More evidence the US will NOT go into a recession as I have stated from Day One was not enough to push all three major indices in the green. The Dow held onto a gain of 41 points or 0.3%, but closed 112 points off the intraday high. The S&P 500 had the same type of daily pattern, closing with a gain of1 point after being up as much as 15 points. The NASDAQ could not hold onto the early gains and closed with a loss of 12 points or 0.5%.

THE BOTTOMLINE: The market remains strong and I believe there is more upside in the coming weeks and months. However, a short-term pullback is due after four consecutive up days for the S&P 500. There is also the issue of the S&P 500 and Dow sitting right at the 200-day moving average. This indicator will likely prove to be a headwind at their first attempt to break out. A short-term pullback of 1%-2% is nothing to worry about and would actually be a blessing in disguise as it will provide a buying opportunity for a handful of stocks and ETFs.

THE DAILY ETF UPDATE - EYEING THE LEADERS

NEWS: Four of the top performers today were either ETFs that PFG has interest in or are on our ETF Watchlist. The two interests with “interest” are either owned by PFG Money Management Clients or are holdings in an ETF Bulletin portfolio. The other two are at the top of the Watchlist for our Clients and Subscribers. The four top performers are: Market Vectors Nuclear Energy ETF (symbol: NLR), ProShares Ultra Utilities ETF (symbol: UPW), PowerShares Global Water ETF (symbol: PIO), and Claymore/SWM Canadian Energy Income ETF (symbol: ENY).

THE BOTTOMLINE: It would not be fair to share with you which are already owned and which are on the ETF Watchlist, but I will discuss each. NLR is an interesting play as many foreign countries are moving towards nuclear power to battle high oil prices and greenhouse gases. The number one uranium miner in the world, a top holding in NLR, broke to a new 6-month high today on big volume; NLR is sitting at a 2-month high.

UPW gives investors a 2-to-1 leverage to the utility sector. This ETF is more of a trading vehicle for swing traders that are looking for a few week trade or even shorter. In our Aggressive Portfolio we implement the ProShares leveraged ETFs.

PIO gives investors exposure to stocks around the globe with only 27% invested in the US. The global water play is one of our MegaTrends and PIO is a nice option for long-term investors. The ETF had a good day today with one of its top holdings rallying 4% to a new all-time high, Valmont Industries (symbol: VMI).

ENY is an ETF that invests in the Canadian Oil Sands and Canadian Income Trusts. Depending on the trend of oil it will either be heavily invested in one or the other. When oil is in an uptrend as it is now, the ETF is weighted towards the oil sands stocks. The top holding, Suncor Energy (symbol: SU) rallied another 2.7% today to close at an all-time high. This ETF is a great way to play rising oil prices.