“The GDP number does show that the U.S. economy is still in a slow-growth mode, albeit slightly below expectations,” Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, told Bloomberg News. “I still like the risk reward for equities but it’s a ride the highs, buy the dips market. The market’s a little ahead of itself and frankly we’re due for a pause.”
The top three unleveraged ETFs this week were Guggenheim Global Solar Energy (NYSEArca: TAN), Market Vectors Solar Energy (NYSEArca: KWT) and iShares DJ US Home Construction (NYSEArca: ITB) with gains of at least 9%.
The bottom three unleveraged ETFs this week were U.S. Natural Gas (NYSEArca: UNG), iPath Coffee (NYSEArca: JO) and iPath Seasonal Natural Gas (NYSEArca: DCNG) with setbacks of 5% or more.
In next week’s economic data, look for reports on personal income and spending, pending home sales, S&P Case-Shiller home prices and consumer confidence. Also, investors will get the Federal Reserve announcement on Wednesday and the April jobs report crosses on Friday.
Full disclosure: Tom Lydon’s clients own GLD.