TradingMarkets 7 ETFs You Need to Know for Friday
Oversold conditions in commodities resulted in major moves higher on Thursday for ETFs in the Basic Materials sector as well as Energy. Financial ETFs raced to new highs, with overbought conditions becoming even more overbought.
Here are 7 ETFs You Need to Know for Friday.
Among the country ETFs mentioned in yesterday’s TradingMarkets’ 7 ETFs You Need to Know was the iShares MSCI Brazil Index ETF
(
EWZ |
Quote |
Chart |
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PowerRating). Pulling back into oversold territory above the 200-day moving average on Wednesday, the ETF rebounded by more than 3% intraday on Thursday.
Want to learn how to trade ETFs like EWZ? Join Larry Connors this August for a special introduction to his 2 1/2 Day High Probability ETF Trading Seminar in August. The presentation is free and will help introduce short term traders to the world of high probability ETF Trading. Click here.
Up by more than 6% intraday on Thursday after a one-day dip into oversold territory above the 200-day was the Market Vectors Russia ETF
(
RSX |
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PowerRating).
Rallying to its highest levels since early May, the ProShares Ultra Financials ETF
(
UYG |
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News |
PowerRating) crossed above its 200-day moving average on Thursday.
Closing higher for a seventh consecutive trading day on Thursday was the SPDR Homebuilders ETF
(
XHB |
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News |
PowerRating). XHB trades above its 200-day moving average.
Soaring by more than 7% intraday before pulling back late in the session, the ProShares Basic Materials ETF
(
UYM |
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Chart |
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PowerRating) was indicative of the strength of the oversold bounce in materials ETFs.
Buyers were aggressive in the long bond market even as stocks moved dramatically higher on Thursday. Closing for a second day in overbought territory below the 200-day moving average was the iShares Barclays 20+ Year Bond ETF
(
TLT |
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PowerRating).
The opening gaps in health care ETFs on Thursday were reversed immediately by profit-taking. The gap-up and close-down in the HealthCare Select Sector SPDR ETF
(
XLV |
Quote |
Chart |
News |
PowerRating) was indicative of the reversals in a number health care ETFs.
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