Nick Perry (Schaeffer's Investment Research) submits: Last week, we saw a distinct upside bias as more than 90% of my list gained ground, led by realty funds. This week we find a severe reversal as nearly every fund on my list lost ground:
click to enlarge
A mind-boggling 99% of the ETFs I track showed a loss on the week, with the U.S. Oil Fund (USO) the lone gainer. Outside of the oil, a "strong" sector was one that lost less than 2%. At the bottom of the list, we find that utilities, housing, and reality ETFs were hardest hit.
In last week's column, I was continuing a discussion about the realty ETFs. Two weeks ago, we saw that funds like the iShares C&S Realty Majors (ICF) had broken below a consolidation pattern that had been in place since March 1. Last week, we saw a rally back to test the congestion zone as resistance. Given the ICF's placement on the graph above, you can infer that the ETF was rejected at that zone. However, the fund is still holding above the low from two weeks ago, a mildly positive sign.
Index performance this week:
Index performance year to date:
Charts: Google Finance
