Outlook for Tuesday, July 1, 2014
First Trust NASDAQ Global Auto Index ETF (NYSE:
The June auto sales numbers are released this morning and
expectations are for a drop from last month.
In May the annualized rate came in at 16.7 million vehicles,
the best level since the recession began. Analysts are looking
for the number to fall to 16.4 million in June due to a one-time
pent up demand for autos in May after a rough winter.
Any number of 16.4 could be viewed as positive and should be
enough to help boost the auto stocks and CARZ.
iShares MSCI United Kingdom Index ETF (NYSE:
in the U.K. unexpectedly rose to 57.5 in June from a reading of
57.0 in May. The experts were looking for the manufacturing
number to fall to 56.8 and the bullish surprise has the country's
stock index, the FTSE 100, up 0.5 percent this morning.
Chinese Tech And MLP ETFs On A Tear
The new orders sub index rose to 61 from 59.5, adding to the
positive reading. The ETF is trading less than one percent from a
six-year high and is coming into the day on a three-day winning
SPDR S&P Homebuilders ETF (NYSE:
More good news yesterday out of the
sent the related shares higher and XHB closed out the session
with a gain of 0.7 percent.
The ETF is now just a few pennies away from breaking above
resistance to a new three-month high. Today the construction
spending number that comes out at 10 am could be the catalyst to
help the sector break above resistance before heading into the
long holiday weekend.
Market Vectors Semiconductor ETF (NYSE:
A 0.7 percent rally in SMH yesterday may not appear to be a
big move, however from a technical perspective the ETF is in the
process of breakout out of a two-week long consolidation pattern
at a ten-year high. The closing price of $49.49 yesterday was the
best in over a decade.
What is surprising about the breakout is that the ETF was able
to outperform even though its top holding, Intel (NASDAQ:
), closed lower by 0.1 percent. Look for more strength in the
semiconductors as INTC joins the rally.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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