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Popular Gold Mining ETF In Focus Amid Options Expiration

Analyst Paul Weisbruch of Street One Financial brings us his daily fund flows update, which wraps up an eventful week with even more outflows from corporate bond funds, along with an important note on a major gold mining fund.

Going into the end of the week, outflows in High Yield Corporate Bond ETFs, notably JNK (SPDR Barclays High Yield Bond) and HYG (iShares High Yield Corporate Bond) have not abated, with JNK actually starting to catch up to HYG to some degree. This week, JNK has seen over $1.2 billion leave the fund via redemptions, and we have repeatedly mentioned the presence of sellers in this space for at least the past week or so.

Going into today’s options expiration we did see some out-of-the-money call selling against long positions in several broad index ETFs, basically making the call that any market move today will be muted, and upside will likely be clipped amid March Madness stealing people’s attention away from their trading screens.

One name to watch into today’s options expiration, because the March 22 line has had quite a bit of activity and a healthy open interest, is GDX (Van Eck Vectors Gold Miners).

The VanEck Vectors Gold Miners ETF (NYSE:GDX) was trading at $22.68 per share on Friday afternoon, down $0.09 (-0.40%). Year-to-date, GDX has gained 8.41%, versus a 6.17% rise in the benchmark S&P 500 index during the same period.

GDX currently has an ETF Daily News SMART Grade of D (Sell), and is ranked #23 of 33 ETFs in the Precious Metals 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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