Mutual Fund & ETF Watchlist for March 29, 2017

The Dow Jones Industrial Average and S&P 500 Index both bounced off 50-day moving averages over the past week, while the Nasdaq’s 50-day MA continues to climb. The Russell 2000 has remained in a trading range since December and has slipped below its 50-day MA.

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There are pockets of weakness in some commodity and related sectors. iShares U.S. Transportation (IYT) dipped below its 50-day MA. Steel producers and copper miners also slipped below support levels. VanEck Coal (KOL) broke out to a new 52-week high following President Trump’s rollback of anti-coal regulations. The broader materials sector tracked by SPDR Materials (XLB) shows the sector remains in a general uptrend.

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High-yield bonds foreshadowed the recent dip in stocks in early March, but iShares iBoxx High Yield Corporate Bond (HYG) has regained its 50-day MA. Rising interest rates weighed on iShares iBoxx Investment Grade Corporate Bond (LQD). iShares 20+ Year Treasury (TLT) remains in a range between $116 and $122, mirroring the 10-year Treasury yield, which is bouncing between 2.3 and 2.6 percent.
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Thompson Bond (THOPX) continues to hold steady despite fluctuations in the bond market. Floating-rate funds eased following the Fed’s rate hike. Market interest rates have steadied over the past few weeks.

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The U.S. Dollar Index fell sharply before quickly recovering. It spent several months below its support line in 2015 and 2016, so a further dip doesn’t threaten the long-term bull market. The euro bumped against its 200-day MA and turned down on Wednesday.

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Both emerging and developed markets are well above their moving averages thanks to the weaker dollar this year.

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West Texas Intermediate crude oil retook the $49 level today following subdued weekly inventory reports.

Natural gas continues to perform better than oil, but natural gas equities have underperformed the broader energy sector in 2017.

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Healthcare was a strong performer over the past week, due to the failure to repeal the Affordable Care Act.

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Value stocks outperformed growth by a solid margin in 2016. At the start of 2017, the trend towards higher rates paused as investors rotated out of value and back into growth.

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