Return to Health for Some, Comeuppance for Commodities

Market Wrap-Up

Miners are not trained to stop digging when they're in a hole, and apparently neither are investors in mining stocks. And so the selling of commodities and (even more enthusiastically) of the commodity share ETFs continued at an accelerated pace on Monday, driven by doubts about global demand, a spate of margin calls, and rumors that some hedge fund has failed.

Winners

The UltraShort Basic Materials ProShares (SMN), the DB Agriculture Double Short (AGA) and the Rydex Inverse 2x S&P Select Sector Energy (REC) all gained more than 10%. Among funds that actually bet on stocks to go up, the Ultra Health Care ProShares (RXL) fared best. The iShares S&P Global Consumer Staples (KXI) proved another safe haven, along with iShares MSCI Netherlands (EWN) and iShares MSCI Switzerland (EWL).

Losers

Stripped of their commodity-based premium, emerging markets markers submerged as evidenced by the iShares MSCI Emerging Markets (EEM) ETF. The Claymore/Robb Report Global Luxury (ROB) fund continued slumming following recent declines in such holdings BMW and Coach (COH). The Wall Street Journal reported that even the rich aren't spending like they used to.

Monday's notebook

Earnings
Proctor & Gamble, Cisco Systems

Economic Data

Tuesday: ISM Services (10 a.m.), Federal Reserve's rate announcement (2:15 p.m.)

Quick Take

A look at how the industry's most popular ETFs did on Monday:

10 Largest ETFs
Symbol	Net Assets	Price	52 Week High	52 Week Low	Volume
SPY	71,655	124.99	156.39	121.48	187,998,608
EFA	43,645	64.78	85.64	64.79	8,556,605
EEM	20,935	41.16	55.13	39.16	55,502,879
GLD	19,258	88.09	99.81	65.04	14,975,792
IVV	16,690	125.15	156.65	121.69	2,564,818
QQQQ	16,302	44.43	55.03	41.17	108,387,399
IWF	13,253	52.86	63.64	52.79	2,344,155
SHY	9,070	82.77	84.49	80.13	935,424
VTI	10,116	62.88	77.66	60.89	1,165,080
IWD	8,091	67.56	88.24	64.01	1,396,696

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