Notable Midday ETF Movers 11/19: UUP Higher; SMH, XLF, SPY Lower
StreetInsider.com Notable ETF Movers:
HIGHER;
- PowerShares DB US Dollar Index Bullish (NYSE: UUP) up about 0.45% to $22.38 as the U.S. dollar bounces against a host of world currencies. The dollar is poo-pooing the markets today after succumbing for some time. Global equity markets are slumping and investors see a firmer hand gripping capital flows around the world. Japanese Yen is another benefactor of the move, in spite of many financial companies rushing to secure capital financing to ride-out another economic slump.
- Semiconductor HOLDRs (NYSE: SMH) is 3.8% lower after Bank of America/ML downgraded a host of companies in the sector, including leaders Intel (Nasdaq: INTC) and Texas Inst (NYSE: TXN), saying inventories in the supply chain are approaching a level suggesting a modest overshoot vs. equilibrium levels.
- Financial Select Sector SPDR (NYSE: XLF) about 1.8% lower to $14.71. Tim Geithner urged reform of the financial system today into a tighter, well-run machine. He also pushed for new resolution authority so that none of the firms are "too big to fail," a.k.a. the catch-phrase of 2009, beating out "conservative-optimism."
- SPDRs (NYSE: SPY) down 1.78% to $109.49. To tamper with the famous GM saying of yore, "What's good for the S&P 500 is good for SPY." The ETF is feeling the pain of traders taking profits, a stronger dollar, and so on.
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