Boing…splat. Stocks had been on the rebound earlier today before reversing slightly (although they still remain positive) as Greece debt remains a top concern. Exchange traded funds (ETFs) followed in kind by remaining largely flat.
The euro seems to be on an emotional rollercoaster, up one minute, down the next. It’s up right now, thanks to both Greek budget data that showed an improvement and a vote of confidence in the country’s economy by the European Central Bank. The ECB expressed confidence that Greek would be able to meet its obligations. CurrencyShares Euro Trust (NYSEArca: FXE) is flat right now. [ADRs and ETFs: Everything You Need to Know.]
Americans are spending cash again. Retail same-store sales in March soared to a record monthly rise, jumping 9.1%. It’s the largest jump since data-tracking began in 2000 and well above Wall Street’s estimate of a 6.3% gain. More than 90% of retailers beat expectations. But will it last? Some wonder if last month’s gains will chip into April gains and result in lackluster numbers. SPDR S&P Retail (NYSEArca: XRT) is flat this morning. [Finding Value in Retail ETFs.]
Investors are increasingly taking some shelter in U.S. government debt as a result of Greece’s problems. Short-dated Treasuries are the recipients of the majority of the inflows, while longer-dated bonds lag behind. PIMCO 1-3 Year U.S. Treasury (NYSEArca: TUZ) is flat this morning. [Interest Rate Hike Impact on Bond and Equity ETFs.]
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.