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Nick Perry (Schaeffer's Investment Research) submits: Last week we saw a slight bias to the downside with semiconductors and networking the weakest groups. This week we find a strong bias to the upside (click to enlarge):

etf performance

The Internet HOLDRS (NYSE:HHH) took the lead this week with a gain of nearly eight percent. The strong performance was helped, in part, by (NASDAQ:AMZN) which reported better-than-expected earnings and offered an upbeat forecast on Tuesday that sent the stock surging 12 percent the following day. Oil services, energy, natural resources, housing, materials, biotech and utilities round out the rest of the top performing list.

A look at the bottom half of the list shows how strong the week was as only a handful of funds lost ground this week and none of the losses were significant. The pharmaceutical HOLDRS (NYSEARCA:PPH) was the weakest fund but its loss was capped near one percent. While the iShares DJ U.S. Technology (NYSEARCA:IYW) fund didn't lose ground, it did appear as one of weaker groups, suggesting some underperformance in that area.

For a longer-term perspective, the bullets below show how the ETFs listed above have faired over the last six-months, prior to this week. In other words, it shows how they had been performing before this week's move.

Prior Six-Month Returns for This Week's Top Performing Sector Exchange Traded Funds:

* Internet HOLDRS (HHH) -11.6%
* Oil Service HOLDRS (NYSEARCA:OIH) -18.1%
* PS Oil Services (NYSEARCA:PXJ) -13.6%
* SPDR-Energy (NYSEARCA:XLE) -5.8%
* iShares DJ U.S. Energy (NYSEARCA:IYE) -3.6%
* iShares GS Natural Resources (NYSEARCA:IGE) -7.6%
* SPDR Homebuilders (NYSEARCA:XHB) -20.9%
* PS Energy Exploration & Production (NYSEARCA:PXE) -4.2%
* iShares DJ U.S. Basic Materials (NYSEARCA:IYM) -5.9%
* SPDR-Materials (NYSEARCA:XLB) -4.0%
* Wireless HOLDRS (NYSEARCA:WMH) -7.0%
* Biotech HOLDRS (NYSEARCA:BBH) +3.8%

Prior Six-Month Returns for This Week's Bottom Performing Sector Exchange Traded Funds:

* Utilities HOLDRS (NYSEARCA:UTH) +14.5%
* iShares DJ U.S. Technology (IYW) +1.1%
* iShares Lehman 1-3 Year Bond (NYSEARCA:SHY) +0.3%
* SPDR-Industrial (NYSEARCA:XLI) -0.9%
* iShares GS Networking (NYSEARCA:IGN) -12.8%
* PS Pharmaceuticals (NYSEARCA:PJP) +10.3%
* PS Insurance (NYSEARCA:PIC) +4.7%
* iShares DJ U.S. Healthcare (NYSEARCA:IYH) +9.1%
* iShares GS Software (NYSEARCA:IGV) +5.8%
* SPDR-Health Care (NYSEARCA:XLV) +9.8%
* Software HOLDRS (NYSE:SWH) +6.9%
* Pharmaceutical HOLDRS (PPH) +14.3%

Source: Sector Week-in-Review: Internet and Energy Drive Market Higher