Buyers continued to take advantage of oversold conditions from the recent pullback, sending exchange-traded funds higher at midweek.
Today’s edition of 7 ETFs You Need to Know will focus on those exchange-traded funds (ETFs) that have earned top PowerRatings heading into trading on Thursday.
Here are 7 ETFs You Need to Know for Thursday.
Among our highest rated exchange-traded funds heading into trading on Thursday is the ^EWI^.
Shares of EWI have closed higher for the past two days, despite their high PowerRatings, and earned top PowerRatings of 9 for a second consecutive session.
Also earning top PowerRatings ahead of trading on Thursday is another country fund, the ^TUR^. Note that TUR is trading below its 200-day moving average.
A number of exchange-traded funds still have PowerRatings of 8 or higher, but have seen those PowerRatings dip from higher levels as the stock market has advanced. ETFs in this category include country funds like the ^EWT^ and the ^XLI^ (below).
Shares of XLI rallied by more than 1% in trading on Wednesday after closing lower for three days in a row and four out of the previous five.
A steep PowerRatings downgrade from 10 to 8 nevertheless leaves the ^XHB^ (below) among our higher rated ETFs heading into Thursday’s trading session.
XHB gained more than 1% on Wednesday after a three-day pullback into oversold territory above the 200-day.
The ^EWG^ earned a two-point downgrade to 8, as well. EWG bounced by less than 1% after a three-day retreat.
Opening on Thursday with PowerRatings of 8 is the ^SMH^ (below).
SMH had earned PowerRatings of 9 before yesterday’s downgrade as the fund soared by more than 2% after closing lower for the previous three trading days.
PowerRatings are a great way to trade exchange-traded funds (ETFs). For more information, and to start your free, 7-day trial to PowerRatings, click here.
David Penn is Editor in Chief of TradingMarkets.com