TradingMarkets 7 ETFs You Need to Know for Thursday
Energy and materials stocks were among those moving higher on a day when the Federal Reserve Board lowered its Fed funds rate to its lowest level since 2003.
Here are 7 ETFs You Need to Know for Thursday
Closing higher for a second day in a row was the iShares Energy Sector Trust, IYE
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PowerRating), which gained more than 4% on Wednesday. Trading below its 200-day moving average, IYE has closed in overbought territory for the second consecutive session.
Down by more than 13% late in trading on Wednesday, the ProShares UltraShort Basic Materials exchange-traded fund, SMN
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PowerRating) closed in oversold territory again. Conversely, the Select Basic Materials SPDRS, XLB
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PowerRating) rallied by more than 7%, though still below its 200-day moving average.
Up for a second consecutive session, the iShares Hong Kong Index fund, EWH
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PowerRating), has almost retraced all of the declines since the ETF hit a new 7-day low a week ago. EWH also crossed into overbought territory below the 200-day moving average on Wednesday.
Gaining more than 3%, the PowerShares QQQ Trust ETF, QQQQ
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PowerRating), closed near a new, 7-day high despite weakness in semiconductor stocks.
Higher for a fourth consecutive session and increasingly overbought below the 200-day moving average were the iShares Dow Jones U.S. Telecommunications ETF, IYZ
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PowerRating). IYZ was up more than 2% late in trading on Wednesday.
Closing in oversold territory above the 200-day moving average for a second consecutive session, the ProShares UltraShort Utilities ETF, SDP
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PowerRating) pulled back by just under 3% on Wednesday.
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