ETF Preview: Oil Fund Returns to Higher Ground as Trio of Energy Outlooks Due Out This Week

Active-volume exchange-traded funds in Monday’s regular session:

SPDR S&P 500 (SPY): -0.4%

iShares S&P 500 (IVV): -0.4%

PowerShares QQQ (QQQQ): -0.3%

Select Financial Sector SPDRS (XLF): 0.7%

iShares Russell 2000 (IWM): -1.2%

iShares Russell 1000 Growth (IWF): -0.6%

iShares MSCI Emerging Markets Index (EEM): -1.6%

United States Oil Fund (USO): +0.4%

Top-volume movers in this morning’s pre-market session:

QQQQ, +0.4%

SPY, +0.4%

GLD, +0.2%

USO, +1.6%

IWM, +0.3%

Winners and Losers-

Major market ETFs, including the SPY, DIA, UYG and others, are firmer even as stock futures chop around the even mark ahead of today’s open. The PowerShares QQQ (QQQQ), which tracks the technology-studded Nasdaq Composite, is up 0.4%, topping volume ranks.

Technology Select Sector SPDR (XLK) is flat but should see increased interest closer to the opening bell. Texas Instruments (TXN) is up 5% and near the evening highs. The company expects Q2 revenue to be within a range of $2.3 to $2.5 bln, above its previous guidance range of $1.95 to $2.4 bln. EPS is seen in the range of $0.14 to $0.22 per share, above its previous view of $0.10 to $0.15 per share. The Street estimate is $2.2 bln in revs and earnings of $0.10 per share.

Banking issues are mostly firmer. The Treasury is preparing to announce today it will let 10 banks buy back government shares, people familiar with the matter said, signaling confidence some of the largest U.S. lenders won’t again need a taxpayer rescue, Bloomberg News reports. JPMorgan Chase (JPM) is among those cleared to repay Troubled Asset Relief Program funds, according to the story. Goldman Sachs (GS), American Express (AXP) and State Street (SST) are also among those that have sold shares and debt unguaranteed by the government, demonstrating they can raise funds without federal aid.

At last check, Select Financial Sector SPDRS (XLF) is up 0.8%. The Direxion Financial Bull 3X fund (FAS) is up 1.2% and among the most actively traded banking ETFs; its bearish counterpart (FAZ) is down 0.7%.

The SPDR S&P Retail fund (XRT) could see increased interest closer to the bell with some sector names reporting last night and this morning. Men’s Wearhouse (MW) firmed 9% (at 19.49) in Monday’s after-hours trade after reporting better-than-expected Q1 results. Talbot’s (TLB) swings to a loss on smaller sales and is cutting jobs. The company also guides for a slimmer Q2 loss than the Street expects.

Commodities -

SPDR Gold Shares (GLD) is up 0.2%. iShares COMEX Gold Trust (IAU) is flat. The Market Vectors Gold Miners fund (GDX) is up 1.4%. Gold is up for the first day in three sessions as the dollar declines against its European counterparts. At last check, gold for August delivery rose $6.10, or 0.6%, to $958.60 an ounce in early North American electronic trading.

Silver for July delivery gained 24.5 cents, or 1.6%, to $15.20 an ounce. iShares Silver Trust (SLV) is up 1.6%.

ETF Power Play -

The United States Oil Fund (USO) is up 1.6%. After a pause to start the week, oil futures are back on track toward $70, up nearly 2% early Tuesday. A steady to weaker dollar is boosting the appeal of oil. Several reports due this week will keep focus on the commodity. The U.S. Energy Information Administration will release its short-term energy outlook later today. The International Energy Agency and OPEC will release similar reports later this week.

MEMEBERS LOGIN FOR MORE AFTER-HOURS AND PRE-MARKET TRADING IDEAS.

Digg  digg it  | Reddit  reddit  | del.icio.us  del.icio.us  | StumbleUpon  StumbleUpon 



One Comment

  1. JamesD
    Posted June 11, 2009 at 2:05 pm | Permalink

    Thanks for the useful info. I”m a subscriber to your Live Briefs service and it’s very helpful in finding trading ideas.


Home Contact Us Disclaimer Privacy Policy Help Login

© Copyright 2010 Midnight Trader. All Rights Reserved.