Silver, Commodities in Crosshairs as Stock Market Returns to Neutral: 7 ETFs You Need to Know for Monday
Heading into trading on Monday, the stock market is back in neutral territory. Among the more oversold sectors are both energy and technology. The ^XLE^, for example, has closed in oversold territory for the past four days in a row. XLK, the technology ETF, had closed in oversold territory for three out of the previous four days before Friday’s trading, during which the fund managed to climb just barely above oversold levels.
Here are 7 ETFs You Need to Know for Monday.
Among the bigger gainers over the past week was the rally in the ^ERY^ (below).
Shares of ERY rallied by more than 24% from their oversold lows in late April.
Rangebound and closing lower for the past three days in a row is the ^RTH^. Shares of RTH have closed in oversold territory for the past two days in a row.
Rallying into strength on Friday were the markets for both the ^JNK^ and the ^HYG^. Both ETFs gained on Friday after pulling back into oversold territory above the 200-day moving average.
Indian exchange-traded funds that had begun trading below their 200-day moving averages days ago have started advancing higher below their 200-day moving averages. Up more than 2% ahead of trading on Monday is the ^EPI^ (below).
Continued higher closes in EPI are likely to put the fund in overbought territory below the 200-day in the near term.
Even after closing higher by more than 2% in trading on Friday, the ^SLV^ remains oversold above the 200-day moving average.
Traders looking for exposure to silver miners rather than to the price of silver bullion may want to track the ^SIL^.
SIL tracks the price action of silver miners like ^SLW^ and ^PAAS^.
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David Penn is Editor in Chief of TradingMarkets.com