ETF Headline Watch: Mar. 9, 2012

ETFs Making Headlines on Friday, March 9, 2012

ETFs were watching today focus on commodities, major U.S. indexes and financials.

Today's big news is the Greek debt swap and what the potential fallout could mean for Europe, global indexes and the financial sector.

At mid-day, the market's response has been mildly positive in U.S. indexes but European ETFs and the Euro dollar are in decline.

After opening lower, gold and silver have moved higher and major U.S. indexes remain below significant resistance levels.

ETF Summary:

SPDR Gold Trust: GLD +0.47%, the second largest ETF in the United States and largest gold ETF, opened lower on the stronger employment but then turned positive in mid-morning trade Friday.

United States Oil Fund USO +0.96% on hopes for improving global growth and the Greek settlement.

SPDR S&P 500 Index SPY +0.6% mid-day Friday, as U.S. stocks react positively to the Non Farms Payrolls report but remain locked in trading range below significant resistance levels.

Financial Select Sector SPDR ETF XLF +1.1% as major U.S. bank stocks react positively to news on Greece and unemployment.

iShares Silver ETF Trust: SLV +0.97%, after opening lower but gaining strength mid-day.

Bottom line: Markets initially cheer Greek settlement and Non Farm Payrolls report, however, caution remains as credit default swaps could be triggered on Greek plan.

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