Markets

QQQ ETF Pegs All-Time Closing High; Gold Funds Retake A Key Level

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Exchange traded funds tracking major domestic stock indexes closed near session highs Tuesdays, with energy leading the S&P 500 higher.

Chip and diversified technology ETFs popped Tuesday as investors and consumers await the debut of new iPhones at a special event. The tech-heavy PowerShares QQQ ( QQQ ), tracking the Nasdaq 100 index, posted an all-time closing high of 117.85.

Technology Select Sector SPDR ( XLK ) added 0.5% Tuesday, ending at a 52-week high of 47.59. Apple ( AAPL ) is the No. 1 holding in the exchange traded fund, with a 13% portfolio weighting. The company's latest iPhones are set to be unveiled Wednesday.

[ibdchart symbol="XLK" type="daily" size="full" position="leftchart" ]

Apple's converging 50-day and 200-day moving averages indicate its performance over the shorter term has improved . With recent repairs to the chart, the stock is now shaping a handle with a potential buy point at 110.33.

VanEck Vectors Semiconductor ( SMH ) brushed against a multiyear high of 67.08 in morning trade, but the fund finished flat.

Highly rated IBD stocks and Apple parts suppliers Intel (INTC ) and Broadcom ( AVGO ) are near buy points.

IBD'S TAKE:To find highly rated ETFs from the best industry groups, check outETF Center .

Gold prices rose on Tuesday as the dollar fell hard. A disappointing jobs report Friday set back expectations that interest rates may rise in September.

SPDR Gold Shares (GLD) broke through resistance at the 50-day moving average. GLD fell below that key test of institutional support in late August as higher odds of a rate hike weighed on the yellow metal.

Higher rates tend to raise the opportunity cost of holding gold, a nonyielding safe haven asset, while boosting the dollar in which it is priced.

The GLD ETF tracks the price of gold .

[ibdchart symbol="gld" type="daily" size="full" position="leftchart" ]

VanEck Vectors Junior Gold Miners (GDXJ) jumped nearly 7% on the stock market today . It also retook the 50-day in above-average trading volume.

VanEck Vectors Gold Miners (GDX), which focuses on large-caps in the gold mining space, added nearly 5%.

Gold prices were higher Tuesday on short covering in the futures market, wrote Kitco senior technical analyst Jim Wyckoff. Silver shared in the gains.

PureFunds ISE Junior Silver (SILJ), a mining ETF, jumped 8% Tuesday.

12 Bellwether ETFs

Here's how major exchange traded funds across major asset classes performed today, with IBD Relative Price Strength Ratings.

The RS Rating is a measure of a stock's price performance over the last 12 months, compared with all stocks and ETFs, on a scale of 1 to a best-possible 99.

Following daily ETF market action can be key to successful investing:

SPDR S&P 500 (SPY), +0.3%, RS 55

PowerShares QQQ ( QQQ ), +0.6%, RS 59

SPDR Dow Jones Industrial Average (DIA), +0.2%, RS 55

IShares Core S&P Mid-Cap (IJH), -0.2%, RS 62

IShares Russell 2000 (IWM), +0.1%, RS 62

IShares MSCI EAFE (EFA), +0.7%, RS 36

Vanguard FTSE Emerging Markets (VWO), +1.7%, RS 73

SPDR Gold Shares (GLD), +1.7%, RS 68

United States Oil (USO), +1.5%, RS 12

IShares Core U.S. Aggregate Bond (AGG), +0.2%, RS 36

PowerShares DB U.S.$ Bullish (UUP), -1.2%, RS 27

IPath S&P 500 VIX Short-Term Futures (VXX), -2.6%, RS 1

Related:

Gold Sparkles Again On Jobs Data

Gold Risks Meltdown

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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