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ETF Market Summary: Tuesday, June 05th 2007

Posted June 6th, 2007 by Michael J Bomma...

Dollar-Weighted Category Return

    21 of 26 categories ended Tuesday down, with the average category trading down -0.40% with an average dollar flow out of 3 million.  The worst outflow was in small caps with 33 million red, followed by real estate, utilities, and large caps.  The only two categories that saw non-negligible dollar inflows were short funds and China, despite the volatilitly that Chinese markets have experienced this week. 

    It's interesting to note which categories have had the lowest correlations to the SPY in the last week.  Those with negative correlations are convertible funds, China funds, and currency funds.  Low but positive categories include Japan funds, commodities and resources funds, call-write funds, and broad Asia funds.  Asian markets have remained strong despite high volatility and dramatic swings, ignoring changes in the bond and currency markets that could point to troubling costs and inflation in the coming cycle.

Sector Day Week Month YTD Day $ Week Correlation to SPY
Real Estate -1.68% 1.24% -1.24% 0.06% 801 78.17%
Utilities -1.32% -0.70% -3.75% 0.79% 736 55.83%
Transports -0.87% 0.59% 1.49% 12.82% 18 43.12%
Infrastructure -0.87% 0.99% -0.20% 8.21% 7 63.79%
Dividend -0.83% -0.01% -0.32% 0.66% 43 71.16%
Retail -0.81% 2.59% 3.09% 2.54% 475 79.77%
Latin America -0.62% 4.58% 9.13% 8.72% 67 89.04%
Consumer Goods & Services -0.60% 1.15% 1.58% 0.36% 141 67.80%
Europe -0.57% 1.14% 0.98% 0.48% 288 35.41%
MSCI -0.51% 1.33% 0.87% 10.68% 327 68.34%
Russia -0.47% 3.58% -2.67% -7.63% 13 32.47%
Large Cap -0.44% 0.64% 2.40% 0.37% 2093 86.19%
Small Cap -0.42% 1.43% 2.25% 0.24% 7875 68.13%
Call/Write -0.35% 1.64% 2.73% 2.30% 4 22.48%
Mid Cap -0.35% 2.11% 3.26% 0.55% 987 57.84%
Energy -0.35% 3.70% 7.53% 1.39% 1122 42.64%
Emerging Markets -0.35% 2.99% 2.88% 0.94% 1212 39.79%
Asia -0.32% 2.40% 1.28% 1.37% 30 30.74%
Healthcare -0.30% -0.09% -0.53% 1.05% 84 31.67%
Commodities & Resources -0.28% 2.64% -1.76% 0.64% 370 22.21%
Japan -0.16% 1.93% 1.36% 0.43% 209 21.28%
Biotech 0.02% 0.98% -2.00% 0.72% 87 26.64%
Currency 0.19% 0.98% 0.83% 0.55% 47 -6.66%
Convertible 0.41% 0.55% 0.16% 0.34% 14 -10.27%
Short 0.52% -2.69% -3.13% -1.78% 1235 NaN
China 0.97% 4.16% 3.80% -0.17% 282 -7.84%