Stocks and exchange traded funds (ETFs) wavered from positive to negative amid a wave of corporate wheeling and dealing.

The ETF Dashboard shows that while the markets vacillate between positive and negative, investors are out making plays for emerging markets. Market Vectors Gulf States (NYSEArca: MES) is up more than 2% in early trading:

Hewlett-Packard (NYSE: HP) and Dell (NASDAQ: DELL) are in a battle for 3Par (NYSE: PAR), a data storage provider. 3Par’s stock price shot up more than 40% on the news. SPDR S&P Technology (NYSEArca: XLK) is down 0.4% in early trading; HP is 3.7%; Dell is 1%. [Tech ETFs to Skip If You’re Bearish.]

Technology ETFs

Meanwhile, Potash (NYSE: POT) is trying to fight off a takeover by BHP Billiton (NYSE: BHP) by seeking out other counter-bidders, including a fertilizer company from China. Market Vectors Hard Assets Producers (NYSEArca: HAP) is up a slight 0.2%; POT is 6%; BHP is 2%. [6 ETFs to Play the Potash Wars.]

Agriculture ETFs, Potash

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. 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.