Analyst/ETF Trader Paul Weisbruch of Street One Financial brings us his daily fund flows update, which today points out continued outflows in the biggest S&P 500-linked fund, renewed interest in tech names, and a new entry in the red-hot gold market.
SPDR S&P 500 (NYSE:SPY) outflows continue to build, topping the $6 billion mark in recent sessions and readers of these columns will recall that we saw approximately the same amount enter the fund up to and preceding the “Dip” in equities in mid-August. The SPX briefly clipped 2420 in August, struggled with its 50-day MA for about a week or so, and then surged above the 50-day this week to current levels.
In other trading, we have seen some inflows into PowerShares QQQ Trust (NASDAQ:QQQ) (over $1.5 billion in) where the highest weightings are AAPL, MSFT, AMZN, FB and GOOG.
Finally, SPDR Gold Shares (HK:2840) (NYSE:GLD) has reeled in a notable $1 billion via creations in the short-term, and gold and precious-metals prices have seen a meteoric rise since the beginning of August, with GLD trading near a new 52-week high Thursday. Speaking of gold, GraniteShares recently debuted GraniteShares Gold Trust (NYSE:BAR), which we see has a 20 bps expense ratio as compared to GLD’s 40 and IAU‘s 25 bps costs.
The SPY was trading at $247.05 per share on Thursday morning, up $0.15 (+0.06%). Year-to-date, SPY has gained 11.54%.
SPY currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 119 ETFs in the Large Cap Blend ETFs category.