Hot Sectors, ETFs at Noon Feb 13th: (XLF, IYM, USO, IYE)

Hot sectors, ETFs go green with good news from Greece

Over the weekend, Greece's Parliament approved yet deeper austerity measures amid rioting in the streets that saw 45 buildings burned by protestors.

But the settlement led to a fast start for the week on Wall Street.

Hot Sectors and ETFs:

Financial Select Sector SPDR ETF XLF rose 0.96% on the Greek settlement which takes pressure off banks and potentially eases the specter of a global banking crisis.

iShares Dow Jones U.S. Basic Material ETF IYM gained +0.45 on the prospects for greater global demand as Greek might be less of a drag on global economic growth.

United States Oil Fund USO jumped 1.04% on improved economic activity in the United States and the sanctions beginning against Iran which will likely tighten supplies.  West Texas Intermediate Crude reached $100/bbl.

iShares Dow Jones U.S. Energy Sector IYE driven higher by oil prices and prospects for faster growth and higher demand in the emerging world.

Bottom line: Global markets cheered news from Greece in spite of the violence that accompanied the Parliament's latest vote.  Now, as before, the follow through and execution will be critical if today's good mood is to prove sustainable.

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