TradingMarkets 7 ETFs You Need to Know for Wednesday
Energies rebounded, while consumer cylicals – especially retail – remained on the retreat. Among country exchange-traded funds, pullbacks in India ETFs continue to deepen. Top ETF PowerRatings funds include: EPI, EWC, IYT.
Here are 7 ETFs You Need to Know for Wednesday.
Closing lower for a third day in a row was the PowerShares QQQ Trust ETF
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PowerRating). The ETF closed in oversold territory above the 200-day for a second day in a row on Tuesday.
Weakness in semiconductor stocks is one reason for the correction in the Nasdaq 100. Pulling back by as much as 3% intraday was the ProShares Ultra Semiconductor ETF
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PowerRating)
With both Chevron Corporation
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PowerRating) and Exxon Mobil
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PowerRating) advancing by more than 2% intraday on Tuesday, energy and oil-related exchange-traded funds were on the march higher. This included the Energy Select Sector SPDRS ETF
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PowerRating), which closed higher after pulling back to oversold territory above the 200-day over the past two days.
At the same time, the ProShares UltraShort Oil & Gas ETF
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PowerRating) retreated after spending the past two days in overbought territory below the 200-day. The ETF, which is leveraged 2-to-1 to the Dow Jones U.S. Oil & Gas index, lost more than 2% on Tuesday.
The SPDR S&P Retail ETF
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PowerRating) plunged by more than 3% on Tuesday to its lowest closing level since the beginning of the month. XRT is again oversold above its 200-day moving average.
Among those ETFs that have maintained their top ETF PowerRatings are country ETFs such as the Wisdom Tree India Earnings Fund
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PowerRating) and sector ETFs like the Claymore/MAC Global Solar Energy Index ETF
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PowerRating). TAN includes solar energy stocks such as First Solar
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PowerRating) and SunTech Power Holdings
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PowerRating).