TradingMarkets 7 ETFs You Need to Know for Friday
Exchange-trading funds with exposure to the financial markets were among the biggest gainers on Thursday. The bullishness toward all things financial extended also to home building-oriented ETFs and other real-estate-indexed funds.
Short and leveraged short funds in general continued to pull back, some to the point of becoming exceptionally oversold. Some of the sharpest pullbacks above the 200-day moving average were to be found in short funds indexed to both the S&P 500 and Dow industrials.
Here are 7 ETFs You Need to Know for Friday.
ProShares Ultra Financials ETF, UYG
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PowerRating), gained more than 6% on Thursday as buyers and traders covering short positions continued to move the ETF higher. UYG continues to trade below its 200-day moving average, but is increasingly oversold as its 2-period RSI crossed above 90 Thursday afternoon.
Conversely, the ProShares UltraShort Financials exchange-traded fund, SKF
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PowerRating), earned a single-digit, 2-period RSI as the ETF continued to pull back toward its 200-day moving average.
Up more than 2% on Thursday, the PowerShares Listed Private Equity Portfolio ETF, PSP
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PowerRating) is up for the third day in row. PSP is trading less than 2 points below its 200-day moving average, and is increasingly overbought.
The move to take out the July highs in the S&P 500 and Dow industrials continues to force pullbacks in leveraged short ETFs including the ProShares UltraShort Dow 30 exchange-traded fund, DXD
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PowerRating), which pulled back by more than 3% on Thursday, and theProShares UltraShort S&P 500 ETF, SDS
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PowerRating), which was lower by more than 2%. Both DXD and SDS are trading above their 200-day moving averages.
Benefiting from growing optimism toward the so-called FIRE (finance, insurance, real estate) economy, the Select Home builder Sector SPDR, XHB
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PowerRating), was up more than 4% on Thursday, closing above its 200-day moving average for the first time since mid-May.
Also higher was the iShares Dow Jones U.S. Real Estate Index ETF, IYR
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PowerRating), which gained more than 2% on the day. IYR remains below its 200-day moving average and its 2-period RSI climbed above 90 late in trading on Thursday.
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