TradingMarkets 7 ETFs You Need to Know for Friday
Equity index ETFs like the Dow DIAMONDS ETF
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PowerRating) rallied into overbought territory above the 200-day moving average on Thursday, buoyed by strength in formerly oversold sectors like energy and renewed buying interest in consumer cyclicals.
Among the many country ETFs that have pulled back in recent days, a number remain in oversold territory – and on the trading radar of short term traders. These include top ETF PowerRatings funds such as the iShares FTSE/China 25 ETF
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PowerRating) and the iShares MSCI Austria Index Fund ETF
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PowerRating).
Here are 7 ETFs You Need to Know for Friday.
Additional country-based exchange-traded funds for short term traders to keep an eye on include the Market Vectors Trust Russia ETF
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PowerRating), which rallied from oversold levels on Thursday but remains below its 5-day moving average.
Rallying energy ETFs helped bring a number of funds into overbought – and high probability exit – territory late in trading on Thursday. Included in this group of energy funds on the move higher were the iShares Dow Jones U.S. Energy Services ETF
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PowerRating) and the Energy Select Sector SPDRS ETF
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PowerRating).
Led by major gains in stocks like United Health Group
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PowerRating) and Baxter International Inc.
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PowerRating), the health care sector was one of those areas buyers were pushing higher. This meant gains for ETFs like the Vanguard Health Care ETF
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PowerRating) and the Health Care Select Sector SPDRS ETF
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PowerRating). Both exchange-traded funds were up more than 1% on Thursday.
Among the bigger ETF PowerRatings upgrades going into Friday’s trading is the upgrade from 6 to 9 earned by the Claymore/AlphaShares China Small Cap ETF
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PowerRating). HAO has closed in oversold territory for the past two consecutive days .
The most oversold ETF in our ETF universe? The PowerShares DB Oil Fund ETF
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PowerRating) has a 2-period RSI that is barely above 0.50. DBO joins two other oil-related ETFs as the most oversold in our database, with all three funds having 2-period RSIs of less than 1.0.