TradingMarkets 7 ETFs You Need to Know for Thursday
Technology and health care were the most bullish sectors on Wednesday. High yield corporate bond ETFs pulled back toward oversold conditions above the 200-day.
Up by more than 3% intraday on Wednesday before pulling back was the ProShares Ultra QQQ ETF
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PowerRating). Like its non-leveraged counterpart, the PowerShares QQQ Trust ETF
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PowerRating), QLD spent the past two days in extreme oversold territory above the 200-day.
Buying in the technology sector was a major reason for the rising levels in the Nasdaq 100. The Semiconductor HOLDRs
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PowerRating), which gained nearly 3% on Wednesday before sellers emerged late, includes stocks such as Texas Instruments
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PowerRating) and Intel Corporation
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PowerRating).
Meanwhile, the ProShares UltraShort Semiconductor ETF
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PowerRating) slid more than 4% intraday on Wednesday before trimming its losses in half. SSG had spent the past two days in a row in overbought territory below its 200-day moving average.
Up more than 2% on Wednesday and back above its 200-day moving average was the Vanguard Health Care ETF
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PowerRating).
Closing for a third consecutive trading day in oversold territory above its 200-day moving average was the iShares iBoxx USD High Yield Corporate Index ETF
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PowerRating). HYG includes corporate debt from companies such as Dollar General and Peabody Energy.
After exceptional intraday weakness on Wednesday, the Market Vectors Russia ETF
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PowerRating) rallied to close near the highs of the session. By sector, RSX is most heavily weighted toward both energy and industrial companies which together represent more than 50% of the ETF’s sector weighting.
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