Exchange traded funds (ETFs) turned mostly flat in early trading today as the rally that dominated the first half of September appeared to peter out.
Emerging markets are leading the charge this morning, according to the ETF Dashboard, which shows iShares MSCI Indonesia (NYSEArca: EIDO) and Market Vectors Indonesia (NYSEArca: IDX) near the top of the pack of leaders. The country’s benchmark index rose the most in three months today after a long holiday that left it closed since Sept. 8.
A report showing that manufacturing activity in New York fell set the gloomy tone. The reading came in below forecasts and bucked the general trend of growth in factories. Market Vectors Steel (NYSEArca: SLX) is down nearly 0.5% in early trading, though in the last 10 days it’s up 9.5%. [Steel ETFs Set for a Spill?]
Gold touched record highs yesterday – can it do a repeat today? Prices are fluctuating early this morning as investors seek safe-havens, while silver hasn’t budged from the highest price it’s seen since March 2008. SPDR Gold Trust (NYSEArca: GLD) is flat this morning, but it’s up 2.5% in the last 10 days. [Gold ETFs: Economic Teflon?]
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.