ETF Movers: UltraShort Real Estate (SRS) Surges On Weak Home Resales News; Financial Select (XLF) Gives Back Gains

StreetInsider.com ETF Movers:

UltraShort Real Estate ProShares (AMEX: SRS) 12% HIGHER; After bouncing significantly off the lows recently, the sector sees profit taking on news existing home sales are at a 10 year low.

UltraShort Financials ProShares (AMEX: SKF) 10.3% HIGHER; After a record run-up off multi-year lows, financials are giving back recent gains.

SPDR S&P Homebuilders (AMEX: XHB) 9.6% LOWER; After bouncing significantly off the lows recently, the sector sees profit taking on news existing home sales are at a 10 year low. Homebuilder Ryland Group Inc. (NYSE: RYL) is down 23% after reporting a massive Q2 loss.

Financial Select Sector SPDR (AMEX: XLF) 5.5% LOWER; After a record run-up off multi-year lows, financials are giving back recent gains. Citigroup Inc. (NYSE: C) is down 8%, Fannie Mae (NYSE: FNM) down 17%, Wachovia Corporation (NYSE: WB) down 9%, Bank of America Corporation (NYSE: BAC) down 5.8%, Wells Fargo (NYSE: WFC) down 4%.

Internet HOLDRs (AMEX: HHH) 3.3% HIGHER; Strong earnings from Amazon.com (Nasdaq: AMZN), a large holding in the fund.

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