The market rally on Tuesday left more than a few top ETF PowerRatings funds still a little short of potential exits. But there were plenty of opportunities for high probability traders in general – and ETF PowerRatings traders in specific – to lock in gains in a number of exchange-traded funds (ETFs) that have earned top ETF PowerRatings as recently as last Friday.
Consider for example a pair of India country ETFs: the ^EPI^ and the ^PIN^. Both of these ETFs earned ETF PowerRatings of 9 as of the close on Friday, February 5th.
By end of trading on Tuesday, both ETFs had reversed their decline, crossed above their 5-day moving averages and closed back in overbought territory – providing ETF PowerRatings traders with short term gains of well over 2% (3% in the case of EPI).
Similar potential gains were to be had for high probability traders trading a number of other ETFs that had earned top ETF PowerRatings in recent days. Over the same time period, the ^EWL^ gained over 2% after earning an ETF PowerRating of 9 on Friday, as did the ^EWA^. A coming in for a short term gain of 3% was another exchange-traded fund from the around the globe: the ^EWS^.
Continued strength today on Wednesday will potentially create an even greater number of exits for high probability traders who built their positions over the past few days when markets were pulling back, the financial media in a growing state of panic, and ETF PowerRatings were on the rise.
Here are a few more high ETF PowerRatings funds that have not yet reached exit levels. ETF PowerRatings traders may want to focus on these funds over the next few days for any remaining opportunities as buyers begin to return to the market. (Click here for my column yesterday on ETF exit strategies if you missed it).
^RSX^. ETF PowerRating of 9.
^EWM^. ETF PowerRating of 9.
^VT^. ETF PowerRating of 9.
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David Penn is Editor in Chief at TradingMarkets.com.