Market Overview

A Look Ahead: Next Week's ETFs to Watch

A flurry of late buying helped pare losses for U.S. equities on Friday, but the weekly results weren't too bad as both the S&P 500 and Nasdaq closed higher on the week. Most of the Dow's Friday decline can be attributed to Chevron's (NYSE: CVX) fourth-quarter earnings that missed Street estimates.

Adding to the Friday consternation, Fitch lowered the sovereign credit ratings of Belgium, Cyprus, Italy, Slovenia and Spain, but optimism remains a solution to Greece's fiscal woes might yet be found, boosting the fortunes of the Global X FTSE Greece 20 ETF (NYSE: GREK) in the process. That ETF has been a pleasant 2012 surprise.

With an eye toward next week, there are still more marquee earnings reports and next Friday brings the January jobs report. The following ETFs should be popping on traders' radars throughout the week.

Energy Select Sector SPDR (NYSE: XLE) The Energy Select Sector SPDR held up alright on Friday considering the glum report from Chevron and with Exxon Mobil (NYSE: XOM) reporting earnings on Tuesday before the bell, XLE could be on the move once again. XLE looks like it's consolidating in a higher range and a move above resistance at $73 could lead to another $3-$5 in upside.

iShares Dow Jones US Oil Equipment Index Fund (NYSE: IEZ) Another earnings play, the iShares Dow Jones US Oil Equipment Index Fund is one to watch later in the week as Cameron International (NYSE: CAM) and National Oilwell Varco (NYSE: NOV) report earnings on Thursday. Services names have been outperforming the integrated oil names this year and if IEZ can reclaim the $57 area, the good times should keep rolling for this ETF.

Global X Social Media Index ETF (NYSE: SOCL) How important could the Facebook IPO be the fortunes of the Global X Social Media Index ETF? Consider this: Before news of the much anticipated offering broke on Friday, SOCL was flat on the day with just a few hundred shares having changed hands. When the closing bell rang, SOCL was up 5.2% on triple the average daily volume. All of that and Facebook still is NOT public.

PowerShares Dynamic Food & Beverage Portfolio (NYSE: PBJ Maybe it's because investors are embracing risk again, the PowerShares Dynamic Food & Beverage Portfolio has been a lackluster performer in 2012. With several key components reporting earnings next week, PBJ has a chance to at least flirt with the all-important $20 area. If not, the ETF is vulnerable to those that are long throwing in the towel in favor of faster-moving opportunities.

Direxion Daily Gold Miners Bull 3X Shares (NYSE: NUGT) If you're going to get acquainted with the leveraged ETFs, might as well do it with one that has been simply on fire since the start of 2012. With gold rising, dragging the miners along for the ride, NUGT can be a great trade in the matter of just one or two days. Doubters should consider the Direxion Daily Gold Miners Bear 3X Shares (NYSE: DUST).

Posted-In: Earnings Long Ideas News Sector ETFs Broad U.S. Equity ETFs Short Ideas Specialty ETFs New ETFs

 

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