Homebuilder exchange traded funds (ETFs) are riding high this morning after it was reported that new home sales rebounded from a record low to surge by double digits in March. The markets, however, are trading in a narrow range.

New home sales surged 27% in March, beating all expectations and providing a nice bounce of February’s record low. The gains were the biggest monthly increase in 47 years. iShares Dow Jones U.S. Home Construction (NYSEArca: ITB) is up more than 3.5% on the news; PulteGroup, Inc. (NYSE: PHM), which is 10.5% of the fund, is up almost 8%. [Will the Real Estate Rebound Stick?]

The durable goods orders report was a mixed bag. While orders overall declined 1.3%, they rose 2.8% when planes and other transportation materials were excluded. Analysts said the figures showed that businesses are spending more on new equipment as they anticipate an economic rebound. Vanguard Industrials (NYSEArca: VIS) is flat so far this morning. [The Top ETFs to Play Growing Industrial Activity.]

After rebuffing aid efforts, Greece finally caved and said it will ask the European Union and the International Monetary Fund (IMF) for an emergency financial support package. The ball is now in their court to see what kind of deal they come back with. CurrencyShares Euro Trust (NYSEArca: FXE) is up slightly this morning on the news. [Creative ETF Uses to Get Emerging Markets Exposure.]

United States Oil (NYSEArca: USO) is up about 0.5% this morning after a rig in the Gulf of Mexico exploded, then sank. The resulting oil spill has spread over a 100 square mile area, about four times the size of Manhattan. It’s not considered a major spill at this point, but experts say it has the potential to become one. [Alternative Ways to Get Oil Exposure.]

Read the disclaimer; Tom Lydon is a board member of Rydex|SGI.

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.

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