Notable ETF Movers of the Day 06/15: (TAN) (SLX) Higher; (UNG) (UUP) Lower
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- Guggenheim Solar (NYSE: TAN) up 2.48 percent to $18.18. Solars continuing to get positive sentiment following reports earlier in the week that First Solar (Nasdaq: FSLR) was ramping up production in Germany ahead of subsidy cuts, signalling increased demand in the region.
Friday, the move is being led by SunTech Power (NYSE: STP) which up about 7 percent.
- Market Vectors Steel ETF (NYSE: SLX) up 1.47 percent to $42.82. Steeler's seeing a relief rally heading into election in Greece over the weekend. Traders might be expecting a little more easing as all U.S. economic points came in below expectations Friday. Of note, the NY Fed's Empire Manufacturing index fell 15 points to 2.3 in June. Despite the drop, there's still growth in the region, a positive sign given recent market volatility stemming from European debt issues.
- United States Natural Gas (NYSE: UNG) down 1.55 percent to $17.26. There's some profit taking in the nat gas sector today following a substantial rise Thursday. Showing signs that controls being put in place to stem production, EIA data issued Thursday showed a 67 billion cubic foot increase in stockpiles, far below the expected increase of 75 bcf.
Though stores on the commodity are at an all time high, traders took it as a good sign. Contracts rose 14.2 percent yesterday, a 31 cent gain.
- PowerShares DB US Dollar Index Bullish (NYSE: UUP) down 0.22 percent to $22.55. The U.S. dollar a little weaker versus the euro Friday heading into the big Greek election on Sunday. Whether or not the opposition party to the bailout plans for Greece will take hold is pure speculation, with official polls ceasing two-weeks ago. Reading interviews with Greeks across the web produces just about the same atmosphere as a local election, with a little more fervor due to extreme debt issues occurring in the country.
One thing's for sure, a Greek exit of the euro is still not priced into the markets, but just about every nation in the Eurozone and the U.K. have pledged to support measures to aid Greece.
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