Analyst/ETF Trader Paul Weisbruch of Street One Financial brings us his daily fund flows update, which today looks at the sudden reversal in money flows for the world’s largest and oldest ETF amid yesterday’s equities meltdown, along with some solid inflows coming back into two major junk bond funds.
And just like that, the larger inflows that we have noted in SPY pre-dating Fed Yellen’s testimony, before the SPX leapt from the 2420-2430 level back in mid-August, have reversed themselves near present levels in the markets. We have seen about $5 billion vacate SPY in recent sessions, as the fund violated but eventually closed above its 50-day MA in yesterday’s trading before a small bounce in early trading on Wednesday.
In other action, we have seen some moderate buying in high-yield corporate bonds with JNK (over $500 million in) and HYG (over $265 million in) both seeing creation related inflows lately.
The SPDR S&P 500 ETF Trust (AX:SPY) was trading at $246.56 per share on Wednesday morning, up $0.50 (+0.20%). Year-to-date, SPY has gained 11.32%.
SPY currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 118 ETFs in the Large Cap Blend ETFs category.