We all saw the banks quietly creeping up starting Tuesday (on the Relative Strength chart), so I checked the ETF weightings again.
On 4/14/12 I posted weighting for NYC, the NYSE proxy (NYSE is the source of all our “internals”), showing that the financials were 21% of NYC/NYSE,
and oil and gas 15%, and etc.
This link (the most current I have) shows financials now at 17%.
Scroll down to the sector breakdown:
http://etfdb.com/etf/NYC/holdings/
Further, on 4/14 the SPY weighting was: tech 21%, financials 15%, etc, and AAPL was almost 5% of SPY.
Tech is now 18.3%, financials are 12.9% of SPY, and AAPL is 4.54%. The only bank in the SPY top ten is GE (GE Capital) at #6.
http://etfdb.com/etf/SPY/holdings/
IWM on 4/14 was weighted 23% financials… here her weighting is 13.09% financials !!
http://etfdb.com/etf/IWM/holdings/
And the breakdown for Cobra’s RSP shows what an “equal weighted” (not capitalization weighted) portfolio looks like these days:
http://etfdb.com/etf/RSP/holdings/
So it appears that the ETFs are not quite as overweight in banks as they were a few months ago.
(For reference: since that date, 4/14/12, SPY is up about +1.6%, XLF is down -1.9%, IWM is up +0.2%, AAPL is down -3.3%, and QQQ down -1.7% )
Any comments?