TradingMarkets 7 ETFs You Need to Know for Friday
Massive profit-taking in financials and materials sent ETFs representing those sectors reeling on Thursday. Entering oversold territory above the 200-day moving average were funds as diverse as the ProShares Ultra Basic Materials ETF
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PowerRating), off more than 5% and the Direxion Daily Financial Bull 3x Shares ETF
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PowerRating), which pulled back by more than 6%.
Here are 7 ETFs You Need to Know for Friday.
The PowerShares QQQ Trust ETF
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PowerRating) continued to pull back on Thursday, losing more than 1% intraday and reaching oversold levels above the 200-day not seen since the beginning of September.
The sellers who took profits on the breakout in the Semiconductor HOLDRS ETF
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PowerRating) were joined by more sellers on Thursday, as the technology sector ETF lost more than 2% intraday. Two stocks, Texas Instruments
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PowerRating) and Intel Corporation
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PowerRating), make up more than 40% of the SMH.
Profit-taking was also widespread in retail stocks, with the SPDR Retail ETF
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PowerRating) pulling back by more than 1% and slipping into oversold territory above the 200-day moving average. Closing lower for a third consecutive trading day was the Retail HOLDRS ETF
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PowerRating).
Biggest pullback among the BRIC countries? The iShares FTSE/Xinhua China 25 ETF
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PowerRating) dropped by more than 3% intraday on Thursday. The close marked the ETF’s second consecutive close in oversold territory above the 200-day.
Dollar strength was notable not just in the decline in commodities, but in the correction in foreign currencies, as well. Both the DB Commodity Indexed Tracking Fund ETF
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PowerRating) and the CurrencyShares British Pound Sterling Trust
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PowerRating) lost well over 1% on Thursday.
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