TradingMarkets 7 ETFs You Need to Know for Friday
Materials and energy ETFs competed with financials and technology on a day in which overbought extremes became even more extreme for virtually all sectors.
Here are 7 ETFs You Need to Know for Friday.
The Dow Jones Industrials soared toward year-to-date highs on Thursday, crossing above 9,000. The ProShares Ultra Dow 30 ETF
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PowerRating) gained more than 4% intraday while the Dow DIAMONDS
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A one-day dip into oversold territory above the 200-day moving average was all it took to bring out buyers for the Regional Bank HOLDRS ETF
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PowerRating), which rallied on Thursday towards its highest closing levels of the week.
Among those few ETFs that are overbought below their 200-day moving averages, the ProShares Ultra Real Estate ETF
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URE |
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PowerRating) gained more than 8% intraday on Thursday.
Pullbacks in bond ETFs hinted at where the next oversold opportunities above the 200-day moving average might be found. The iShares Barclays TIPS ETF
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PowerRating) and the iShares iBoxx Investment Grade Corporate Bond ETF
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PowerRating) both closed lower for a second consecutive session on Thursday.
Overbought conditions below the 200-day moving average finally caught up with the United States Natural Gas Fund
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PowerRating), which reversed lower by nearly 6% intraday on Thursday.
Larry Connors will be conducting a 2 1/2 day High Probability ETF Trading Seminar beginning August 14. If you’d like to attend a free online presentation explaining the concepts of High Probability ETF Trading and introducing the 2 1/2 day Seminar coming in early August, please call 1-888-484-8220 ext. 1 or click here to register today.