iPhone And Apple Geekery Could Help Tech ETFs

Will the numbers for retail exchange traded funds (ETFs) be better this month? The rumors have been that consumers are sticking to the necessities as gas and oil prices reach new heights, but Apple (AAPL) begs to differ.

Sales for the newest iPhone topped one million in just three days, reports the Associated Press. If you were within a one-mile radius of an AT&T store on Friday, you probably aren’t surprised.

The phone was simultaneously launched in 21 countries. The launch of the new App Store also saw more than 10 million applications downloaded. Of the 800 applications, a quarter of them are free while most of the rest cost $10.

Some technology ETFs that hold Apple were flat so far today, but perhaps the continued run on new Apple toys will help them down the line:

• iShares Dow Jones US Technology (IYW): down 15.4% year-to-date; Apple is 5.7%
• iShares S&P GSTI Technology (IGM): down 14.6% year-to-date; Apple is 5.2%
• PowerShares QQQ (QQQQ): down 12.9% year-to-date; Apple is 10.4%

Posted in Categories: Contributor, External Research, Stocks, USA.

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