ETF Trends
ETF Trends

The Market Vectors Gaming ETF (NYSEArca: BJK) has recently toiled in relative anonymity. For this ETF, that might be a good thing.

Down 6% year-to-date, BJK bears the burden of tracking an industry group that falls under the purview of the consumer discretionary sector, the worst-performing sector in the S&P 500 this year, and being home to stocks that are accurately labeled as momentum offerings.

BJK’s slide has lasted longer than other momentum ETFs, such as those tracking the biotechnology, Internet or social media industries. From its March peak to its June trough, BJK tumbled 14.6%. BJK withered last month after UnionPay, China’s largest credit card company, said it will crack down on illegal transactions in Macau, the world’s largest gambling hub. [Macau Crackdown Weighs on Gambling ETF]

Up 4.1% since June 10, BJK is showing signs of breaking out of its slumber. At least that is what the charts are saying.

“BJK looks to be trying to stage a turn around to the upside. The ETF Broke through resistance or out of a bullish wedge Thursday. The setup, prior to the breakout was a bullish divergence in some momentum indicators,” according to Captain John Charts. “The RSI indicator also broke resistance and has not reached overbought readings.”

Showing Page 1 of 2