Wednesday was a good day for biotechnology exchange traded funds, the first in a while, but biotech, Internet and social media ETFs are still light some assets compared to where they were at the beginning of March.

Outflows from the iShares Nasdaq Biotechnology ETF (NasdaqGM: IBB), Market Vectors Biotech ETF (NYSEArca: BBH), the PowerShares Dynamic Biotechnology & Genome Portfolio (NYSEArca: PBE) and the SPDR S&P Biotech ETF (NYSEArca: XBI) since Feb. 28 totaled $550 million as of April 8.[Investor Flee Biotech ETFs]

The First Trust Dow Jones Internet Index Fund (NYSEArca: FDN) and the PowerShares NASDAQ Internet Portfolio (NYSEArca: PNQI) have each lost about $13.5 million since the start of March. [Old Teachings From Internet ETFs]

Some of the cash that has departed momentum sector ETFs has found its way into more prosaic fare, including industrials and utilities, but plenty of new assets have been pouring into financial services ETFs. Investors that have recently gotten involved with the likes of the Financial Select Sector SPDR (NYSEArca: XLF) and the SPDR S&P Regional Banking ETF (NYSEArca: KRE) could soon see that faith rewarded.

“If you own Bio Tech or Social Media stocks of late, its been a bumpy ride (-15%+). However, if you own the banks they have held up well compared to some hard hit sectors,” notes Chris Kimble of Kimble Charting Solutions.

XLF and KRE have taken in over $1 billion combined since the beginning of March while the SPDR S&P Bank ETF (NYSEArca: KBE) has added $170.5 million in new assets.

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