We also saw redemptions and rather large trading volume in both iShares Russell Top 200 Growth (IWY) and iShares Russell Top 200 Value (IWX) which are very lightly traded typically.
Finally, on the commodity front, silver sprung to life last week as iShares Silver Trust (SLV) for example, which is now up nearly 16% in 2012, climbed above its 50 day moving average. [Silver ETFs Shine]
The ETF is considerably higher than its lows that were registered in late 2011, and we also witnessed large call buying in SLV last week as well, also perhaps fueling the rally. Late last week in options we saw large bullish call buying in SLV and ProShares Ultra Silver (AGQ).
The one item that might give bulls, and those on the sidelines looking for an ideal entry point into equities some pause, was the lack of heavy trading volume in the equity markets last week on the whole, even following a slew of company earnings reports. Many single equity names did trade healthy levels of volume last week, such as Microsoft or IBM for example, but on the whole, we witnessed overall volumes that fell below average levels. Going into this week, we will be watching closely to see if there is a healthy follow through from last week’s equity rally, and ideally heavier volumes that would display some conviction.
SPDR S&P 500
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Full disclosure: Tom Lydon’s clients own SPY, SHY and SLV. John Spence owns ZSL.