TradingMarkets 7 ETFs You Need to Know for Thursday
Selling in financials weighed down the S&P 500 at midweek. Many country ETFs that started off Wednesday gapping higher have met with significant profit-taking and were trading near sessions lows toward the end of the trading.
Here are 7 ETFs You Need to Know for Thursday.
A number of equity index ETFs pulled back on Wednesday, entering oversold territory above the 200-day moving average. Examples of these pullbacks can be found in both the S&P 500 SPDRS ETF
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PowerRating) and the PowerShares QQQ Trust ETF
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Two days in overbought territory below the 200-day moving average was all it took to bring out sellers in the ProShares Ultra Financials ETF
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PowerRating), which was down more than 4% late in trading on Wednesday. UYG is leveraged 2-to-1 to the daily returns of the Dow Jones U.S. Financials Index.
Among those sector ETFs pulling back above their 200-day moving averages are the SPDR S&P Retail ETF
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PowerRating) and the Consumer Discretionary Select Sector SPDRS ETF
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PowerRating).
The ProShares Ultra Basic Materials ETF
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PowerRating) failed to close over its 200-day moving average on Wednesday. It was the first time the ETF crossed the 200-day moving average on an intraday basis since July 2008.
Sellers remained on the offensive in the health care sector – as the health care debate in Washington, D.C. heated up. Closing lower for a third day in a row and at its lowest levels in a month was the Health Care Select Sector SPDRS ETF
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XLV |
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PowerRating).
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