Minyanville Daily Recap 30/06/2014

US stocks traded in a very tight range for much of the day as quarterly stock options expired on the close. The S&P 500 (SPX) was pinned near 1962 for much of the day and its ETF (SPY) at 196. The utilities sector was the strongest today thanks to strength in US Treasuries. Goldman Sachs (GS) and Oracle (ORCL) announced bond sales totaling $14 billion today, partially to be used to fund stock buybacks and dividends.

Overnight, China announced an effective loan-to-deposit ratio of 75%, which is a roughly 5% higher ratio of deposits than banks currently hold. In addition, banks will be able to exclude loans to rural borrowers from this ratio. These are both very positive steps for China and its financial system as the government attempts to help offset a major drop in credit growth in the first quarter.

The Chicago regional manufacturing survey edged down from its May reading of 65.0 to 62.6 this month. The expectation was for 63.0. Pending home sales had the biggest surprise, rising 6.1% in May from the month prior, down 6.9% from a year ago. Both were better than economist estimates of 1.5% and -9.0% respectively. The single-month gain is largely due to very strong new home sales contracts for the same month, which were reported last week. The household durables sector was up 0.73% today, led by homebuilder stocks ( 1.37%).

General Motors (GM) announced in a press release later in the day that it would recall an additional 7.6 million vehicles for safety reasons. This brings the total to 8.45 million for the year; the company will now record a $1.9 billion charge (versus $700 million previously disclosed) due to the recalls. Earlier, Ken Feinberg, whom GM has hired to consult on the vast number of claims filed against it, said in a press conference that the company will compensate each victim fully over the next two years. By the end of the session, GM stock had lost 1%.

The national ISM manufacturing index will be released tomorrow morning for June. The index is expected to show a marginal rise to 55.8 from 55.4 in the month prior. Regional surveys for the month have thus far been strong, but are showing a slightly lower level of expansion than the month prior. Auto sales for June are due out in the afternoon.

Overnight, the official Chinese manufacturing PMI is scheduled to be reported. Earlier in the month the private survey from HSBC showed its first month of expansion in activity this year. The official gauge should show a similar jump in activity. The Reserve Bank of Australia (RBA) will make its monthly rate decision overnight. It has the unenviable task of trying to convince the market that bank policy must be less dovish (due to recent economic strength), while the value of the Aussie dollar must fall. The implications of the its rate decision will reverberate throughout Asian foreign exchange markets. Lastly, manufacturing PMIs from Europe and the UK will be released.

There are no major earnings reports scheduled for tomorrow in the US.

Annunci

Consumer Spending Problems? – 06/30/2014

It was noted Thursday that consumer income is on the rise, but spending is surprisingly muted. Investors didn’t panic because they can see in the confidence and sentiment data that consumers are in a good mood and the money will flow shortly (like Friday’s better than expected 82.5 sentiment reading).

Note that consumers withhold spending for 3 main reasons:

1) They are fearful about the future state of things like the economy or their income stream (job security and investments). If these things become less stable, then consumers will hoard cash.

2) Deflationary pricing pressures means that you can buy something for less in the future than you can today. So that is a reason to save now and spend later.

3) Ebb and flow of spending. Meaning sometimes they spend a lot, then cool down only to spend again in the future.

Issues #1 and #2 are good reasons for investors to turn bearish. Gladly right now most signs point to #3 being the real issue. Meaning that any recent slowdown in consumer activity will show up as increased spending in the near future. That is why investors remain calm and stocks stay perched near the all-time high.

Best,

Steve Reitmeister ( aka Reity…pronounced “Righty” )

Executive Vice President

Zacks Investment Research

Key Market Reports and Commentary for Monday 30/06/2014

Morning Markets Report
Prepared on Monday, June 30, 2014

Copyright 2014 INO.com. All Rights Reserved.

Summary
The Dow Future is down 23 points to 16734. The US Dollar Index softened 0.072 points to 79.973. Gold has eased 2.320 dollars to 1313.190. Silver has retreated 0.0745 dollars to 20.8440. The Dow Industrials advanced 5.71 points, at 16851.84, while the S&P 500 edged higher by 3.74 points, last seen at 1960.96. The Nasdaq Composite rose 18.66 points to 4397.71. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Optimizing the ABC Charting Formation
Sunday Jun 29th

Inside Look: Check out this Unprecedented Bear Market Formation Since 2000
Saturday Jun 28th

Weekly Futures Recap With Mike Seery
Friday Jun 27th

Key Events for Monday

8:30 AM ET. 1st. Quarter U.S. International Investment Position

8:30 AM ET. Annual U.S. International Investment Position

9:45 AM ET. June ISM-Chicago Business Survey – Chicago PMI

Employment Index (previous 54.6)

New Orders Index (previous 70.2)

Prices Paid Index (previous 66.8)

Purchasing Managers Index (Adjusted) (previous 65.5)

Supplier Deliveries Index (previous 51.7)

10:00 AM ET. May Pending Home Sales Index

Current (previous 97.8)

MoM Pct Change (Current Period) (previous +0.4%)

YoY Pct Change (Current Period) (previous -9.2%)

10:30 AM ET. June Texas Manufacturing Outlook Survey

Business Activity Index (previous 8)

Manufacturing Production Index (previous 11)

1:00 PM ET. June Dow Jones Economic Sentiment Indicator

DJ Economic Sentiment Indicator (previous

7:45 AM ET. ICSC-Goldman Sachs Chain Store Sales Index

Chain Store Sales Index – WoW (previous +2%)

Chain Store Sales Index – YoY (previous +4.1%)

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous -1.7%)

12MonChgPct (previous +3.4%)

52WkChgPct (previous +3.3%)

9:00 AM ET. June US Manufacturing PMI

10:00 AM ET. May Construction Spending – Construction Put in Place

New Construction (previous +0.2%)

Residential Construction

10:00 AM ET. May Metropolitan Area Employment & Unemployment

10:00 AM ET. June ISM Manufacturing Report on Business

Manufacturing PMI (previous 55.4)

Prices Index (previous 60)

Employment Index (previous 52.8)

Inventories (previous 53)

New Orders Index (previous 56.9)

Production Index (previous 61)

10:00 AM ET. July IBD/TIPP Economic Optimism Index

Economic Optimism Index (previous 47.7)

6-Month Economic Outlook (previous 45.6)

11:00 AM ET. June Global Manufacturing PMI

PMI, Manufacturing (previous 52.2)

4:00 PM ET. June Domestic Auto Industry Sales

Annualized Vehicle Sales (previous 16.77M)

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous +4M)

Gasoline Stocks (Net Change) (previous +2.2M)

Distillate Stocks (Net Change) (previous -0.25M)

Refinery Runs (previous

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 348.1)

Market Composite Index Cur Chg (previous -1%)

Purchase Index (S.A.) (previous 176.4)

Purchase Index (S.A.) Cur Chg (previous -1.2%)

Refinance Index (previous 1322.6)

Refinance Index Cur Chg (previous -0.9%)

7:30 AM ET. June Challenger Job-Cut Report

Job Cuts, M/M (previous +31%)

8:15 AM ET. June ADP National Employment Report

Private Payrolls Forecast (previous +179000)

9:45 AM ET. June ISM-NY Report on Business

US ISM-NY Business Index (previous 55.3)

10:00 AM ET. May Manufacturers’ Shipments, Inventories & Orders (M3)

Total Orders (previous +0.7%)

Orders, Ex-Defense (previous -0.1%)

Orders, Ex-Transportation (previous +0.5%)

Durable Goods 1st Est (previous +0.8%)

Durable Goods Revised (previous +0.6%)

10:00 AM ET. June Online Help Wanted Index

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 388.09M)

Crude Oil Stocks (Net Change) (previous +1.74M)

Gasoline Stocks (previous 214.98M)

Gasoline Stocks (Net Change) (previous +0.71M)

Distillate Stocks (previous 120.57M)

Distillate Stocks (Net Change) (previous +1.18M)

Refinery Usage (previous 88.5%)

Total Products Supplied (previous 18.81M)

Total Products Supplied (Net Change) (previous

8:30 AM ET. June U.S. Employment Report

Non-Farm Payrolls (previous +217K)

Unemployment Rate (previous 6.3%)

Average Hourly Earnings (previous 24.38)

Average Hourly Earnings Net Change (previous +0.05)

Manufacturing Payrolls (previous +10K)

Overall Workweek (previous 34.5)

Overall Workweek Net Change (previous +0)

Service Producing Payrolls (previous +199K)

Government Payrolls (previous +1K)

Federal Payrolls (previous -5K)

Non-Farm Payrolls (Bench Net Chg)

Private Payroll (previous +216K)

8:30 AM ET. U.S. Weekly Export Sales

Corn, In Metric Tons (previous 553.5K)

Soybeans, In Metric Tons (previous 774.9K)

Wheat, In Metric Tons (previous 359.5K)

8:30 AM ET. May U.S. International Trade in Goods & Services

Deficit (previous -47.24B)

Exports (previous 193.35B)

Exports Percent Change (previous -0.2%)

Imports (previous 240.58B)

Imports Percent Change (previous +1.2%)

8:30 AM ET. Unemployment Insurance Weekly Claims Report – Initial Claims

Weekly Jobless Claims (previous 312K)

Weekly Jobless Claims Net Change (previous -2K)

Cont Jobless Claims (prior week) (previous 2571000)

Cont Jobless Claims Net Chg (prior week) (previous +12K)

9:00 AM ET. June US Services PMI

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. June ISM Non-Manufacturing Report on Business

Non-Mfg Composite Index (previous 56.3)

Non-Manufacturng Business Index (previous 62.1)

Prices Index (previous 61.4)

Employment Index (previous 52.4)

New Orders Index (previous 60.5)

10:00 AM ET. DJ-BTMU U.S. Business Barometer

DJ-BTMU Business Barometer (previous +0%)

DJ-BTMU Business Barometer (52 Wk) (previous +0.8%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

Total Working Gas in Storage (previous 1829B)

Total Working Gas in Storage (Net Change) (previous +110B

11:00 AM ET. June Global Services PMI

PMI, Services (previous 54.6)

1:00 PM ET. U.S. financial markets close early for Independence Day

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Money Stock Measures

4:30 PM ET. Foreign Central Bank

N/A Marianas: U.S. Independence Day

N/A U.S. Independence Day. Financial markets closed


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 79.973 -0.072 -0.09%
POWERSHARES DB US DOLLAR INDEX 21.355 -0.055 -0.26%
US Dollar/Canadian Dollar 1.068055 +0.000900 +0.08%
Euro/US Dollar 1.36557 +0.00096 +0.07%
JAPANESE YEN Sep 2014 0.009874 +0.000005 +0.05%
SWISS FRANC Sep 2014 1.1245 +0.0016 +0.14%

CURRENCIES

U.S. DOLLAR INDEX

The September U.S. dollar index is slightly lower in early trading and hit a six-week low overnight. Bears have the overall near-term technical advantage. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 80.125 and then at Friday’s high of 80.270. Shorter- term support is seen at 80.000 and then at 79.900. Wyckoff’s Intra Day Market Rating: 4.5

 


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Aug 2014 105.22 -0.52 -0.49%
NY HARBOR ULSD HEATING OIL Aug 2014 2.9834 -0.0201 -0.67%
NATURAL GAS Aug 2014 4.402 -0.007 -0.16%
RBOB GASOLINE Aug 2014 3.0581 -0.0161 -0.53%
POWERSHARES DWA ENERGY MOMENT 64.8300 +0.1400 +0.22%
UNITED STATES GASOLINE 63.6373 +0.2763 +0.44%

ENERGIES

NYMEX CRUDE OIL

August Nymex crude oil prices are weaker in early U.S. trading, on profit taking. Bulls still have the overall near-term technical advantage. Prices are in a six-month-old uptrend on the daily bar chart. In August Nymex crude, look for buy stops to reside just above resistance at $106.00 and then at $106.50. Look for sell stops just below technical support at $105.00 and then at $104.50. Wyckoff’s Intra-Day Market Rating: 4.5

 


 

Food Snapshot
Symbol Last Change %
COCOA Sep 2014 3129 -6 -0.20%
COFFEE Sep 2014 172.90 +0.35 +0.19%
ORANGE JUICE-A Sep 2014 148.65 +0.85 +0.57%
IPATH DJ-UBS SUGAR TRUST 55.5901 -1.4099 -2.47%
IPATH DJ-UBS SOFTS TRUST 50.3261 -0.4639 -0.91%

FOOD & FIBER

September coffee closed sharply lower on Friday and below support marked by the 20-day moving average. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bearish with today’s decline signaling that sideways to lower prices are possible near-term. If September renews this spring’s decline, the 62% retracement level of this winter’s rally crossing at 15.31 is the next downside target. If September extends the rally off last week’s low, the reaction high crossing at 19.97 is the next upside target.

September cocoa closed sharply higher on Friday thereby renewing this year’s rally. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI turned neutral to bullish with today’s rally signaling that sideways to higher prices are possible near-term. If September extends this week’s decline, monthly resistance crossing at 33.30 is the next upside target. Close below the reaction low crossing at 30.40 are needed to confirm that a top has been posted.

October sugar closed sharply lower on Friday and below the 10-day moving average signaling that a short-term top is in or near. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 18.13 would confirm that a short-term top has been posted. If October renews this month’s rally, May’s high crossing at 18.91 is the next upside target.

December cotton closed lower on Thursday as it extends this week’s decline. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are neutral to bearish signaling that additional weakness is possible. If December extends this week’s decline, weekly support crossing at 72.64 is the next downside target. Closes above the 20-day moving average crossing at 77.17 would confirm that a short-term low has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2014 442.75 -4.50 -1.02%
OATS Dec 2014 328.75 -3.25 -0.98%
WHEAT Sep 2014 590.75 -3.00 -0.51%
TEUCRIUM CORN 30.9500 +0.2800 +0.91%
IPATH DJ-UBS GRAINS TRUST 45.70 +0.03 +0.07%
ELEMENTS MLCX GRAINS INDEX TRUST 5.94 +0.13 +2.21%
SOYBEANS Nov 2014 1227.5 -0.5 -0.04%
SOYBEAN (MINI) Nov 2014 1228.500 +0.500 +0.04%
SOYBEAN MEAL Dec 2014 393.6 +0.6 +0.15%
TEUCRIUM SOYBEAN 25.31 -0.35 -1.36%

GRAINS

Monday, June 30–Jim Wyckoff’s Morning Web Log

Markets were mixed to weaker in overnight trading. Focus is squarely on Monday’s USDA June acreage and supply and demand data-one of the most important reports of the year for the grains. Look for active price action in the wake of the reports. However, that data will likely be quickly digested as the calendar turns to July–the time period when dry and hot weather can start to enter the Corn Belt. However, weather in the U.S. Corn Belt has seen heavy rains in many regions, which has somewhat hurt the corn and soybean crops in those regions, but remains overall favorable for growing. Corn and Wheat market bears are still in overall technical control. Bean bulls have the chart advantage in new-crop November futures.

 


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 16851.84 +5.71 +0.03%
NASDAQ COMPOSITE INDEX (COMBINED) 4397.71 +18.66 +0.43%
S&P 500 CASH 1960.96 +3.74 +0.19%
SPDR S&P 500 195.810 +0.370 +0.19%
QQQQ VOLATILITY INDEX 10.10 -0.29 -2.79%
iShares RUSSELL 2000 INDEX 118.42 +0.87 +0.74%

U.S. STOCK INDEXES

S&P 500 September e-mini futures: Prices are slightly lower in early trading. Bulls still have the solid overall near- term technical advantage. The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical resistance comes in at Friday’s high of 1,954.00 and then at the record high of 1,960.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at last week’s low of 1,937.25 and then at 1,929.25. Sell stops are likely located just below those levels. Wyckoff’s Intra-day Market Rating: 4.5

Nasdaq index futures: Prices are slightly higher early today. Bulls still have the solid overall near-term technical advantage as prices hover not far below last week’s 14-year high. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance is seen at last week’s high of 3,836.00 and then at 3,850.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at 3,825.00 and then at Friday’s low of 3,809.75. Sell stops are likely located just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5.

Dow futures: Prices are weaker in early U.S. trading. Bulls still have the overall near-term technical advantage. Buy stops likely reside just above technical resistance at 16,757 and then at 16,780. Sell stops likely reside just below technical support at 16,700 and then at last week’s low of 16,665. Shorter-term moving averages are bearish early today, as the 4-day moving average is below the 9-day and 18-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Wyckoff’s Intra-Day Market Rating: 4.5

 


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2014 137.09375 +0.18750 +0.14%
iShares FLOATING RATE NOTE 50.7800 -0.0100 -0.02%
5 YEAR T-NOTES Sep 2014 119.429688 +0.039063 +0.03%
ULTRA T-BONDS Sep 2014 149.56250 +0.28125 +0.19%
POWERSHARES SENIOR LOAN PORTF 24.84 0.00 0.00%

INTEREST RATES

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Prices are firmer early today. Bulls have the firm overall near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter- term resistance lies at last week’s high of 137 12/32 and then at 137 24/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 136 27/32 and then at 136 13/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

September U.S. T-Notes: Prices are firmer in early trading. Bulls have the firm overall near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter- term resistance lies at last week’s high of 125.09.0 and then at 125.12.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 125.02.0 and then at 124.31.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0

 


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Aug 2014 214.325 -0.800 -0.37%
LEAN HOGS Aug 2014 129.825 +1.025 +0.80%
LIVE CATTLE Aug 2014 151.275 -1.475 -0.96%
IPATH DJ-UBS LIVESTOCK TRUST SUB 32.740 -0.070 -0.21%

LIVESTOCK

August hogs closed up $1.02 at $129.82.

August hogs closed higher on Friday. Today’s high-range close sets the stage for a steady to higher opening when Monday’s night session begins trading. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If August extends this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the reaction low crossing at 126.15 would confirm that a short-term top has been posted. First resistance is June’s high crossing at 132.50. Second resistance is unknown. First support is the reaction low crossing at 126.15. Second support is the reaction low crossing at 123.80.

August cattle closed down $1.62 at 151.12.

August cattle closed lower due to profit taking on Friday as it consolidates some of this year’s rally. The low-range close sets the stage for a steady to lower opening when Monday’s session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 145.23 would confirm that a short-term top has been posted. First resistance is Thursday’s high crossing at 152.90. Second resistance is unknown. First support is the 10-day moving average crossing at 148.21. Second support is the 20-day moving average crossing at 145.23.

August feeder cattle closed down $0.80 at $214.32.

August Feeder cattle closed lower due to profit taking on Friday as it consolidated some of this year’s rally. The high-range close sets the stage for a steady to higher opening when Monday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 205.82 would confirm that a short-term top has been posted. First resistance is Thursday’s high crossing at 215.12. Second resistance is unknown. First support is the 10-day moving average crossing at 209.59. Second support is the 20-day moving average crossing at 205.82.


 

Metals Snapshot
Symbol Last Change %
GOLD Aug 2014 1313.1 -6.9 -0.52%
SPDR GOLD SHARES 126.68 -0.05 -0.04%
SILVER Sep 2014 20.870 -0.264 -1.25%
PALLADIUM Sep 2014 844.30 +1.45 +0.17%
DIREXION DAILY GOLD MINERS BEA 17.6001 -0.0299 -0.17%
POWERSHARES DB PRECIOUS METALS 42.74 0.00 0.00%

PRECIOUS METALS

August gold closed higher on Friday. The mid-range close sets the stage for a steady opening when Monday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this month’s rally, the 62% retracement level of the March-June-decline crossing at 1334.10 is the next upside target. Closes below the 20-day moving average crossing at 1280.50 would confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 1326.60. Second resistance is the 62% retracement level of the March-June-decline crossing at 1334.10. First support is the 10-day moving average crossing at 1304.90. Second support is the 20-day moving average crossing at 1280.50.

July silver closed slightly lower on Friday. The mid-range close set the stage for a steady to higher opening when Monday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this month’s rally, the 75% retracement level of the February-May-decline crossing at 21.323 is the next upside target. Multiple closes below the 20-day moving average crossing at 19.851 are needed to confirm that a top has been posted. First resistance is today’s high crossing at 21.205. Second resistance is the 75% retracement level of the February-May-decline crossing at 21.323. First support is the 10-day moving average crossing at 20.606. Second support is the 20-day moving average crossing at 19.851.

July copper closed lower on Friday as it consolidated some of this month’s rally. The low-range close sets the stage for a steady to lower opening when Monday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this week’s rally, May’s high crossing at 319.25 is the next upside target. Closes below the 20-day moving average crossing at 309.40 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 317.70. Second resistance is May’s high crossing at 319.25. First support is the 20-day moving average crossing at 309.40. Second support is June’s low crossing at 300.85.


 

Top Stocks
# symbol name last net % volume score triangles
1. WU WESTERN UNION 17.24 +0.24 +1.41% 17,253,405 +100    Entry Signal
2. WY WEYERHAEUSER 32.570 -0.130 -0.40% 15,036,660 +100    Entry Signal
3. KO COCA-COLA 42.19 +0.16 +0.38% 13,190,429 +100    Entry Signal
4. VALE VALE 13.275 -0.165 -1.23% 10,485,762 +100    Entry Signal
5. MDT MEDTRONIC 64.120 -0.540 -0.84% 8,695,706 +90    Entry Signal
6. FCX FREEPORT-MCMORAN 36.065 +0.365 +1.02% 7,200,743 +100    Entry Signal
7. WUBA 58. COM INC 55.106 +2.886 +5.53% 6,653,913 +100    Entry Signal
8. ABBV ABBVIE INC 56.775 +0.265 +0.47% 6,146,603 +100    Entry Signal
9. IRM IRON MOUNTIAN 34.7999 -0.9401 -2.63% 5,508,597 +90    Entry Signal
10. AKS AK STEEL HOLDINGS 7.915 +0.165 +2.13% 5,374,576 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. AD.U14 AUSTRALIAN $ Sep 2014 0.9372 +0.0016 +0.17% 47,775 +100    Entry Signal
2. CD.U14 CANADIAN $ Sep 2014 0.9363 +0.0023 +0.25% 45,107 +100    Entry Signal
3. 6N.U14.E NEW ZEALAND $ Sep 2014 0.8678 -0.0036 -0.41% 4,822 +100    Entry Signal
4. GE.M18.E EURODOLLAR Jun 2018 97.025 +0.025 +0.03% 4,459 +100    Entry Signal
5. GE.H18.E EURODOLLAR Mar 2018 97.150 +0.020 +0.02% 3,780 +100    Entry Signal
6. ZS.K15.E SOYBEANS May 2015 1243.00 +0.75 +0.06% 84 +100    Entry Signal
7. NGT.U14.E NATURAL GAS (TAS) Sep 2014 0 -2 -100.00% 1,314 +100    Entry Signal
8. GE.Z18.E EURODOLLAR Dec 2018 96.795 +0.015 +0.02% 1,335 +100    Entry Signal
9. M6B.U14.E E-MICRO GBP/USD Sep 2014 1.7038 +0.0027 +0.16% 694 +100    Entry Signal
10. YK.X14 SOYBEAN (MINI) Nov 2014 1228.00 -16.25 -1.31% 674 +100    Entry Signal

Quartz Daily Brief—Argentina’s deadline, ISIL’s caliphate, Xinhua’s IPO, Auschwitz selfies

Quartz - qz.com

Good morning, Quartz readers!

What to watch for today

Argentina’s debt deadline. The country may enter into technical default if it can’t figure out a way to settle with bondholders, after a US judge ruled that its attempt to pay off its restructured bondholders was illegal. The deadline may be extended another month to July 30th.

Inflation data for the euro zone. The European Central Bank’s newly aggressive monetary stimulus will likely take some time to be felt, so today’s inflation figures aren’t likely to show much improvement, but analysts will be watching hopefully anyway.

BNP settles over sanction violations. The bank will agree to pay a record $8.9 billion (paywall) for concealing some $30 billion in transactions for clients in US-sanctioned countries like Sudan, Iran, and Cuba, and won’t be allowed to clear US dollar transactions for up to a year.

The future of US public-sector labor. The US Supreme Court is set to rule on Harris vs. Quinn, and could overturn the requirement that public-sector workers must pay a “fair share” of union dues even if they are not members. That would greatly undercut unions’ power to engage in collective bargaining.

GM unveils a compensation scheme. Attorney Ken Feinberg will announce the details of a fund for the victims of a faulty ignition switch and their families. There will be no limit on the size of the fund, since the number of total victims is unknown.

World Cupdate. France v Nigeria is at 5pm BST; Germany v Algeria is at 9pm.

Over the weekend

ISIL declared a “caliphate” in the Middle East. The Sunni extremist group that has swept across Iraq declared the formation of an Islamic state stretching from Aleppo in northern Syria to Diyala province in eastern Iraq, in an implicit challenge to its former allies in Al Qaeda.

GlaxoSmithKline’s bribery scandal started with a sex tape. The drugmaker said its China chief was filmed in his own home without his knowledge, which eventually led to accusations that Glaxo made illicit payments to Chinese doctors and officials.

Facebook’s research provoked a negative emotional response. A study that exposed users to emotional content and measured their responses was criticized as an abuse of the social networking company’s vast powers.

The central bank for central banks warned about “euphoric” markets. The Bank of International Settlements said central banks have been lured into a false sense of security and warned of signs of banking crises on the horizon.

Bulgaria tried to prevent an anonymous run on its banks. The country’s central bank said there was a deliberate attempt to destabilize the country’s banking system. Emails and text messages were sent by parties unknown, advising members of the public to withdraw their cash.

China’s news agency prepared to go public. Xinhua released a preliminary prospectus (paywall) on its plans to offer shares in its digital arm on the Shanghai Stock Exchange. This comes two years after the IPO of the website of the People’s Daily. The company plans to raise some $241.2 million from the offering.

Carlos Slim is buying out AT&Tpurchasing the 8.3% stake that AT&T has long held in his company, América Movil, for $5.57 billion. AT&T is acquiring DirectTV, which competes with América Movil for pay-TV customers in Latin America.

Quartz obsession interlude

Gwynn Guilford on why the movie Frozen strikes a very lucrative chord in Japan. “Undoubtedly, Japanese audiences are responding to the same qualities that have turned Frozen into a global phenomenon. Not only is the music catchy, but the story is morally nuanced enough that adults seem to enjoy it as well as children. And then there’s the fact that Frozen revolves around the relationship between strong, commanding female characters who defy the “Disney princess” stereotype (even though they technically are monarchs). That latter point is what makes Frozen‘s unexpected popularity—particularly among Japanese women—so striking.” Read more here.

Matters of debate

The American IPO is dying. Burdensome regulation and aggressive short-sellers have made it much harder to go public.

It’s no surprise that few CEOs are openly gay. Most are of a generation that grew up in an extremely anti-gay environment.

The conventional wisdom on conventions is wrong. Over-optimistic assumptions mean city-funded facilities usually fail to deliver.

The European Commission just picked the wrong president. Jean-Claude Juncker’s election highlights the many dysfunctions of EU politics.

Prisons should be abolished. GPS-enabled monitoring is more effective at cutting recidivism, and cheaper too.

Surprising discoveries

Chinese dissidents are forced to take free “vacations.” They are escorted on holiday during important national events.

The UK is short on sperm. Fertility clinics are relying on imported semen.

Auschwitz selfies are popular with Israeli teenagers. But not everyone thinks posing with your pals under an “Arbeit macht frei” sign is cool.

The newest potentially habitable planet is a mere 16 light years away. Gliese 832c might have Earth-like temperatures.

Sour drinks can cure garlic breath. Beverages with a pH below 3.6 kill the enzymes that create odoriferous exhalations.

Our best wishes for a productive day. Please send any news, comments, garlic breath cures, and Gliese 832c settlement plans to hi@qz.com. You can follow us on Twitter here for updates throughout the day.

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New Market Highs. What’s Next? – 06/29/2014

This past week saw a revision to the first quarter’s GDP growth number. Due to a decrease in consumption by households, the revised data shows that the economy actually contracted by almost 3% in the first quarter of 2014 when compared to the first quarter of 2013.

Despite the atrocious GDP growth number, the S&P 500 and most other broad equity measures are hitting new highs. But while the stock market is setting records, household incomes in aggregate are not rising. Adjusting for inflation, median household income is roughly 6% below the levels of late 2007. Without rising incomes, consumption is coming under pressure and GDP growth is faltering.

Disconnect Between the Economy and the Stock Market

Yes, much of this weak GDP reading in the first quarter is due to the weather and we are seeing more spending in the second quarter as a result. But why is there a strong disconnect between reported GDP growth and the change in the S&P 500 over the past six months?

It is important for investors to realize that this disconnect is not unprecedented. The table below shows several years where there was a substantial difference between the economy and the stock market. If we look at the worst years for GDP growth since the mid 1930’s we see that outside some really bad recessions (1934, 2008, and 1974), it is not unusual for the economy to be flat or down while the market still generates positive returns.

Year
GDP Growth (%)
S&P 500 Return
1934
-10.81
-4.71
2008
-2.81
-37.00
1974
-1.93
-26.47
1949
-1.5
23.61
1982
-1.4
21.55
2009
-0.24
26.45
1970
-0.15
3.94
1980
-0.04
32.50
1947
-0.01
5.63
 

This disconnect can occur simply because the market is forward looking and the GDP number is backward looking.

At the most basic level, the market goes up if earnings come in stronger than expected and if interest rates don’t rise as high as expected. The market could care less what happened in the past; it is focused on what expectations are built into stock prices and whether those expectations are met. The reason the market can perform relatively well when the economy is lackluster is that investors were expecting an even worse outcome.

Look at the most recent data in the chart above. The market went up in 2009 not because the economy recovered but because the economic carnage that investors were anticipating did not materialize.

Why Is the Market Hitting New Highs?

Many believe it’s because the economy is doing well. However, the main cause of this continuing bull market is that interest rates are lower than what was expected. These rates remain low for two reasons:

Reason #1: The market was expecting the Federal Reserve to pull the punch bowl. Instead, the other central banks which were reluctant to print money joined in the game.

The Federal Reserve continues to print money. There is an old saying for investors: ”Don’t fight the Federal Reserve.” What this basically means is that if the Fed wants rates to go lower, you should bet that asset prices are going to be heading higher. This is exactly what is happening in the equity markets.

Janet Yellen last week signaled that the “noisy” inflation data is not going to stop her from printing money. As the Fed continues to print money and buy bonds, interest rates remain under pressure. The market is being surprised by the length of time the Federal Reserve is continuing to buy bonds.

Not only is the Federal Reserve printing money but also (due to concerns about exports) every major central bank in the world is joining the party. Why? Because if the foreign central banks don’t print money, their currencies will appreciate relative to the U.S. dollar and then their economies will come under pressure from lost export activity.

Essentially, the market was expecting the Federal Reserve to slow down the bond buying but what happened is that, in aggregate, worldwide buying of bonds by central banks became higher than expected. As a result, the market heads higher.

Reason #2: Investors were expecting some degree of inflation. Instead, inflation is absent.

In fact, there is no inflation. If there was a whiff of it, the ten-year Treasury would not be yielding below 3%.

Why Is There No Inflation?

At the end of the day, it is almost impossible to have price inflation without wage inflation. No wage inflation means better corporate profit margins and is good news for stock investors.

Why no wage inflation? Maybe it is because technology is replacing labor rather than complementing labor as has historically occurred. Maybe the world is awash in job seekers as the world labor market is flooded with workers from emerging markets who, due to technology, can work anywhere. Whatever the reason, without inflation the central banks can print money with impunity.

So Where Is the Market Headed Now?

The market has not been moving higher because of earnings growth. Earnings in aggregate are not dramatically beating expectations. The market continues to hit new highs because interest rates are lower than expected.

Today’s lower-than-expected interest rates means that P/E multiples are expanding higher than they have historically.

Basically, as long as interest rates remain low and the economic expansion remains on track, the market should continue to go higher. Unfortunately, I think interest rates will eventually rise. Whether the market overcomes this depends on whether earnings in aggregate can grow faster than rates can rise.

-Mitch

About Mitch Zacks

Mitch is a Senior Portfolio Manager at Zacks Investment Management. He wrote a weekly column for the Chicago Sun-Times and has published two books on quantitative investment strategies. He has a B.A. in Economics from Yale University and an M.B.A. in Analytic Finance from the University of Chicago.

Mitch also is a Portfolio Manager for the Zacks Small Cap Core Fund ( ZSCCX ).

Weekly Energy Stock Channel Newsletter 27/06/2014

Energy Stock Channel
Weekly Newsletter
Weekly DividendRank Energy Toplists & Energy ETF Movers

Energy Prices

Looking at energy prices this week, oil moved lower, with WTI Crude currently at $105.58/barrel, down $1.68 (-1.6%) compared to $107.26 on 06/20, and Brent Crude currently at $113.19/barrel, down $1.54 (-1.3%) from $114.73 on 06/20. And turning to Natural Gas, the current spot price of $4.39/MMBtu, has Natural Gas down $0.16 from $4.55 on 06/20, a week over week loss of -3.5%.

Energy ETF Movers

The Utilities Select Sector SPDR Fund ETF (XLU) outperformed other Energy ETFs this week, up about 1.1%. Components of that ETF showing particular strength this week include shares of Integrys Energy Group (TEG), up about 16.2% and shares of Centerpoint Energy (CNP), up about 3.1% on the week.

And underperforming other Energy ETFs this week is the PowerShares Dynamic Energy Exploration & Production Portfolio ETF (PXE), off about 3% this week. Among components of that ETF with the weakest showing for the week were shares of PBF Energy (PBF), lower by about 15.6%, and shares of HollyFrontier (HFC), lower by about 9.7% on the week.

Other ETF standouts this week include the Guggenheim S&P 500 Equal Weight Utilities ETF (RYU), outperforming this week with a 1.1% gain. And the First Trust ISE-Revere Natural Gas Index Fund (FCG) was an underperformer, falling about 2.6% this week.

 

 

DividendRank Energy Toplists

At sister site Dividend Channel, we screen through our coverage universe of dividend paying stocks each week, and we look at a variety of data — dividend yield, book value, quarterly earnings — and compare it to the stock’s trading data to come up with certain calculations about profitability and about the stock’s valuation (whether we think it looks ”cheap” or ”expensive”).

History has shown that the bulk of the stock market’s returns are delivered by dividends, and so we pay special attention to dividend history. And of course, only consistently profitable companies can afford to keep paying dividends, so profitability is of critical importance. Dividend investors should be most interested in researching the strongest most profitable companies, that also happen to be trading at an attractive valuation — maybe there is a company-specific reason causing the stock to be ”cheap” or maybe the entire sector is taking a hit, but whatever the reason, we think there is great value in ranking the Energy Stock Channel coverage universe weekly using our proprietary DividendRank formula, and sharing the list of the week’s top ranked energy stocks with our subscribers.

These are the energy stocks our DividendRank system has identified as the top most ”interesting” in the Energy, Utilities, and MLPs categories … this is meant purely as a research tool to generate ideas that merit further research.

 

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Energy

DividendRank Symbol Dividend Recent Yield* 
#1 ARP M 2.32 11.45% 
#2 BBEP M 1.99 9.02% 
#3 RIG Q 3.00 6.80% 
#4 SDR Q 2.24 27.89% 
#5 SDRL Q 4.00 10.21% 
#6 PER Q 2.43 19.37% 
#7 ECT Q 1.34 18.36% 
#8 ROYT M 1.78 13.75% 
#9 LINE M 2.90 9.16% 
#10 ESV Q 3.00 5.50% 

 

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Utilities

DividendRank Symbol Dividend Recent Yield* 
#1 ELP A 0.41 2.67% 
#2 SGU Q 0.35 5.72% 
#3 AT M 0.40 10.78% 
#4 APL Q 2.48 7.31% 
#5 DTE Q 2.76 3.56% 
#6 GAS Q 1.96 3.59% 
#7 APU Q 3.52 7.85% 
#8 SWX Q 1.46 2.78% 
#9 LG Q 1.76 3.64% 
#10 AVA Q 1.27 3.84% 

 

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MLPs

DividendRank Symbol Dividend Recent Yield* 
#1 ARP M 2.32 11.45% 
#2 BBEP M 1.99 9.02% 
#3 APL Q 2.48 7.31% 
#4 GLP Q 2.50 6.30% 
#5 NKA Q 1.40 8.91% 
#6 KMP Q 5.52 6.78% 
#7 EVEP Q 3.09 7.97% 
#8 QRE M 1.95 10.53% 
#9 WPZ Q 3.62 6.74% 
#10 APU Q 3.52 7.85% 


*(updated 10 hours ago) Yield calculations vary and may not be reliable nor comparable. Not all publicly traded securities are ranked; data may be incorrect or out of date. Rankings are for informational purposes only and do not constitute advice. Full disclaimer

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Weekly ETF Channel Newsletter 27/06/2014

ETF Channel
Weekly ETF Newsletter
The ETF Week in Review

The BDC Income ETF (BIZD) outperformed other ETFs this week, up about 2.8%. Components of that ETF showing particular strength this week include shares of MCG Capital (MCGC), up about 5.9% and shares of Horizon Technology Finance Corp. (HRZN), up about 5.1% on the week.And underperforming other ETFs this week is the iShares Global Telecom ETF (IXP), off about 9.6% this week. Among components of that ETF with the weakest showing for the week were shares of Windstream (WIN), lower by about 3.7%, and shares of Centurylink (CTL), lower by about 2.1% on the week.

Other ETF standouts this week include the Guggenheim China Technology ETF (CQQQ), outperforming this week with a 2.4% gain. And the iShares MSCI Finland Capped ETF (EFNL) was an underperformer, falling about 4.7% this week.

 

 

 

This Week’s Top 10 ETFs
Ranked By Weighted Average Broker Rating of Underlying ComponentsEach week, ETF Channel forms this rank by first looking at the analyst opinions from the major brokerage houses (which are tallied and averaged) for each individual component of each ETF. Then, for each ETF, those average broker ratings are considered as a weighted average according to the weighting of each of the ETF’s components — this gives the average broker rating for the entire ETF based upon its holdings. The ETF coverage universe is then ranked to give us the weekly top five ETFs by weighted average broker rating of underlying components. These rankings are meant as a tool for investors to generate ideas for further research.


Rank ETF Stars (out of 4)
#1 IYF – iShares U.S. Financials 4.00 
#2 FTY – iShares Real Estate 50 3.76 
#3 IYW – iShares U.S. Technology 3.75 
#4 IYC – iShares U.S. Consumer Services 3.70 
#5 EMIF – iShares Emerging Markets Infrastructure 3.67 
#6 QQQC – NASDAQ China Technology 3.56 
#7 YAO – Guggenheim China All-Cap 3.48 
#8 IDU – iShares U.S. Utilities 3.46 
#9 GXC – SPDR S&P China 3.46 
#10 IYG – iShares U.S. Financial Services 3.43 
List of all ranked ETFs »

ETF Channel’s proprietary calculations are based on underlying ETF holdings and Zacks ABR data; powered by Xignite. Not all ETFs are ranked, nor are all underlying holdings. Rankings are for informational purposes only and do not constitute advice. Full disclaimer

 

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Top Yielding ETFs
Rank ETF ETF Category Net Assets Recent Yield* 
#1 iShares Mortgage Real Estate Capped ETF (REM) Real Estate 1.31B 15.14%  
#2 iShares MSCI Colombia Capped ETF (ICOL) 25.04M 14.92%  
#3 Mortgage REIT Income ETF (MORT) Income 118.00M 12.84%  
#4 SPDR S&P International Telecommunications Sector ETF (IST) Technology 37.71M 12.10%  
#5 iShares International Developed Real Estate ETF (IFGL) Real Estate 822.66M 11.27%  
#6 PowerShares KBW High Dividend Yield Financial Portfolio (KBWD) Income 255.17M 7.46%  
#7 PowerShares CEF Income Composite Portfolio (PCEF) Value 606.78M 7.09%  
#8 (EMHD) 1.97M 7.05%  
#9 SuperIncome Preferred ETF (SPFF) Income 116.98M 7.03%  
#10 iShares U.S. Preferred Stock ETF (PFF) Income 9.98B 6.52%  

Top Yielding SPDRs ETFs
Rank ETF ETF Category Net Assets Recent Yield* 
#1 SPDR S&P International Telecommunications Sector ETF (IST) Technology 37.71M 12.10%  
#2 SPDR Wells Fargo Preferred Stock ETF (PSK) Income 258.44M 6.22%  
#3 SPDR Barclays High Yield Bond ETF (JNK) Corporate Debt 9.75B 5.74%  
#4 SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (EMCD) Corporate Debt 21.36M 5.40%  
#5 SPDR S&P International Dividend ETF (DWX) Global 1.51B 5.22%  
#6 SPDR Barclays Short Term High Yield Bond ETF (SJNK) Corporate Debt 4.34B 5.19%  
#7 SPDR STOXXEurope 50 ETF (FEU) Europe 272.85M 5.04%  
#8 SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB) Municipal Bonds 276.23M 4.69%  
#9 SPDR Barclays Long Term Corporate Bond ETF (LWC) Blended Debt 161.15M 4.48%  
#10 SPDR Dow Jones International Real Estate ETF (RWX) Real Estate 4.79B 4.43%  

 

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Top Yielding iShares ETFs
Rank ETF ETF Category Net Assets Recent Yield* 
#1 iShares Mortgage Real Estate Capped ETF (REM) Real Estate 1.31B 15.14%  
#2 iShares MSCI Colombia Capped ETF (ICOL) 25.04M 14.92%  
#3 iShares International Developed Real Estate ETF (IFGL) Real Estate 822.66M 11.27%  
#4 iShares U.S. Preferred Stock ETF (PFF) Income 9.98B 6.52%  
#5 iShares B – Ca Rated Corporate Bond ETF (QLTC) Corporate Debt 21.39M 6.44%  
#6 iShares Asia Developed Real Estate ETF (IFAS) Asia 22.98M 5.94%  
#7 iShares Morningstar Multi-Asset Income ETF (IYLD) Income 154.92M 5.91%  
#8 iShares International Preferred Stock ETF (IPFF) Income 36.03M 5.75%  
#9 iShares iBoxx $ High Yield Corporate Bond ETF (HYG) Corporate Debt 13.62B 5.73%  
#10 iShares Emerging Markets High Yield Bond ETF (EMHY) Emerging Markets 206.01M 5.69%  

Top Yielding PowerShares ETFs
Rank ETF ETF Category Net Assets Recent Yield* 
#1 PowerShares KBW High Dividend Yield Financial Portfolio (KBWD) Income 255.17M 7.46%  
#2 PowerShares CEF Income Composite Portfolio (PCEF) Value 606.78M 7.09%  
#3 PowerShares Preferred Portfolio (PGX) Income 2.19B 6.09%  
#4 PowerShares Financial Preferred Portfolio (PGF) Income 1.43B 5.98%  
#5 PowerShares Build America Bond Portfolio (BAB) Municipal Bonds 671.82M 4.77%  
#6 PowerShares S&P International Developed High Beta Portfolio (IDHB) Global 3.13M 4.67%  
#7 BLDRS Europe Select ADR Index Fund (ADRU) Europe 19.16M 4.49%  
#8 PowerShares Emerging Markets Sovereign Debt Portfolio (PCY) Emerging Markets 2.15B 4.35%  
#9 PowerShares Fundamental High Yield Corporate Bond Portfolio (PHB) Corporate Debt 660.91M 4.26%  
#10 PowerShares KBW Premium Yield Equity REIT Portfolio (KBWY) Real Estate 88.94M 4.22%  

 

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Top Yielding WisdomTree ETFs
Rank ETF ETF Category Net Assets Recent Yield* 
#1 WisdomTree Emerging Markets Local Debt Fund (ELD) Blended Debt 852.89M 5.32%  
#2 WisdomTree Middle East Dividend Fund (GULF) Middle East 65.29M 4.83%  
#3 WisdomTree Emerging Markets Corporate Bond Fund (EMCB) Corporate Debt 101.10M 4.69%  
#4 WisdomTree Australia Dividend Fund (AUSE) Income 54.94M 3.85%  
#5 WisdomTree BofA Merrill Lynch High Yield Bond Zero Duration Fund (HYZD) 5.04M 3.77%  
#6 WisdomTree BofA Merrill Lynch High Yield Bond Negative Duration Fund (HYND) 2.39M 3.76%  
#7 WisdomTree United Kingdom Hedged Equity Fund (DXPS) 16.85M 3.69%  
#8 WisdomTree Global ex-US Real Estate Fund (DRW) Real Estate 133.68M 3.62%  
#9 WisdomTree Global Real Return Fund (RRF) Global 4.70M 3.59%  
#10 WisdomTree Global ex-US Utilities Fund (DBU) Utilities 24.33M 3.40%  

Top Yielding Vanguard ETFs
Rank ETF ETF Category Net Assets Recent Yield* 
#1 Vanguard Long-Term Corporate Bond ETF (VCLT) Corporate Debt 191.67M 4.54%  
#2 Vanguard Emerging Markets Government Bond ETF (VWOB) 63.17M 4.28%  
#3 Vanguard Long-Term Bond ETF (BLV) Blended Debt 644.33M 4.10%  
#4 Vanguard Extended Duration Treasury ETF (EDV) Government Debt 227.97M 3.52%  
#5 Vanguard Utilities ETF (VPU) Utilities 2.09B 3.42%  
#6 Vanguard Telecommunication Services ETF (VOX) Technology 729.09M 3.28%  
#7 Vanguard Long-Term Government Bond ETF (VGLT) Government Debt 88.31M 3.19%  
#8 Vanguard Intermediate-Term Corporate Bond ETF (VCIT) Corporate Debt 610.80M 3.08%  
#9 Vanguard High Dividend Yield ETF (VYM) Income 11.27B 2.97%  
#10 Vanguard Intermediate-Term Bond ETF (BIV) Blended Debt 3.80B 2.55%  


*(updated 22 minutes ago) Yield calculations vary and may not be reliable nor comparable; yield may be expressed as SEC 30-day yield, annualized yield based on most recent distribution, trailing twelve month yield, or reported yield. Not all ETFs are ranked; data may be incorrect or out of date. Rankings are for informational purposes only and do not constitute advice. Full disclaimer

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