ETF Outlook for Friday May 9, 2014
Guggenheim Solar ETF (NYSE:TAN)
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The ETF finished down another two percent yesterday, to the lowest close in three months. But, the tide may be turning for the solar power ETF as the government and President Obama are set to announce more incentives for the alternative energy source.
Investors could ride the government wave and look for higher prices in TAN today.
Market Vectors Russia ETF (NYSE:RSX)
The country remains in the middle of a tense conflict with the Ukraine, but as the headlines have quieted this week the stocks have begun to rally. RSX is up over seven percent in the last four days and is nearing a multi-month high.
The $24.25 area will be significant resistance for the ETF and if it were able to close above the level it would be a significant breakout. That being said, when there are outside factors such as geopolitical uncertainty, the charts are not always the best gauge.
Related: Bond ETFs Outperforming Stocks
SPDR S&P 500 ETF (NYSE:SPY)
There are two levels to watch on SPY. The all-time closing high is $188.88 and the highest intraday price is $189.64. The ETF closed yesterday at $187.86 after hitting an intraday high of $189.05. The ETF was on pace to close at the best level in history before a late day selling spree pushed the ETF to the lower end of the daily trading range.
The bad news is that the ETF continues to struggle to breakout. The good news is that it has been trading in a very narrow trading range and the sellers are not in control. Support levels to watch include $186.60 and $185.
iShares Cohen & Steers REIT ETF (NYSE:ICF)
The ETF is about to complete its fifth month of bullish action after rallying from a low that was reached in mid-December 2013. The ETF is up 18 percent in that time frame and yesterday closed at the best level in over 11 months. Add in the above-average dividend yield and ICF has been one of the top performers in 2014. The current yield on the ETF is 3.1 percent.
The ETF is now in overbought territory and could see a short-term pullback, but based on the charts it should not last long and would be a buying opportunity.
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