Notable ETF Movers: SLX, EWJ, USO Higher; UNG, XRT Lower
StreetInsider.com Notable ETF Movers:
HIGHER;
- Market Vectors Steel (NYSE: SLX) trading up 4.3% after Goldman Sachs upgrades the Steel sector from Neutral to Attractive following the sector's underperformance and the emergence of incrementally positive data points. Goldman added US Steel (NYSE: X) to their Conviction Buy List. Goldman identified 14 signposts that point to upside for steel equities. The firm said, "Steel and scrap prices in the US have bottomed in our view, Chinese prices are rising, inventories remain low, a weak dollar has brought the US close to being a net exporter, and we expect better industrial and auto demand in 2010."
- iShares MSCI Japan Index (NYSE: EWJ) trading up 2% to $9.56. As one of the best-looking currencies on the market, investors are fleeing from the Middle East and the U.S. towards Japan. The Japanese government minister said that they will stem the rapid rise of the Yen so that Japan does not slip back into another recession.
- United States Oil Fund LP (NYSE: USO) shares are up 0.62% to $38.74. The ETF is up today amid concerns over the future of crude as Somali pirates hijack yet another tanker.
LOWER:
- United States Natural Gas (NYSE: UNG) down 6.41% to $9.20. The euphoria of a new contract month inflated prices last week only to see a drop after Dubai's economic troubles combined with a surplus of natural gas in the U.S. add to the downside that UNG is seeing today.
- SPDR S&P Retail (NYSE: XRT) down 2% to $34.25. Many retail stocks, save Amazon.com (NASDAQ: AMZN), are experiencing woes as Black Friday sales turned out weaker than expected. Average spending was said to decline about 7.9% to $343.31. Macy's (NYSE: M) is one of the weakest of the larger retailers today, down 6%.
Create E-mail AlertRelated Categories
Special ReportsStocks Mentioned
+0.00Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
