by Jonathan Yates | July 11, 2011 11:45 am
Concerns about the global economy had the the S&P 500 INDEX, RTH down more than 22 points in early trading, about a 1.6% drop, to about 1,322 in the morning session.
Exchange traded funds were leading the Standard & Poor’s 500 Index both up and down. The Proshares UltraPro S&P ETF (NASDAQ:UPRO), which triples down on the S&P, was down over 4.5%, a loss of about $3.75 to take it near $79.00. For the year, it is up more than $15.70%. Losses in trading for Friday and today’s morning session have it lower by over 7%. It is trading almost 12% higher than its 200 day moving average.
With financials so weak and the Greek debt situation still rattling investors, the SPDR S&P International Financial Sector ETF (NASDAQ:IPF) was selling about 3% lower, around $19.35, a loss of more than 55 cents a share. The International Financial Sector ETF is selling below its 20, 50 and 200 day moving averages. It has a relative strength index of 38.91, with 30 the floor for being considered oversold.
Global X Copper Miners ETF (NASDAQ:COPX) lost more than 3.25% in early trading, about 65 cents to less than $18.90. Down almost 5% for the year, Global X Copper Miners ETF is trading above its 20, 50 and 200 day moving averages; and is less than 10% from its year high.
The C-Tracks Volatility Index Exchange Traded Note (NASDAQ:CVOL) was up more than 10%, a gain of about $2.50 to take it over $26. Down almost 63% for the year, is up over 8.4% for the last week. It is still trading in double digits below its 20, 50 and 200 day moving averages.
Up over 7%, about $2.30 to over $34.80, was the Barclays Short C Leveraged Inverse S&P 500 Exchange traded note (NASDAQ:BXDX). A double shot of short on the S&P 500, it is down more than 22% for the year with strong gains on Friday and today’s morning session.
Over 5% higher early on to around $15.50, more than a 70 cents gain, was another short on the S&P 500, the ProShares UltraPro Short S&P 500 (NASDAQ:SPXU). Off by more than 20% for the year, it is up more than 3.4% over the last 5 trading days with Friday and this morning being its strongest showings.
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