TradingMarkets 7 ETFs You Need to Know for Friday
Sector ETFs across the board were higher on Thursday, driving many funds further into overbought territory below the 200-day moving averages. Emerging markets were also strong – and increasingly overbought – on the day, giving a boost to both country ETFs and funds with broader exposure to emerging markets countries as a whole.
Here are 7 ETFs You Need to Know for Friday.
Rallying financial stocks meant a resumption of the pullback in short financial ETFs like the ProShares UltraShort Financials ETF
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PowerRating). SKF is increasingly oversold above the 200-day moving average, trading at its lowest levels since late February.
Alternating up and down days over the past week, the Health Care Select Sector SPDRS ETF
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PowerRating) was up again on Thursday. XLV has closed in overbought territory below the 200-day moving average for the second time in the past three days. Pfizer
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PowerRating) and Merck & Co. Inc.
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PowerRating) led the sector higher.
One of the more popular ways to get leveraged inverse exposure to the S&P 500 Index is through the ProShares UltraShort S&P 500 ETF
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PowerRating). The ETF is extremely oversold above the 200-day moving average and has closed lower for three out of the past four trading days coming off its March 9th closing high.
Two lesser known financial ETFs offer different types of exposure for trading and investing. The Rydex S&P Equal Weight Financials ETF
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PowerRating) represents a broad cross-section of equally-weighted financial stocks including banks, insurers, brokerages and real estate investment trusts (REITs). The RevenueShares Financials Sector ETF
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PowerRating) also includes a variety of financial firms among its holdings, though the ETFs largest holdings are in Bank of America
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PowerRating) and Citigroup
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PowerRating).
Rallying back into overbought territory below the 200-day moving average was the iShares FTSE/Xinhua 25 China Index ETF
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PowerRating), which is heavily weighted by sector toward Chinese financial stocks. Also in overbought territory below the 200-day moving average was the iShares MSCI Emerging Markets Index ETF
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PowerRating). The EEM has roughly equal sector representation between financial and industrial stocks.