TradingMarkets 7 ETFs You Need to Know for Monday
Profit-taking accelerated late in trading on Friday, as traders sold financial and energy ETFs most aggressively. Globally, while both European and Asian country ETFs pulled back, those based on European countries such as Germany and France tended to hold up better than those linked to Asian nations such as Taiwan or Japan.
Here are 7 ETFs You Need to Know for Monday.
Bank of America
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PowerRating) and Wells Fargo
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PowerRating) helped lead financial exchange-traded funds lower on Friday. Losing nearly 5% late in the trading day on Friday, the Rydex S&P 500 Equal Weight Financials ETF
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PowerRating) closed lower for a second consecutive session.
Profit-taking in the energy sector meant lower levels for oil companies like Schlumberger
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PowerRating) and lower prices for oil ETFs like the ProShares Ultra Oil & Gas ETF
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PowerRating), which pulled back by more than 5% on Friday after carrying a 90+ 2-period RSI for three consecutive days below the 200-day moving average.
By contrast, the United States Oil Fund
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PowerRating), which tracks the actual price of crude oil, was slightly higher on the day.
Sharp reversals in stocks like General Electric
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PowerRating) and FedEx Corporation
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PowerRating) – which was down more than 7% late on Friday – helped the Industrial Select Sector SPDRS ETF
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PowerRating) drop by 4% late in the trading day.
Two days after developing a 2-period RSI of more than 99, the iShares MSCI France Index ETF
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PowerRating) closed lower for a second consecutive session. Despite the selling, EWQ still has not closed below its 5-day moving average since it bottomed on March 9.
Soaring above its 10-, 20-, and 50-day moving averages two days ago, the CurrencyShares Euro Trust
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PowerRating) pulled back by nearly 1% intraday on Friday. FXE remains near its highest levels for the year.
Having closed above its 50-day moving average on Thursday for the first time since early February, the CurrencyShares Japanese Yen Trust
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PowerRating) sold off by more than 1.5% on Friday.