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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
26 Oct 14 01:12:28
gonna try option this week on $SPY and $GOOG using virtual account.. will see how it goes
Benjamin Wawn
26 Oct 14 01:07:06
RT @nanexllc: My favorite stock market image from last week: $ES_F $SPY http://t.co/Q4Y2G3Zhm4
26 Oct 14 01:05:36
RT @steenbab: What to do when stop losses stop you from winning: http://t.co/GB3S2IgLQs $STUDY $SPY
26 Oct 14 01:04:54
$SPY #SPY #speculative scenario - trend reversal zone 190-192 http://t.co/xPboGUy15G
26 Oct 14 01:00:15
Building and Refining Your Trading Edge http://t.co/Mn806quBfC $ES_F $SPY $SPX
FXC Alerts
26 Oct 14 00:44:22
What is the $SPY going to do next? Get real time alerts and analysis at http://t.co/3ShQ3xzK1S
John Mallard
26 Oct 14 00:41:23
RT @Sassy_SPY: .@WallStJesus here is an update for all those calls - Dec 205 = 262,746 206 = 314,643; 210 = 447,434; 211 = 124,610 $SPY
Gotham City Capital
26 Oct 14 00:40:12
@keithc71 @vikuvarshu My game plan is to keep some good cash reserves on hand.. $SPY I'm guessing makes higher lows NOV..
Gotham City Capital
26 Oct 14 00:37:28
@keithc71 @vikuvarshu If they wanted this market to sell to 174, $SPY would have been waaaay weaker in my opinion..
Gotham City Capital
26 Oct 14 00:35:35
@keithc71 @vikuvarshu Here's what I'm seeing.. NO ugly bearish pattern setting us up for collapse on $SPY
26 Oct 14 00:32:02
GST Stock Trader News $SPY $IWM $QQQ http://t.co/NpgmjEVvA4
Dan Bolt
26 Oct 14 00:31:44
@KimbleCharting Inverted Eiffel Tower pattern in $SPY? Next target $197.60-$198 then drop to $192.47, possible gap fill to $190.45.
Gotham City Capital
26 Oct 14 00:30:37
@keithc71 @vikuvarshu 174 $SPY looks like the level we want...
26 Oct 14 00:28:41
RT @seeitmarket: Market Masters: Trade The Chart, Not Your Heart http://t.co/gQpJLiqNUD by @TheFibDoctor $SPY $STUDY
26 Oct 14 00:19:49
RT @alphatrends: VIDEO http://t.co/wACRkx7VL4 Stock Mkt Analysis for Wk Ending 10/24/14 $SPY $AAPL $IBB $TLT $QQQ $IWM $BABA $XLF $NFLX $IBM
♥ @MyOrgone ♥
26 Oct 14 00:11:31
Don't trade $AAPL stock!! You can turn $666 into one million with THIS Apple!!! http://t.co/zb3UZNiUN6 $SPY @CNBC
25 Oct 14 23:50:49
$SPY If you're a bear in this market, well, you're an idiot, no offense. Charts don't lie. We go higher. http://t.co/Kv2ACwvorq
25 Oct 14 23:48:05
http://t.co/v31H5i6SbE <<-- Register free! I am excited for Tim Sykes special tutorial webinar! $FB $SPY $AAPL #timsykes
25 Oct 14 23:41:19
$SPX $SPY Primary wave IV - The looming wave C decline setting up as shown by the MACD. For wave count see @OEWtony http://t.co/Su33aqm2N1
25 Oct 14 23:35:15
RT @ranajayb: Most probably #Dow established a MAJOR bottom at 15855. So did S&P500 at 1820. Not to be tested in next 1 year. $DJIA $INDU …
25 Oct 14 23:12:39
RT @HedgeBound: Test of Underbelly of Trendlines have a Higher Probability or Rejection. $SPX $1,965-70 $SPY http://t.co/NDoG6pGagc
DIA Fractalerts
25 Oct 14 22:56:56
Tell us what you think about this weeks $SPY alert. How are you trading it? http://t.co/T94jjRoYVI
hft info
25 Oct 14 22:50:18
RT @The_Kid1987: @RepMarkMeadows @ThomTillis @SenatorBurr @SenatorHagan RT" @nanexllc Get me in front of Congress" #ncpol #ncsen #ncga #tc…
25 Oct 14 22:31:44
25 Oct 14 22:22:14
http://t.co/5qzSIjoPtA <--- Amazing subscriber to Super_Trades - check out his profit chart!!! $CREE $AWRE $SPY $HLX $RGLS
Pick Stock Winners
25 Oct 14 22:17:04
New post just put up on http://t.co/gBBBCWNJjM Read about the current world economic situation update and how to take advantage of it. $SPY
Trade Fractals
25 Oct 14 22:15:21
New $SPY alerts have recently been posted. Check them out now. http://t.co/pJY9NPEFY8
25 Oct 14 22:14:55
RT @toddpace: 42% - 56% off @profitly sale for @super_trades' birthday! | http://t.co/zjbUidWM9Q | ACT NOW! $TKMR $FB $TWTR $SPY $GPRO #Bel…
25 Oct 14 22:11:56
Test of Underbelly of Trendlines have a Higher Probability or Rejection. $SPX $1,965-70 $SPY http://t.co/NDoG6pGagc
TV_Trading Ideas
25 Oct 14 22:03:59
SPY Wait And See $SPY http://t.co/MTqWuWc38z
Reinaldo Rowe
25 Oct 14 22:00:54
RT @lancejepsen: GST Stock Trader News $SPY $IWM $QQQ http://t.co/tcS9pPPnZN
25 Oct 14 21:58:11
@WallStJesus @mproffitt Who buys a whopper directional $SPY bet with calls into the 50DMA when the market bottomed over 125 S&P handles ago?
25 Oct 14 21:57:17
Why can't we seem to get back to an "invisible hand" dynamic without the need for continued intervention by our government/Fed? $STUDY $SPY
25 Oct 14 21:39:20
#virtualreality headsets will be the consumer tech gadget for 2015. $SPY investors find out how to profit here: http://t.co/UGK1Sij9xy
25 Oct 14 21:38:45
RT @valuewalk: The Gift That Keeps On Giving http://t.co/pT5FwABogf $SPX $SPY http://t.co/cNyDjGpRxf
♥ @MyOrgone ♥
25 Oct 14 21:26:31
Dump $AAPL stock!! You can turn $666 into one million with THIS Apple instead! http://t.co/zb3UZNiUN6 $SPY @CNBC
25 Oct 14 21:19:47
RT @ArmandoSeba1980: @PipsToDollars will put ur ass broke on options stupid advice listen to n follow @mrdollamaker case close peace $spy k…
Brett Allen
25 Oct 14 21:01:49
RT @IncomeTraderz: After requests, I made a video showing how I trade my bounce/reversal strategy for multipoint moves in minutes. http://t…
25 Oct 14 20:57:19
Buy The Dip Or Sell The Rally? http://t.co/CIv4OEuEda $SPY $SPX $NYA
♥ @MyOrgone ♥
25 Oct 14 20:56:32
Why trade $AAPL stock! Turn $666 into $1 million with THIS Apple! http://t.co/zb3UZNiUN6 $SPY @CNBC
Wilford Marion
25 Oct 14 20:53:04
RT @lancejepsen: $SPY VS $IWM Would have liked to see more leadership from IWM throughout the day but what a surge into the close! http://t…
anthony harris
25 Oct 14 20:45:51
RT @StockTwits: THE MARK TWAIN EFFECT -> http://t.co/HC2Cf1iqlz $SPY $TLT http://t.co/MV26AOQBOg
HKM Lawyers
25 Oct 14 20:30:09
RT @philstockworld: Friday's Fearful Outlook as #Ebola Hits NYC: $SPY $DIA $AMZN $TSLA $TM #Amazon -- http://t.co/UIMDFJvSW2 http://t.co/VN…
Raymond Strategic
25 Oct 14 20:29:36
RT @philstockworld: Friday's Fearful Outlook as #Ebola Hits NYC: $SPY $DIA $AMZN $TSLA $TM #Amazon -- http://t.co/UIMDFJvSW2 http://t.co/VN…
25 Oct 14 20:29:03
RT @philstockworld: Friday's Fearful Outlook as #Ebola Hits NYC: $SPY $DIA $AMZN $TSLA $TM #Amazon -- http://t.co/UIMDFJvSW2 http://t.co/VN…
25 Oct 14 20:27:58
RT @philstockworld: Friday's Fearful Outlook as #Ebola Hits NYC: $SPY $DIA $AMZN $TSLA $TM #Amazon -- http://t.co/UIMDFJvSW2 http://t.co/VN…
25 Oct 14 20:27:26
RT @philstockworld: Friday's Fearful Outlook as #Ebola Hits NYC: $SPY $DIA $AMZN $TSLA $TM #Amazon -- http://t.co/UIMDFJvSW2 http://t.co/VN…
25 Oct 14 20:26:54
RT @philstockworld: Friday's Fearful Outlook as #Ebola Hits NYC: $SPY $DIA $AMZN $TSLA $TM #Amazon -- http://t.co/UIMDFJvSW2 http://t.co/VN…
♥ @MyOrgone ♥
25 Oct 14 20:26:36
Dump $AAPL stock!!! You can turn $666 into $1 million with THIS Apple instead!!! http://t.co/zb3UZNiUN6 $SPY $QQQ
Gavin Martinsson
25 Oct 14 20:26:05
The next time I get on a plane: #EBOLA hahaha $AAPL $SPY $UAL $LUV $DAL http://t.co/JW3qkMCBJX
By  +Follow October 16, 2013 8:45AM



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