Weekly Market Review: Emerging Market ETFs Perform Best, Tech Gets Hit

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 |  Includes: AVAV, CEF, CUBA, EWM, EWS, IGN, PSI, PXN, SMH, SOXX
by: Tate Dwinnell

Last week was a week of role reversals, as tech related stocks took a back seat to previously pummeled commodity stocks. The selling in the Nasdaq was particularly intense with semiconductors sustaining significant technical damage. This does not bode well for the market in the coming weeks... but let's not throw in the towel just yet. Both the Dow and S&P still look very strong and the Nasdaq still has key support intact. What last week's action should do is increase your skepticism of this bull run at least in the short term. Add to that the volatility of earnings season and it doesn't make a whole lot of sense to play the market aggressively right now. We've had quite a run over the past several months. Take some of those profits to the bank and wait patiently for only the very best opportunities to emerge.

::: Best/Worst Performers :::

- Top 10 Performing Industries For the Week -
1. Agricultural Chemicals: 5.60%
2. Shipping: 5.40%
3. Railroads: 5.35%
4. Lumber/Wood Production: 5.15%
5. Independent Oil & Gas: 4.95%
6. Oil & Gas Drilling & Exploration: 4.60%
7. Residential Construction: 4.55%
8. Oil & Gas Equip & Services: 4.45%
9. Auto Manufacturers - Major: 4.05%
10. Drugs - Wholesale: 4.00%

- Top 10 Worst Performing Industries For the Week -
1. Personal Computers: -7.35%
2. Networking & Comm Devices: -5.80%
3. Semiconductor - Memory Chips: -5.00%
4. Data Storage Devices: -4.85%
5. Semiconductor - Equipment & Materials: -4.60%
6. Internet Software & Services: -.3.85%
7. Semiconductor - Specialized: -3.75%
8. Industrial Equipment Wholesale: -3.55%
9. Diversified Investments: -3.50%
10. Diversified Computer Systems: -3.50%

- Top 5 Best Performing ETFs For the Week -
1. Herzfeld Caribbean Basin (NASDAQ:CUBA) 32.30%
2. Morgan Stanley Eastern Europe (NYSE:RNE) 6.30%
3. Central Fund of Canada (NYSEMKT:CEF) 5.60%
4. Ishares Maylasia (NYSEARCA:EWM) 5.55%
5. Ishares Singapore (NYSEARCA:EWS) 5.00%

- Worst 5 Performing ETF's -
1. Powershares Dynamic Semis (NYSEARCA:PSI) -4.80%
2. HLDRS Semis (NYSEARCA:SMH) -4.50%
3. Ishares Semis (IGW) -4.00%
4. PowerShares Nanotech (NYSEARCA:PXN) -3.55%
5. Ishares Networking (NYSEARCA:IGN) -3.30%

::: IPO's Worth Watching for This Week :::

1. AeroVironment (NASDAQ:AVAV): manufacturer of technologically advanced small unmanned aircraft systems (UAS), which are sold to the U.S. Department of Defense. The company designs its small UASs to be man-portable, capable of being launched by one person and operated through a handheld control unit. The unmanned aircraft systems are electrically powered and configured to carry electro-optical or infrared sensors. The company is profitable, growing and has a significant log of backorders. Set to start trading on Wednesday.

::: Upcoming Economic Reports (1/22/07- 1/26/07) :::

Monday: Leading Indicators
Tuesday: None
Wednesday: Crude Inventories
Thursday: Initial Jobless Claims, Existing Home Sales
Friday: Durable Orders, New Home Sales

::: Notable Upcoming Earnings Reports I'll Be Watching This Week :::

Tuesday: Advanced Micro Devices (NASDAQ:AMD), Black Rock (NYSE:BLK), Centex (CTX), DR Horton (NYSE:DHI),Coach (NYSE:COH), EMC (NYSE:EMC), EZCORP (NASDAQ:EZPW), Johnson & Johnson (NYSE:JNJ), Rediff.com (NASDAQ:REDF), United Airlines (UAUA), Yahoo (NASDAQ:YHOO)

Wednesday: Allegheny Technologies (NYSE:ATI), Corning (NYSE:GLW), Ebay (NASDAQ:EBAY), F5 Networks (NASDAQ:FFIV), First Cash Financial (NASDAQ:FCFS), Alliance Bernstein (NYSE:AB)

Thursday: AT&T (NYSE:T), Nucor (NYSE:NUE), Cash America (NYSE:CSH), MEMC Electronics (WFR), Sunpower (NASDAQ:SPWR), First MarbleHead (NYSE:FMD), VistaPrint (VPRT), CyberSource (CYBS), Amgen (NASDAQ:AMGN), Beazer Homes (NYSE:BZH), Microsoft (NASDAQ:MSFT), Nokia (NYSE:NOK)

Friday: Caterpillar (NYSE:CAT)