TradingMarkets 7 ETFs You Need to Know for Friday
Oversold conditions over the past few days led to a sell-off on Thursday. Many sectors and country funds have begun to pull back from overbought extremes below the 200-day moving average, while short/inverse ETFs have soared in the wake of their recent corrections.
Here are 7 ETFs You Need to Know for Friday.
In the same way that the financial sector led the markets higher during the rally, that same sector led the markets lower on Thursday. Within the Financial Select Sector SPDRS ETF, XLF
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PowerRating), are some of the day’s biggest pullbacks, such as those in shares of Allstate
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PowerRating) and Charles Schwab
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PowerRating).
Ratheon
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PowerRating) and 3M Company
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PowerRating) were among the few bright spots during Thursday’s trading in an otherwise negative industrial sector. The ProShares UltraShort Industrials ETF, SIJ
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PowerRating) rallied after closing lower for six consecutive trading days above the 200-day moving average.
Conversely, the Industrial Select Sector SPDRS ETF, XLI
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PowerRating), pulled back sharply after closing higher for three consecutive trading sessions.
Also pulling back after consecutive higher closes were the iShares MSCI Germany Index ETF, EWG
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EWG |
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PowerRating) and the iShares MSCI France Index ETF, EWQ
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PowerRating).
Rebounding from extremely oversold levels, the Direxion Energy Bear 3X Shares ETF, ERY
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ERY |
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PowerRating), bounced by more than 9% late in trading on Thursday. The ETF is leveraged three-to-one to the inverse of the Russell 100 Energy Index.
Overbought extremes below the 200-day moving average encouraged traders to sell the Rydex CurrencyShares Euro Trust ETF, FXE
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PowerRating), which broke down below short term lows on Thursday.
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