TradingMarkets 7 ETFs You Need to Know for Thursday
Financial and health care stocks joined industrials in leading markets higher on Wednesday. That said, the tech-heavy Nasdaq outperformed the S&P 500, which still reflects a significant weighting of financial stocks.
Here are 7 ETFs You Need to Know for Thursday.
Climbing to new, year-to-date highs was the PowerShares QQQ Trust ETF
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PowerRating), which continues to be exceptionally overbought above its 200-day moving average.
Country ETFs were strong on Wednesday, those sellers were beginning to get the upper hand in the iShares MSCI Mexico Index ETF
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PowerRating) which was down by more than 1% on a day when most country ETFs were advancing.
High probability strategies for trading ETFs like QQQQ and EWW are the subject of the new book by Larry Connors, High Probability ETF Trading.
Looking for pullbacks in ETFs trading above their 200-day moving averages? The iShares iBoxx Investment Grade Corporate Bond ETF
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Pulling back even more sharply than LQD are the pullbacks in precious metals ETFs such as the iShares Silver Trust ETF
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PowerRating) and the SPDR Gold Shares ETF
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PowerRating). Both ETFs closed lower for a second day in a row on Wednesday and are nearing oversold levels above the 200-day.
Dow theorists nonconfirmation alert! The Dow DIAMONDS ETF
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PowerRating) have yet to confirm the rally above the summer highs in the iShares Dow Jones Transportation Average ETF
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PowerRating). Continuing non-confirmation may be seen by some observers as a sign that a near-term correction or pullback is more likely than not.
Join Larry Connors live, Thursday, September 10 at 4:30 pm for a special presentation for our upcoming Swing Trading College. The Swing Trading College remains our number one, most popular course and this is the seventh time we’ve offered it. The class runs 14 weeks and covers short term trading of stocks, ETFs (3 weeks of ETFs), options, E-minis and building a full trading plan – along with 4 weeks of live trading.
In this class Larry will be also introducing for the first time a new high probability stock trading strategy, along with trading additional strategies to trade ETFs including Leveraged ETFs.
If you’d like to attend the presentation, you can register here.