2 ETFs Power Ahead As Apple Hits New Record High

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U.S.-listed exchange traded funds scored gains after the government averted a shutdown over the weekend. Gainers included ProShares UltraPro ( TQQQ ) and PowerShares QQQ Trust ( QQQ ), up 2% and 1%, respectively.

Both tech-heavy ETFs are in new high ground. TQQQ, which has $1.5 billion in assets under management, seeks to triple QQQ's performance gain each day. QQQ's ($49.2 billion) top holdings include Apple ( AAPL ), Microsoft ( MSFT ), Amazon ( AMZN ) and Facebook (FB). Apple rose 2% to a new high Monday.

Direxion Daily Emerging Markets Bull 3X Shares (EDC) also rallied, nearing a 78.85 buy point of a short flat base. It's formed a base-on-base pattern, following a 13% advance in between. EDC has $160.8 million AUM.

Among sector exchange traded funds , Technology Select Sector SPDR (XLK) and Financial Select Sector SPDR (XLF) were leading. XLK, up about 4% after a recent bounce off its 10-week moving average, is trading at its highest levels in more than 16 years. The tech ETF ($17.2 billion AUM) has rallied 14% from a flat-base breakout late last year.

XLF ($23 billion) is at nine-year highs. The financial ETF is building a flat base with a potential 25.39 entry, following a 6% gain on a mid-February breakout from a prior flat base. Before that, it scored a 19% advance from a November breakout.

With earnings lurking around the corner from big drug names, it's a good time check up on health-related ETFs. Health Care Select Sector SPDR (XLV) has shaped a six-week flat base with a 76.84 buy point. It's less than 2% below the entry. The ETF ($16.1 billion) had posted a small gain from a cup-with-handle breakout just before starting the current pattern.

Dow industrial average components Merck (MRK) and Pfizer (PFE) report quarterly results Tuesday. Biotech Gilead 's (GILD) earnings are also on tap tomorrow. Merck and Pfizer were among XLV's top five holdings as of April 26; Gilead made the top 10.

The broader market was mixed, with the tech-heavy Nasdaq composite up 0.6%, the S&P 500 up 0.2% and the Dow Jones industrial average down 0.1%. West Texas intermediate crude prices slid 1.3% to $48.71 a barrel. SPDR S&P Oil & Gas Exploration & Production (XOP) ($2 billion AUM) was down 0.3%. The ETF has been under pressure lately and is 22% below its December high.

Gold prices dipped 1% to $1,255.50 an ounce, weighing on gold funds. VanEck Vectors Gold Miners (GDX), which has nearly $10.4 billion AUM, fell 2%. It's 31% off its 52-week high. SPDR Gold Shares (GLD) ($34.7 billion) edged 1% lower.


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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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