Tradable Techs Take Bath
The tradable tech
funds led their peers lower Wednesday as institutions
ignored positive earnings and Wall Street girded for Fed
Chairman Alan Greenspan’s Humphrey-Hawkins testimony on
Thursday.
One of the few
bright spots was the Utilities SPDR
(
XLU |
Quote |
Chart |
News |
PowerRating), which gained
1%, the biggest gain among the U.S.-focused exchange-traded
funds.
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Otherwise, you had
to look overseas for appreciable gains. The Hong Kong WEBS
(
EWH |
Quote |
Chart |
News |
PowerRating)
rose 3.4%, the biggest gain among the ETFs. The United
Kingdom WEBS
(
EWU |
Quote |
Chart |
News |
PowerRating) rose 1.0%.
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WEBS, or World
Equity Benchmark Shares, allow you to trade foreign markets
like individual stocks. These are products of Barclays
Global Fund Advisors. There are 17 WEBS funds, each tracking
a stock market index compiled for a foreign country by
Morgan Stanley Capital International. Like the vast majority
of exchange-traded funds, WEBS funds are traded on the
American Stock Exchange.
These securities
are better suited for the position trader and the active
investor rather than the short-term trader. Daily trading
volume varies widely, leading to high price volatility.
On the downside,
the B2B Internet HOLDR
(
BHH |
Quote |
Chart |
News |
PowerRating) fell 7.6%, the biggest loss
of the session among the tradable funds. The Internet
Infrastructure HOLDR
(
IIH |
Quote |
Chart |
News |
PowerRating) lost 5.2%, the Dow Jones
Internet Index iShares
(
IYV |
Quote |
Chart |
News |
PowerRating) 4.4%, the Biotech HOLDR
(
BBH |
Quote |
Chart |
News |
PowerRating)
3.6%, the Semiconductor HOLDR
(
SMH |
Quote |
Chart |
News |
PowerRating) 3.6%.
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The Mexico WEBS
series
(
EWW |
Quote |
Chart |
News |
PowerRating) slid 4.5%. The Mexican bolsa tumbled as
investors sold off the Telmex
(
TMX |
Quote |
Chart |
News |
PowerRating), the country’s No. 1
telecom company, following disappointing second-quarter
results.
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