Analyst/ETF Trader Paul Weisbruch of Street One Financial brings us his daily fund flows update, which today points out continued outflows in the world’s largest ETF, renewed interest in a popular tech fund, and a reversal of sorts for a leveraged energy ETF.
SPDR S&P 500 (NYSE:SPY) outflows continue to build in the month of November, as we now see more than $6.3 billion vacating the fund via redemption pressure. This comes after mysteriously we witnessed inflows during a typically dismal month of October. With SPY and the SPX off its all-time intraday high registered four trading sessions ago, it is apparent to us that some technically based stop-losses were triggered in marketplace last week, which in turn caused some liquidation in portfolios.
On the other side of the discussion, there have been some bids in Large Cap Techs via PowerShares QQQ (+$1.3 billion in lately), where the top holdings are of course AAPL (12.47%), MSFT (8.93%), AMZN (7.47%), FB (5.85%) and GOOG (4.94%).
Finally, we spoke about well timed inflows into the Bull leveraged UGAZ recently in these recaps before a burst higher in the underlying commodity, and we have seen some profit taking via redemptions in this fund lately with over $340 million leaving the ETN.
The QQQ was trading at $153.88 per share on Monday morning, up $0.2 (+0.13%). Year-to-date, QQQ has gained 30.50%, versus a 16.59% rise in the benchmark S&P 500 index during the same period.
QQQ currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 37 ETFs in the Large Cap Growth ETFs category.
Disclaimer: The content of this article is excerpted from a daily newsletter from Street One Financial. While ETF Daily News may edit the contents and add a relevant title to the piece, the author, Paul Weisbruch, does not endorse or recommend any issuer or security mentioned herein.