Tuesday’s better than expected JOLTs (Jobs Openings and Labor Turnover Survey) report jolted the SP-500 (SPY) out of its bearish channel to reclaim dominance over its 20-day moving average (on 20% lighter than average volume, mind you). As a matter of fact, all of the equity ETFs in our universe finished the day in positive territory. Once again, the most distinguished leaders were Latin America 40 (ILF) and Brazil (EWZ).
Amongst sectors, market leadership could be found in Energy (XLE), Industrials (XLI) an Financials (XLF). In other asset classes, Bond prices were relatively flat, with the exception of High Yield (HYG) as today’s trading indicates an increased tolerance for risk.
In lieu of a rebounding US Dollar, the US Oil (USO) was the day’s top performer with a hat-tip to Canada’s ongoing wild fires which are shaving an estimated 2.5 million plus barrels of crude oil off the global daily supply. Currencies and Real Estate assets saw very little change.
(Please see our ETF performance summary table below.)