ETF Outlook For Friday, May 23, 2014
iShares MSCI Canada ETF (NYSE: EWC)
The top three holdings in the ETF are Canadian financials, and the sector accounts for 37 percent of the allocation. Several Canadian banks hit new highs yesterday after earnings results from Toronto Dominion Bank (NYSE: TD) helped boost the entire sector. Unsurprisingly EWC rallied to its best level in three years.
More Canadian banks will report earnings in the coming days. Their numbers will be key to whether EWC continues the rally to new multi-year highs.
PowerShares Pharmaceutical ETF (NYSE: PJP)
The ETF broke out to a new two-month high yesterday after trading in a narrow range over the last four weeks.
The ETF ...
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