Energy & Commodity ETFs (KWT, DBB, USO, KOL) Show Strength Today
Posted in: Long Ideas, Sector ETFs, Movers & Shakers, Specialty ETFs, Emerging Market ETFs, Topics, Intraday Update, Markets, Movers, Trading Ideas, ETFs
A broad rally in energy and commodity ETFs including Solar (NYSE: KWT), Base Metals (NYSE: DBB), Oil (NYSE: USO), and Coal (NYSE: KOL) began at market open and is holding through midday trading. These ETFs are all up between 2.5%-5.5%.
The main reason for this move is due to continued US Dollar weakness. The Dollar index, as measured by the US Dollar Index ETF (NYSE: UUP) is down 1.3% today to its lowest levels since September of 2008.
This is also boosting Gold to above $1,000/ounce and individual energy stocks including Chevron (NYSE: CVX) and Exxon Mobil (NYSE: XOM). Both stocks are up 2.2% today.
(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
We're Loving
