Top ETFs for the Market (FAS, RSX, RUSL, JNK, GLD)

The market is surging on European hopes of the beginning of the end to the financial crisis, despite credit rating bantering out of credit ratings agencies.  Now we just have to hope that Europe actually lives up to the hope.  Here are some key ETFs on the move, with the emphasis not just around leveraged ETFs.

Direxion Daily Financial Bull 3X Shares (NYSE: FAS) is proving that financials can still manage to rally with the market.  The move is up 9.% at $53.87, mostly erasing the damage of last week.

Market Vectors Russia ETF (NYSE: RSX) is a beneficiary if Europe’s woes may find a beginning of the end.  This ETF is up 5.8% at $29.12, and the triple-leveraged Direxion Daily Russia Bull 3X Shares (NYSE: RUSL) is up a whopping 17.1% at $40.39.

SPDR Barclays Capital High Yield Bond (NYSE: JNK) is winning as spreads of junk bonds (and investment grade) tighten over Treasuries.  These often act more like stocks than real treasury-tracking bonds, particularly when credit spreads are so wide.

SPDR Gold Shares (NYSE: GLD) proves yet again that it is not just tracking gold as the fear trade.  Gold is becoming a risk-asset again and now mat be more tied to the performance of the S&P 500 Index rather than as “the fear trade” which we were so used to seeing.

JON C. OGG