Edges Grow in Real Estate, Russia as Energy ETFs Remain Oversold: 7 ETFs You Need to Know for Friday
Heading into trading on Friday, selling in real estate and REIT related exchange-traded funds has created significantly oversold conditions in funds like the ^IYR^ and the ^RWR^, both of which have closed lower for two days in a row.
Traders will also find increasingly oversold conditions in a number of commodity-based ETFs, regardless of whether than commodity is oil (as in the oversold ^XLE^) or agriculture (as in the ^DBA^).
Here are 7 ETFs You Need to Know for Friday.
The most oversold country fund heading into the final trading day of the week is the ^RSX^ (below).
Shares of RSX have closed lower for two out of the past three trading days. The fund was last in oversold territory above the 200-day just over a week ago.
In addition to the oversold real estate fund noted above, both the ^ICF^ and the 2-to-1 leveraged ^URE^. Both ETFs have closed lower for two consecutive trading days.
Overbought and closing higher a seventh day in a row is the ^SLV^ (below).
SLV has closed with a 2-period RSI of more than 99 for the past three sessions in a row.
If you like trading ETFs, then you’ll love The Machine. Click here now to save your spot at the upcoming free webinar led by TradingMarkets founder and CEO Larry Connors on Building a Balanced, High Performing Portfolio with The Machine.
Also lower for two out of the past four trading days heading into the final trading day of the week is the ^XLI^.
Another agriculture-based ETF that has pulled back into oversold territory is the ^MOO^ (below).
MOO has pulled back for three days in a row, with the past two closes in the fund in oversold territory above the 200-day.
Closing in oversold territory for the past two days in a row were shares of the ^XOP^.
With 7 professional, quantified trading strategies for trading both bull and bear markets, High Probability ETF Trading by Larry Connors and Cesar Alvarez was voted one of the top 10 trading books of 2009 by SFO Magazine. Click here to find out why.
David Penn is Editor in Chief of TradingMarkets.com.