Each week Forcerank runs a variety of games covering different industries. We have found that the highest ranked security in their respective contest delivers the biggest positive price movement for that week. This week the winners include ETFs like the Technology Sector SPDR Fund and United States Gasoline.
Technology Select Sector SPDR (NYSE:XLK) | US Sector ETFs: Technology was the most-improved sector last week thanks in large part to gains made by Apple (NASDAQ:AAPL), which accounts for nearly 15% of the 72 components that make up the ETF. Another double-digit week from the iPhone provider would certainly lead the ETF to another strong week. Year-to-date, the tech sector ETF is up just over 10%, trailing only the energy and utilities sector. Based on some widely used technical indicators, the XLK still has room to run. Its relative strength index is nowhere near overbought territory while on balance, volume continues to reach new peaks.
United States Gasoline (NYSE:UGA) | Commodities: Gasoline rallied last week after a series of refinery and pipeline outages. Shares of UGA jumped 6% between Monday and Friday with a majority of its gains coming in the latter part of the week. The biggest news was a leak in the Colonial Pipeline’s main gas line in Alabama. Fuel supplies in at least 5 states have been threatened by the spill causing gasoline prices to surge on looming uncertainty. Since there is no overnight fix to the problem, it wouldn’t be surprising to see gasoline near the top of the commodities game in future weeks. Additionally, UGA just gave a bullish crossover in its MACD, typically a sign of strong upside on the horizon.