Oil, Retail Earn Top PowerRatings Upgrades Ahead of Final Trading Day of the Week: 7 ETFs You Need to Know for Friday
Stocks continued to pullback in the second half of the week, setting up oversold conditions and higher PowerRatings for a variety of exchange-traded funds – from retail to oil production and exploration. With a growing number of ETFs earning PowerRatings upgrades, traders are likely to find numerous opportunities to buy weakness at week’s end.
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Here are 7 ETFs You Need to Know for Friday.
Heading into Friday’s session, there are two exchange-traded funds with PowerRatings of 9. One of these funds is the ^RTH^, which has closed in oversold territory above the 200-day moving average for the past two days in a row.
A number of India country funds have earned significant PowerRatings downgrades in recent days. These include the ^PIN^ and the ^EPI^.
Shares of EPI earned a one-point downgrade to 2 as of Thursday’s close.
Also overbought below the 200-day moving average and earning some of our lowest PowerRatings heading into trading on Friday is the ^VNM^.
Among the top 10 highest volume exchange-traded funds, the highest rated funds are the ^SPY^ and the ^XRT^ (below).
XRT pulled back by more than 1% on Thursday to close lower for a second day in a row above the 200-day.
Many exchange-traded funds earned major three-point upgrades ahead of trading on Friday. among them is the ^XOP^ (below).
XOP closed lower for a second session on Thursday, earning a PowerRatings upgrade from 5 to 8 in a single trading day.
Our highest rated PowerRatings ETFs have made significant short term gains more than 75% of the time in our quantified backtesting. If you’ve been thinking about trading ETFs, our PowerRatings are a great way to get started. Read more about ETF PowerRatings here.
David Penn is Editor in Chief of TradingMarkets.com