confined to
sub-percentage point gains. The exception was the Internet
Infrastructure HOLDR
(
IIH |
Quote |
Chart |
News |
PowerRating), which rose 2.0%.
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