TradingMarkets 7 ETFs You Need to Know for Monday
Profit-taking was most pronounced in the energy sector, but traders and investors were taking gains in a number of areas from basic materials to emerging markets such as Brazil.
Here are 7 ETFs You Need to Know for Monday.
Some profit-taking in energy ETFs helped send the ProShares UltraShort Oil & Gas ETF
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PowerRating) back up into overbought territory below the 200-day moving average. DUG seeks to reproduce twice the inverse of the daily performance of the Dow Jones U.S. Oil & Gas Index.
Moving lower by more than 4% intraday on Friday, the Oil Service HOLDRS
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Profit-taking in mining companies like Newmont Mining Corporation
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PowerRating) and Freeport McMoran Copper & Gold
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PowerRating), led to lower levels for materials ETFs like the Materials Select Sector SPDRS ETF
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PowerRating). Rebounding from oversold extremes below the 200-day moving average was the ProShares Basic Materials ETF
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PowerRating)
A number of short ETFs were higher on Friday in response to increasingly oversold conditions above the 200-day moving average. These ETFs include the ProShares UltraShort Dow 30 ETF
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PowerRating), which seeks to provide twice the inverse of the daily returns of the Dow Jones Industrial Average, and the ProShares Short Russell 2000 ETF
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PowerRating), which is a non-leveraged inverse ETF based on the Russell 2000.
Closing below its 5-day moving average for the first time since March 9th, the iShares MSCI Brazil Index ETF
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PowerRating) lost more than 4% late in trading on Friday. Ending the day in overbought territory below the 200-day moving average, EWZ is now in oversold territory below the 200-day.
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