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SPY, Major ETFs Bounce on Potential Debt Deal

By  +Follow October 16, 2013 8:45AM
Tickers Mentioned:

Market optimism about what appears to be an approaching end to the government shutdown and debt ceiling crisis helped push up the major indicies, pulling up most of the biggest ETFs with them. With the DJIA and S&P both gaining more than 1.15 percent by early afternoon and the Nasdaq up almost as much, the highest-volume, broad market ETFs were on the rise. The SPDR S&P 500 ETF ($SPY) gained almost 1.25 percent, the Financial Select Sector SPDR ($XLF) climbed almost 2 percent, PowerShares QQQ ($QQQ) jumped almost 1 percent, and the iShares Russell 2000 Index ($IWM) was up almost 1.25 percent.

Congressional Deal on Debt Ceiling, Funding Appears Likely

The failure of the House of Representatives to pass a bill last night, paired with a new agreement in the Senate, appears to have bolstered market confidence overnight that a debt default will be avoided. Senate leaders announced Wednesday morning that they had reached a deal for a bill that would extend the nation’s borrowing limit to early February and end the two-week shutdown, approving a budget that will keep the government open until January 15. And today’s bounce would seem to indicate a consensus in the markets forming around the belief that Speaker of the House John Boehner will bring the Senate bill up for a vote, that it will pass, and that President Obama will sign it into law.

VIX Plunges, Emerging Markets Don’t

Today’s big losers are traders betting on the VIX, as an agreement in congress radically decreases anticipated market volatility. The iPath S&P 500 VIX Short Term Futures ETN (VXX) plunged almost 9.5 percent on Wednesday, while the inverse ETF, the VelocityShares Daily Inverse VIX (XIV) climbed over 9.75 percent. Equities investors also seemed to be shifting back towards a risk-on environment as major ETFs tracking emerging market ETFs were on the rise. The iShares MSCI Emerging Markets Index (EEM) and Vanguard FTSE Emerging Markets ETF (VWO) gained over 0.75 percent, the and the iShares MSCI Brazil Index ($EWZ) was up over 1.25 percent.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.

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Results for SPY
28 Aug 14 16:16:14
Watchist - Aug 29th/14 $TWTR $FB $SPY #Stock http://t.co/wqsOjyP5OV
Fractal Trading
28 Aug 14 16:10:29
What is the $SPY going to do next? Get real time alerts and analysis at http://t.co/wUJYbRmJF3
28 Aug 14 16:07:10
RT @TradingKane: The $SPY looks like $JNK http://t.co/EnatUxOjuB
28 Aug 14 16:05:46
$VIIC ran up 720% Today in an explosive move! Our new picks are coming soon: http://t.co/EdxLh9u5Nx $LEN $SPM $SPY
28 Aug 14 16:02:12
RT @SeekingAlpha: Economy Vs. Fed Rate Hikes http://t.co/cjavEKDdCB $SPY $TLT $XLV
28 Aug 14 16:00:05
10 Most Active Tweets: $AAPL $SPY $TWTR $DGLY $RSH $TKMR $FB $SPX $GPRO $BAC
Stock Market Picks
28 Aug 14 15:56:59
StockTradeNyse's Results: $TMUS opened LONG on 8/25 at $29.00 and closed today's at $30.19 +4.10% http://t.co/HLNIj8Z3bB $QQQ $SPY #nyse
28 Aug 14 15:53:45
The $SPY looks like $JNK http://t.co/EnatUxOjuB
Biz News Pioneer
28 Aug 14 15:47:34
$SPY: Indian stocks: Is it time for you to ride the Modi wave? http://t.co/Q0lUUqT5Ue http://t.co/rMco0eD44c
Stuart Berney
28 Aug 14 15:46:02
$SPY If you didn't close today, be on guard for tomorrow as the put/call ratio is in dangerous territory http://t.co/5W8gPW6JY2 DOWN
28 Aug 14 15:45:25
@WeezyMiyagi yeah the market makers fled from their 200 calls today on the weeklies, the $SPY definitely has wings.
28 Aug 14 15:43:14
RT @SeekingAlpha: Economy Vs. Fed Rate Hikes http://t.co/cjavEKDdCB $SPY $TLT $XLV
Michael Scott
28 Aug 14 15:41:57
RT @SeekingAlpha: Economy Vs. Fed Rate Hikes http://t.co/cjavEKDdCB $SPY $TLT $XLV
FOREX Insight
28 Aug 14 15:38:56
RT @SeekingAlpha: Economy Vs. Fed Rate Hikes http://t.co/cjavEKDdCB $SPY $TLT $XLV
Alex Chalekian, CEP®
28 Aug 14 15:38:45
RT @Lake_Avenue: Lake Avenue Market Close Update: #DJIA -42.44 #NASDAQ -11.93 #SP500 -3.38 #stocks #economy #markets #wallstreet $DIA…
Lake Ave Financial
28 Aug 14 15:33:26
Lake Avenue Market Close Update: #DJIA -42.44 #NASDAQ -11.93 #SP500 -3.38 #stocks #economy #markets #wallstreet $DIA $QQQ $SPY
Seeking Alpha
28 Aug 14 15:33:00
Economy Vs. Fed Rate Hikes http://t.co/cjavEKDdCB $SPY $TLT $XLV
The Market Mechanic
28 Aug 14 15:31:45
David de los Angeles
28 Aug 14 15:31:25
Commented on: "Don't Fear The Fed Yet" http://t.co/XkAjnhPsey $SPY $DIA
M. Blake Harrison
28 Aug 14 15:28:03
RT @philstockworld: Monday Market Mayhem - Bombs Fly, Buyers Buy $SPY $FXI $EPI $USO $GTAT $TASR #China #Hedging -- http://t.co/rKGIxEaefp
Seeking Alpha
28 Aug 14 15:27:42
Vanguard Dividend Appreciation ETF: The ETF For Future Income http://t.co/uE0GF4PuM9 $DVY $SPY $TDIV $VIG
28 Aug 14 15:23:53
there is really just 1 word to describe the endless propping of the only wealth of the western world left. It's #pathetic $SPY
Jeff Quiggle
28 Aug 14 15:17:52
Paul W. Mahon
28 Aug 14 15:14:41
RT @YahooFinance: Why This Bull Market Could Last Another 15 Years http://t.co/Q1dOm28kSa via @RyanDetrick $SPY http://t.co/MiHNTvQ5ZW
Livermore's Lounge
28 Aug 14 15:14:24
$SPY Is there a difference between a 3-5 year 'market recovery' and a 'bull' market? Perhaps, a question worth asking.
28 Aug 14 15:13:08
$SPY hard to short here - some crayzee buyin' goin' on - would be one HELLA $GS joke if a fakeout... IMO
28 Aug 14 15:12:02
$SPY ... but its different this time!! Party on like its 1999. BTFD!!!
Paul W. Mahon
28 Aug 14 15:11:58
“@YahooFinance: The #Power of a Simple #Strategy http://t.co/nHApSEmfV8 via @jposhaughnessy $DIA $SPY http://t.co/2jCBO08XwE” #pwm4u
28 Aug 14 15:11:09
$SPY ... shown graphically http://t.co/QerE31k9bV
28 Aug 14 15:09:15
$SPY ... more than 100. Only the peak of the 2000 bubble saw a greater risk tolerance among investors.
28 Aug 14 15:09:06
$SPY ... The number of money-losing companies coming to the public market via IPOs has exceeded the number of money-making companies by ...
Rob Schmidt
28 Aug 14 15:06:05
RT @abnormalreturns: Thursday links: a growth mindset, the money in sand and the end of the active vs. passive debate. http://t.co/0ySBWi5S…
TV_Trading Ideas
28 Aug 14 15:01:08
Spy M $SPY http://t.co/0tKUvvmT5z
28 Aug 14 15:00:04
10 Most Active Tweets: $AAPL $SPY $TWTR $DGLY $RSH $TKMR $SPX $FB $GPRO $BAC
Top Stocks
28 Aug 14 14:59:04
RT @andrewnyquist: "Nasdaq 100 Technical Update: RSI's, Retests, and Targets" http://t.co/lQ7hGkLQUa via @seeitmarket $NDX $QQQ $SPY $STUDY
28 Aug 14 14:59:03
RT @andrewnyquist: "Nasdaq 100 Technical Update: RSI's, Retests, and Targets" http://t.co/mWI3DZPwDT via @seeitmarket $NDX $QQQ $SPY $STUDY
Jeff Focker
28 Aug 14 14:58:17
@harmongreg and looks like $spy is already confirming !
Lawrence Larkin
28 Aug 14 14:57:18
RT @TraderHMS: 262: This is the most difficult step for any successful trader, in my opinion #tradingtips #trading #markets $SPY http://t.c…
Deen Adekoya
28 Aug 14 14:56:27
Will be going long as the model is 56 /44 in favour.First stop 2005 then probably 2012 next.Will be watching 1982 closely. $SPX $SPY
Vic Scherer
28 Aug 14 14:53:05
If a topping process is starting, look for many stocks to resemble $GOGO for the past 3 weeks. $spy
28 Aug 14 14:52:06
RT @10handles: Fear $VXX has begun to outperform $SPX and $NDX. $SPY $QQQ http://t.co/fyCm8TgDeX
28 Aug 14 14:50:23
$spy trike peg 2morrow: 199 with 198 bias http://t.co/mvLbG3wAUH
10 Handles
28 Aug 14 14:50:22
Fear $VXX has begun to outperform $SPX and $NDX. $SPY $QQQ http://t.co/fyCm8TgDeX
Sean McLaughlin
28 Aug 14 14:49:21
"@SJosephBurns: Five Reasons I Sold My Stock Index Positions Today http://t.co/3e32RM5Je5 $SPY"
28 Aug 14 14:47:59
RT @SJosephBurns: Five Reasons I Sold My Stock Index Positions Today http://t.co/ECBO6GoKvd My $trading #BLOG $SPY
Stock Market News
28 Aug 14 14:47:39
$SPY: SPDR S&P 500 ETF Trust (SPY): Is Soros Aiming For a Big Correction? http://t.co/APXwGUcqhR http://t.co/x7XSA77QwW
The Fib Trader
28 Aug 14 14:47:23
$SPY another unusual put spike today following what happened yesterday. http://t.co/o1dt3R45Kk
Park Research, LLC.
28 Aug 14 14:47:23
$SPY 200 straddle 5 Sep 14: $2.02. PRC Option Fair Value: $2.52 Trade according to your own plan
28 Aug 14 14:45:00
Fri (Aug 29, 2014) US markets $SPY $DJIA & $NASDAQ will close HIGHER. #marketpredictions
D Albers
28 Aug 14 14:44:01
RT @Sassy_SPY: Today closed day 5 from new highs off v-bottom. We closed up 0.22%. See what I wrote. Will expand over w/e http://t.co/mmC6y…
By  +Follow October 16, 2013 8:45AM



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