The S&P 500 is about 2% away from its record high from 2007. “While we continue to make all-time highs, it continues to be live by the Fed, die by the Fed,” said Ryan Larson, head of U.S. equity trading at RBC Global Asset Management, in a Bloomberg report.
Some market commentators believe the huge rally from the March 2009 has been driven by easy monetary policies from the Federal Reserve and other central banks, rather than by improving fundamentals. [Dow ETFs: Industrials, Transports Indices Both at All-Time Highs]
Not including volatility-linked funds, this week’s top unleveraged ETFs were ETFS Physical Palladium Shares (NYSEArca: PALL), iShares MSCI India (NYSEArcA: INDA) and Market Vectors India Small-Cap (NYSEArca: SCIF) with gains of 6% or more.
The bottom unleveraged ETFs were PIMCO 25+ Year Zero Coupon US Treasury (NYSEArca: ZROZ), Vanguard Extended Duration Treasury (NYSEArca: EDV) and iShares Barclays 20+ Year Treasury Bond with setbacks of at least 3%.
iShares Barclays 20+ Year Treasury Bond
Full disclosure: Tom Lydon’s clients own TLT, HYG and JNK.