ETFs To Pounce On For An Apple Rebound

 @ibtimes
on January 18 2011 10:06 AM

OK, you don't live in a cave so you know that Apple (Nasdaq: AAPL) co-founder and CEO Steve Jobs has taken a leave of absence for health reasons.

While Jobs is the master visionary of Silicon Valley, Apple has been down this road before and the shares have done just fine. The normal course of action is for a few days of bloodletting after the news and then the buying starts again.

Goldman Sachs reminded us today that this is a company with a deep management bench and $51 billion in cash. And remember Goldman has a $430 price target on Apple shares.

Here are few ETFs to pounce on for Apple's rebound. Remeber that Apple is the most widely followed stock by U.S.-listed ETFs, according to ETFChannel.com.

1) PowerShares QQQ (Nasdaq: QQQQ):As the largest Nasdaq stock, Apple is also the biggest component of QQQQ accounting for almost 20% of the ETFs weight.

2) Internet Architecture HOLDRs (AMEX: IAH):Apple may not really be an Internet architecture play, but it does account for almost 24% of this ETF.

3) iShares Dow Jones US Technology ETF (NYSE: IYW):Apple gets a weight of more than 13% in this ETF, which is also worth watching this week on IBM's (NYSE: IBM) earnings.

Other ETFs with double-digit weights to Apple: SPDR Select Sector Technology (NYSE: XLF), Vanguard Technology ETF (NYSE: VGT), ProShares Ultra QQQ (NYSE: QLD) and the iShares Morningstar Large Growth Index Fund (NYSE: JKE), among others.

This article was originally published on Benzinga, and is republished here with permission.

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