S&P 500 To Hit 1000 This Summer? (ETF: SPY, SSO)

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June 24, 2009 8:38am ETF BASIC NEWS NYSE:SPY

kevincookKevin Cook, from Peak 6 Investments, gave an interview to CNBC this morning weighing in on what he thought the market’s reaction will be to the FED statement today. He states that, “Ben (Bernanke) and company better give a nod to inflation expectations, so that we know that they’re at least looking ahead.”  Kevin then goes into where he feels the market is heading. He feels that  there are allot of buyers for the S&P 500 at the 880-850 level and feels that we will see a high of 950 this July, and a high of 1000 for

the summer.

Retail investors who agree with Kevin, and would like to get in on the action, should look to the SPDRs (SPY). The fund summary for SPY is as follows: The investment seeks to correspond generally to the price and yield performance, before fees and expenses, of the S&P 500 Index. SPDR Trust is an exchange-traded fund that holds all of the S&P 500 Index stocks. It is comprised of undivided ownership interests called SPDRs. The fund issues and redeems SPDRs only in multiples of 50,000 SPDRs in exchange for S&P 500 Index stocks and cash.

Another ETF to look at would be the Ultra S&P500 ProShares (SSO). The fund summary is as follows: The investment seeks daily investment results, before fees and expenses, which correspond to twice the daily performance of the S&P 500 index. The fund normally invests 80% of assets in financial instruments with economic characteristics that should be twice the return of the index. It may employ leveraged investment techniques in seeking its investment objective. The fund is nondiversified.

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