Major equity indexes inched higher during the week but gave into
some light profit-taking pressures as Labor Day weekend approached.
A lack of noteworthy developments overseas coupled with solid
economic data releases at home left the doors open for the bulls;
better-than-expected durable goods, consumer confidence, and an
upbeat revision to U.S. GDP welcomed buyers during the week and
kept the bears at bay [see also How the Homebuilders ETF
Reacts to New Home Sales].
To help investors keep up with
markets, we present our ETF Scorecard, which takes a step back and
looks at how various asset classes across the globe are performing.
For most of the return comparisons below, we reference trailing
1-week and trailing 1-month returns; this offers a good
insight into the prevailing sentiment in the markets by capturing
the performances across short-term and longer-term time
intervals [for more ETF news and analysis subscribe to
our free newsletter].
Risk Appetite Review
“Risk On” sentiment prevailed as evidenced by High Beta stocks
leading the way and Low Volatility stocks lagging in negative
territory:
google.load('visualization', '1', {packages: ['corechart']});
function drawVisualization() { // Create and populate the data
table. var data = google.visualization.arrayToDataTable([
['Ticker', '5-Day Return', {role: 'style'}], ['S&P 500 (SPY)',
0.32, 'blue'], ['Equal Weight (RSP)', 0.32, 'orange'], ['High Beta
(SPHB)', 0.59, 'red'], ['Low Volatility (SPLV)', -0.03, 'green'],
]); var formatter = new google.visualization.NumberFormat( {suffix:
"%"}); formatter.format(data,1); // Create and draw the
visualization. new
google.visualization.BarChart(document.getElementById('visualization103435')).
draw(data, {title:"Comparing Risk Preferences", width:700,
height:400, vAxis: {title: ""}, hAxis: {title: ""}} ); }
google.setOnLoadCallback(drawVisualization); Major Index Review
Aside from Developed Markets, all other major equity indexes are
now in positive territory from both a weekly and monthly
performance perspective:
google.load('visualization', '1', {packages: ['corechart']});
function drawVisualization() { // Create and populate the data
table. var data = google.visualization.arrayToDataTable([ ['Index',
'1-Week Return', '1-Month Return'], ['S&P 500 (SPY)', 0.32,
3.65], ['Nasdaq 100 (QQQ)', 0.52, 4.62], ['Dow 30 (DIA)', 0.35,
3.5], ['Russell 2000 (IWM)', 0.62, 4.24], ['Developed Markets
(EFA)', -0.07, 0.23], ['Emerging Markets (EEM)', 0.58, 2.99], ]);
var formatter = new google.visualization.NumberFormat( {suffix:
"%"}); formatter.format(data,1); formatter.format(data,2); var
options = { title:"Comparing Major Equity Benchmarks", width:700,
height:400, hAxis: {title: ""}, }; // Create and draw the
visualization. new
google.visualization.ColumnChart(document.getElementById('visualization103440')).
draw(data, options); } google.setOnLoadCallback(drawVisualization);
Domestic Sector Review
Sector returns were largely positive this week, with Industrials
being the only group to end up in shallow red territory:
google.load('visualization', '1', {packages: ['corechart']});
function drawVisualization() { // Create and populate the data
table. var data = google.visualization.arrayToDataTable([ ['Index',
'1-Week Return', '1-Month Return'], ['Discretionary (XLY)', 0.47,
4.46], ['Financials (XLF)', 0.22, 3.75], ['Energy (XLE)', 0.54,
1.61], ['Utilities (XLU)', 0.99, 4.24], ['Staples (XLP)', 0.33,
4.54], ['Technology (XLK)', 0, 2.82], ['Health Care (XLV)', 1.11,
4.47], ['Materials (XLB)', 0.16, 3.7], ['Industrials (XLI)', -0.5,
4.32], ]); var formatter = new google.visualization.NumberFormat(
{suffix: "%"}); formatter.format(data,1); formatter.format(data,2);
var options = { title:"Comparing Sectors", width:700, height:400,
hAxis: {title: ""}, colors: ["purple", "limegreen"] }; // Create
and draw the visualization. new
google.visualization.ColumnChart(document.getElementById('visualization103444')).
draw(data, options); } google.setOnLoadCallback(drawVisualization);
Sector Valuations
Given the broad market rally at home, almost all of the
sectors saw their pricing multiples expand during the week:
google.load('visualization', '1', {packages: ['corechart']});
function drawVisualization() { // Create and populate the data
table. var data = google.visualization.arrayToDataTable([ ['Index',
'Last Weeks P/E', 'This Weeks P/E'], ['Discretionary (XLY)', 18.86,
18.94], ['Financials (XLF)', 14.77, 15.02], ['Energy (XLE)', 15.6,
15.72], ['Utilities (XLU)', 16.13, 16.18], ['Staples (XLP)', 18.58,
18.67], ['Technology (XLK)', 16.41, 16.52], ['Health Care (XLV)',
17.3, 17.51], ['Materials (XLB)', 19.11, 19.09], ['Industrials
(XLI)', 17.16, 17.08], ]); // Create and draw the visualization.
new
google.visualization.ColumnChart(document.getElementById('visualization103446')).
draw(data, {title:"Valuation Review: Comparing Sector P/E's",
width:700, height:400, hAxis: {title: ""}} ); }
google.setOnLoadCallback(drawVisualization); Foreign Equity Review
On the international front, Brazil led the way higher while
Russia came in at the bottom of the barrel in terms of weekly
returns:
google.load('visualization', '1', {packages: ['corechart']});
function drawVisualization() { // Create and populate the data
table. var data = google.visualization.arrayToDataTable([ ['Index',
'1-Week Return', '1-Month Return'], ['Brazil (EWZ)', 3.37, 8.78],
['Russia (RSX)', -4.36, 1.29], ['India (EPI)', -0.57, 3.65],
['China (FXI)', -0.37, 0.12], ['Japan (EWJ)', -1.58, -1.5],
['Australia (EWA)', 0.33, 2.07], ['Germany (EWG)', 0.1, -0.48],
['United Kingdom (EWU)', 0.54, 0.49], ]); var formatter = new
google.visualization.NumberFormat( {suffix: "%"});
formatter.format(data,1); formatter.format(data,2); var options = {
title:"", width:700, height:400, title: "Geographic Review:
Comparing Single Countries", colors: ["green", "orange"] }; //
Create and draw the visualization. new
google.visualization.ColumnChart(document.getElementById('visualization103449')).
draw(data, options); } google.setOnLoadCallback(drawVisualization);
Regional Valuations
Regional P/Es expanded across the board over the past
week:
google.load('visualization', '1', {packages:
['corechart']}); function drawVisualization() { // Create and
populate the data table. var data =
google.visualization.arrayToDataTable([ ['Index', 'Last Weeks P/E',
'This Weeks P/E'], ['United States (SPY)', 16.61, 16.72], ['ex-U.S.
(CWI)', 13.92, 14.11], ['Asia Pacific (GMF)', 13.06, 13.11], ['Dev.
Europe (FEZ)', 13.89, 14.4], ['Em. Europe (GUR)', 7.25, 7.37],
['Latin America (GML)', 14.44, 14.83], ['Middle East & Africa
(GAF)', 15.85, 15.98], ]); // Create and draw the visualization.
new
google.visualization.ColumnChart(document.getElementById('visualization103451')).
draw(data, {title:"Valuation Review: Comparing Regional P/E's",
width:700, height:400, hAxis: {title: ""}} ); }
google.setOnLoadCallback(drawVisualization);
Alternatives Review
Commodities
Natural gas and agricultural prices were the biggest gainers
during the past week:
// //
Currencies
On the currency front, the Aussie dollar was the biggest winner
while the euro turned in the worst performance from a weekly
perspective:
// //
*All data as of market close 8/28/2014.
Follow me on Twitter @Sbojinov
[For more ETF analysis, make sure to sign up for our free
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Disclosure: No positions at time of writing.
Click here to read the original article on ETFdb.com.
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