ETF Outlook for Tuesday, April 1, 2014 (IGE, SPY, EGPT, IEV)
ETF Outlook for Tuesday April 1, 2014
iShares North American Natural Resources ETF (NYSE: IGE)
The name of the ETF can be deceiving as it sounds, as if it should be made up of mining and energy stocks. The truth is it is made up of 85 percent energy with only 8 percent in the metals and mining. The portfolio allocation has been a good thing recently as the energy stocks have been outperforming the overall market. IGE was up a mere 0.1 percent on Monday, but closed at the best level since mid-2011 and the chart indicates there could be higher prices ahead for the ETF.
SPDR S&P 500 ETF (NYSE: SPY)
The broad based U.S. ETF closed out the first quarter with a gain of 1.3 percent. And considering it finished with a gain of 0.8 percent on Monday, the ETF was basically flat for the quarter up until the last day. Even though the end result is not flashy, there was plenty of action throughout the last three months. The ETF hit a new all-time high that was followed by a four-month low, which was then followed with yet another all-time high. As of Tuesday, the ETF stands 0.7 percent below a new high and if the pattern continues, the market should be hitting levels never seen in the very near future.
Market Vectors Egypt Index ETF (NYSE: EGPT)
The top performing single-country ETF during the first quarter was EGPT with a gain of 24 percent. But in the last week the ETF is down 6 percent and trading above the 50-day moving average. If the ETF can hold above the $65 area, it could be an opportunity for investors to begin building a position in a high-flying frontier market that could see more new highs in 2014.
iShares S&P Europe 350 Index ETF (NYSE: IEV)
Eurozone manufacturing slipped to 53.0 in March from 53.2 in February. The French PMI hit a 33-month high as the country moved back to expansion. Two of the PIIGS, Spain and Ireland continue to improve at a rapid pace, Germany slowed and Greece moved back into contraction territory. IEV is currently trading 1 percent off the six-year high heading into the trading action today. The European markets were higher last night heading into this mornings opening bell. The consensus is that the manufacturing numbers were solid and helping stocks rally. Look for IEV to hit a new all-time high in the following weeks.
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