Nick Perry (Schaeffer's Investment Research) submits: Last week we saw a broad-based rally that was led by the PowerShares WilderHill Clean Energy (PBW) and SPDR Homebuilders (XHB). This week we see a skew to the downside.
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Despite the widespread buying that set in this morning after the Fed cut the discount rate by 50 basis points, more than 70% of the funds on my list are still lower on the week.
Gold stocks, once considered a safe haven in times of market turmoil, were the weakest area. The Gold Miners ETF (GDX) posted a substantial loss of nearly 12% and hit levels not seen since last October. Silver was also weak.
Last week's 2 strongest ETFs, the PowerShares WilderHill Clean Energy (PBW) and SPDR Homebuilders (XHB), saw those gains evaporate.
The main pocket of strength this week came from the financial sector as banking and insurance ETFs dominate the top of the list.
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Index performance this week
Index performance year to date
Charts: Google Finance
