Top Performing ETFs Right Now And Where To Buy Them
Portfolio Pulse from Cory Mitchell
The article highlights top-performing ETFs, including SPDR S&P 500 ETF (SPY), Sprott Uranium Miners ETF (URNM), AdvisoryShares Pure US Cannabis ETF (MSOS), and MicroSectors FANG+ ETN (FNGS). SPY is up 20% YTD, while URNM, MSOS, and FNGS have shown significant returns over the last six to twelve months. The article provides technical analysis and potential trading strategies for each ETF, noting the historical performance of stocks in December and the potential for continued gains.
December 07, 2023 | 2:35 pm
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POSITIVE IMPACT
MicroSectors FANG+ ETN (FNGS) has a 6-month return of 65.4% and a 1-year return of 9.7%. A break above the recent high of $36.32 could indicate the next up-wave.
FNGS's strong recovery and potential breakout above recent highs suggest a positive short-term outlook. The ETF's focus on high-growth tech companies aligns with the historical performance of stocks in December.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
AdvisoryShares Pure US Cannabis ETF (MSOS) has a 6-month return of 39.7% but a 1-year return of -46.1%. A recent breakout suggests potential short-term trades with a target near $9.
Despite a long-term downtrend, MSOS's recent performance and breakout provide a bullish short-term trading opportunity. However, the volatile nature of the ETF requires cautious trading strategies.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
SPDR S&P 500 ETF (SPY) is up 20% YTD, reflecting a strong performance in the broader market. Historical data suggests December could be a positive month for stocks, potentially benefiting SPY.
SPY's performance is closely tied to the overall market, which has been strong. The historical trend of stocks performing well in December adds to the positive outlook for SPY in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Sprott Uranium Miners ETF (URNM) has returned 44.5% over 6 months and 53.8% over 1 year. A potential breakout above $50.55 could signal an uptrend with a target near $72.
URNM's chart is setting up a bullish pattern, and a breakout could lead to significant gains. The technical analysis suggests a strong potential for an uptrend, justifying a positive score.
CONFIDENCE 75
IMPORTANCE 85
RELEVANCE 90