ETF Outlook For Tuesday, June 17, 2014 (ARGT, THD, XLE, TAN, SUNE, SPWR)
ETF Outlook for Tuesday, June 17, 2014
Global X FTSE Argentina 20 ETF (NYSE: ARGT)
The U.S. Supreme Court decided that Argentina must pay $1.5 billion to debt holders from a decade-long battle. The news sent the Argentinean stock indices down 7 percent yesterday and ARGT fell by 2.7 percent.
Last night the president of Argentina addressed her nation and said that the country will not honor the U.S. ruling. This could lead to the country defaulting and ARGT will likely be hammered if that is the situation.
iShares MSCI Thailand Investable Market Index ETF (NYSE: THD)
Thailand has officially moved into a new bull market with a gain of 20 percent from the recent low. The ETF was up another 0.6 percent on Monday to close at the best level since last November.
Related Link: Brazil ETFs Rally Into The World Cup
Even though the country is in the middle of a military coup it has not been able to slow down the stock market. It appears it is business as usual in the country . Perhaps because a coup seems to take place every few years the current one is not a big surprise to the Thai people.
The next resistance level to watch on THD is near the 52-week high of $84.
SPDR Energy ETF (NYSE: XLE)
The ETF closed out Monday with a gain of 0.6 percent and extended its winning streak to four sessions. XLE is now up seven out of the last eight days and is trading at the highest level ever.
There is no reason to ever try and call a top or a bottom on a chart. However, the action has led the ETF into overbought territory and XLE is now at a level in which it is due for a normal pullback. The ETF closed at $99.01 yesterday. Support is at the $95-$96 area if/when it pulls back in the coming days/weeks.
Guggenheim Solar ETF (NYSE: TAN)
One of the best performers yesterday was TAN with a move of 1.8 percent to close at the best level since April. The rally was led by a breakout and 8 percent gain in SunPower (NASDAQ: SPWR) and an 11 percent surge in SunEdison (NYSE: SUNE).
Even though TAN had a great day, it still remains 15 percent below its early March high. There appears to be more upside left in TAN and if the news cycle continues to lean positive it will be the catalyst that drives the ETF to new highs.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.