Trading on Wall Street has finally resumed after a prolonged weekend due to hurricane Sandy, prompting the closure of the New York Stock Exchange on Monday and Tuesday. Surprisingly, major equity benchmarks avoided volatile price swings at the open this morning despite the shortened trading week ahead of Friday’s key jobs report. From a technical perspective, immediate support for the S&P 500 Index remains at 1,400, along with near-term resistance at the 1,420 level [see Free 7 Simple & Cheap All-ETF Portfolios].
Below, we highlight how the ETFdb Analyst Picks have been performing, noting any important fundamental catalysts while also keeping an eye on key technical levels for our recommendations:
Since recommendation, this position has oscillated back-and-forth, resulting in only a minimal gain as of today. From a fundamental perspective, the prevailing landscape remains largely unchanged and still plagued with uncertainties, which bodes well for this defensive-minded recommendation. XLU is keeping its head above the 200-day moving average which should continue to welcome buyers who are looking to scale back on risk-exposure without pulling out of the equity market entirely.
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Disclosure: No positions at time of writing.
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