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Investors Taking Profits As The SPY Struggles To Breach A Key Level

Analyst Paul Weisbruch brings investors his daily fund flows update, which today points out some profit taking in the largest and most popular ETF on earth, along with some inflows into financials and real estate funds.

The SPX has failed to pierce what looks like real resistance at around the 2277 level, and we have seen some profit taking in linked SPY in recent sessions with about $1.5 billion spilling out of the fund. While these are not large redemptions, it does reflect that at least some may be looking at a near term pause here in equities and are possibly willing to take some chips off of the table.

In a related note, creation flows this week have been lackluster in terms of notional dollar sizes, but we can point to some bids in Financials (XLF) as well as the REIT space via VNQ (Vanguard REIT).

Elsewhere, we mentioned late last week an increase in options flows in EEM (iShares MSCI Emerging Markets), and early this week that has still been the theme, with some play in options such as the March 40 line (EEM is currently trading around $36.24, so there’s substantial upside being played there).

The SPDR S&P 500 ETF Trust (NYSE:SPY) was trading at $226.83 per share on Wednesday morning, up $0.37 (+0.16%). Year-to-date, the largest ETF tied to the S&P 500 index has gained 1.48%.

SPY currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 108 ETFs in the Large Cap Blend ETFs category.

Disclaimer: The content of this article is excerpted from a daily newsletter from Street One Financial. While ETF Daily News may edit the contents and add a relevant title to the piece, the author, Paul Weisbruch, does not endorse or recommend any issuer or security mentioned herein.

About the Author: Paul Weisbruch

paul-weisbruchPaul Weisbruch is the VP of ETF/Options Sales and Trading at Street One Financial. Prior to joining the team at Street One, Paul served as the Director of RIA and Institutional ETF Sales at RevenueShares ETFs from December 2007 until November of 2009. Before RevenueShares, Paul was employed by Susquehanna International Group from 2000 until 2007 serving in roles including OTC/NYSE Institutional Block Trading, Nasdaq/OTC Market Making, ETF/Derivatives Intelligence and Strategy, Algorithmic Trading, as well as acting as the PHLX Floor Specialist in the ETFs, SPY and DIA.Paul has been actively involved in the ETF space from both a product and trading standpoint since 2000. Additionally, Paul has well forged relationships with national RIAs, institutional pension fund managers and consultants, mutual fund and hedge fund managers, and also the ETF media. Co-authoring the “S1F ETF Daily” since 2009, the daily piece has become a must for many portfolio managers in the ETF space, with segments regularly appearing in the likes of Barron’s, WSJ, and for instance.

He holds his Series 4 (Registered Options Principal), 6, 7, 55 (Equity Trader), 63, and 65 licenses. He graduated from the University of Pittsburgh (B.S. – Economics), graduating magna cum laude, and has an MBA from Villanova University.

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