TradingMarkets 7 ETFs You Need to Know for Monday
Consumer cyclicals led the markets higher and out of short term oversold conditions. Energies reversed back to the upside and recently oversold country ETFs from China to Brazil rebounded by nearly 2%.
Here are 7 ETFs You Need to Know for Monday.
With buyers taking a break in the financials, bidding was strong in the consumer discretionary sector, with stocks like JC Penny
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JCP |
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PowerRating) gaining more than 7% intraday and Walt Disney
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DIS |
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PowerRating) up more than 4%. This meant higher prices for the Consumer Discretionary Select Sector SPDRS ETF
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XLY |
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PowerRating), and its leveraged counterpart, the ProShares Ultra Consumer Services ETF
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UCC |
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PowerRating), which was up more than 2% intraday.
Among the more oversold country ETFs as of Friday’s open, the iShares MSCI Brazil Index Fund ETF
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EWZ |
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PowerRating) soared by almost 2% in an oversold bounce.
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Energies, which represented the most oversold sector going into trading on Friday, rebounded strongly. Up more than 1% and moving into neutral territory above the 200-day moving average was the ProShares Ultra Oil & Gas ETF
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DIG |
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PowerRating).
A one-day dip into oversold territory above the 200-day moving average was enough to send the Market Vectors Gold Miners ETF
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GDX |
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PowerRating) higher by more than 3% late in trading on Friday. GDX has been among the most overbought ETFs in the market just two days ago.
Up nearly 2% late in trading on Friday and back in overbought territory above the 200-day moving average was the ProShares Ultra Technology ETF
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ROM |
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PowerRating).
The highest ETF PowerRating country-based exchange-traded fund continues to be the iShares MSCI Japan Index Fund ETF
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EWJ |
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PowerRating) which has an ETF PowerRating of 8..