TradingMarkets 7 ETFs You Need to Know for Thursday
Financial ETFs remained under pressure as energy and basic materials funds provided what little upside there was on Wednesday. While a number of Asian country ETFs continued to consolidate, many European country ETFs closed above their 200-day moving averages on Wednesday for the first time since the summer of 2008.
Here are 7 ETFs You Need to Know for Thursday.
Energy ETFs were among those highest in demand on Wednesday, pushing some of the more widely-traded energy funds deeper into overbought territory below the 200-day moving average. Among these ETFs were the iShares Dow Jones U.S. Energy ETF
(
IYE |
Quote |
Chart |
News |
PowerRating) and the Energy Select Sector SPDRS ETF
(
XLE |
Quote |
Chart |
News |
PowerRating), both of which rallied above their 200-day moving averages only to fade back below that level later in the trading day.
Up more than 2% intraday before fading dramatically late in the trading day on Wednesday was the iShares Dow Jones U.S. Basic Materials ETF
(
IYM |
Quote |
Chart |
News |
PowerRating). The ETF includes among its holdings stocks like DuPont
(
DD |
Quote |
Chart |
News |
PowerRating) and Praxair Inc.
(
PX |
Quote |
Chart |
News |
PowerRating).
Profit-taking accelerated in financial shares, with sellers especially aggressive in stocks like Goldman Sachs
(
GS |
Quote |
Chart |
News |
PowerRating) and JP Morgan Chase
(
JPM |
Quote |
Chart |
News |
PowerRating). This meant higher prices for the Direxion Financial Bear 3x Shares ETF
(
FAZ |
Quote |
Chart |
News |
PowerRating), which provides three times the daily return of the Russell 1000 Financial Services Index. FAZ gained more than 7% intraday on Wednesday.
A number of country funds based on nations in the European Union closed above their 200-day moving averages for the first time since June 2008. Among them were the iShares MSCI Germany Index ETF
(
EWG |
Quote |
Chart |
News |
PowerRating) and the iShares MSCI France Index ETF
(
EWQ |
Quote |
Chart |
News |
PowerRating).
Rallying to its highest closing levels since mid-March was the SPDRS Gold Shares ETF
(
GLD |
Quote |
Chart |
News |
PowerRating) on Wednesday. GLD had closed in oversold territory above the 200-day moving average as recently as Monday.
ETFs are a fast growing asset class and you need to improve your ETF trading with quantified strategies. High Probability ETF Trading will give you the edge with 7 quantified strategies that have been back tested in model portfolios — click to buy now.