TradingMarkets 7 ETFs You Need to Know for Monday
PNC Financial Services Group Inc.‘s
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PowerRating) acquisition of National City Corporation
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PowerRating) drew additional interest to the regional banking sector. And while many sectors were down on a close-to-close
basis, rallies in many funds from the worst levels of the day on Friday helped dramatically stem losses.
Here are 7 ETFs You Need to Know for Monday.
The KBW Regional Banking ETF, KRE
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PowerRating), lost more than 2% on Friday on a close-to-close basis. But KRE nevertheless was up more than 6% from its gap down open and remains relatively oversold.
Opening on Friday at a new, 7-day low, the Select S&P 500 SPDRS, SPY
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Conversely the ProShares UltraShort S&P 500 ETF, SDS
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PowerRating) still ended the session up by more than 5% after selling off by more than 9% over the course of the trading day.
Trading below its 200-day moving average and making its third consecutive set of lower highs and lower lows, the ProShares Ultra Financials ETF, UYG
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PowerRating), lost approximately 4%. Like most long exchange-traded funds, however, UYG closed significantly above its open.
Emerging markets ETFs were also prominent among those funds that gapped down at the open but rallied into and closed in positive territory on an open-to-close basis. The iShares Brazil Index ETF, EWZ
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PowerRating) and the iShares MSCI Taiwan Index, EWT
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PowerRating), for example, both lost between 7-8% on a close to close basis, but traded in positive territory all day on Friday.
Although higher by more than 6%, the ProShares UltraShort Oil & Gas exchange-traded fund, DUG
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PowerRating), sold off by more than 14%.
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