By Murray Coleman
Disappointing jobs numbers didn’t take the bite out of commodity related stock ETFs on Friday.
As mentioned earlier in the day, federal forecasts about corn harvests rallied agricultural stocks.
The early leader out of the gate this morning, PowerShares DB Agriculture Double Long ETN (DAG), kept building momentum in the afternoon.
In the morning, it was ahead by 13%. It finished with a 17.98% gain.
Even its non-leveraged cousin, the PowerShares DB Multi-Sector Agriculture ETF (DBA) finished strong, closing up 6.25%.
Another unleveraged exchange-traded product did even better. The iPath DJ-UBS Grains Index ETN (JJG) closed with a better-than 10% increase on the day.
But traders seemed to take news that the American economy lost 95,000 jobs in September as another sign that the Fed will start buying up more government debt.
Other nonleveraged ETFs that outperformed the overall market included the SPDR S&P Metals & Mining (XME), the Market Vectors Brazil Small-Cap (BRF) and the Vanguard Russell 2000 Growth (VTWG).
A big loser on Friday was the iPath S&P 500 VIX Short-Term Futures ETN (VXX). It wound up down more than 4%.
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