TradingMarkets 7 ETFs You Need to Know for Thursday
Profit-taking accelerated midweek as ETF traders and investors unloaded shares of materials and industrials ETFs. Increasingly oversold above their 200-day moving averages are a number of Asian country funds, including ETFs linked to stock markets in China, Singapore and Malaysia.
Here are 7 ETFs You Need to Know for Thursday.
Looking for some of the bigger pullbacks in ETFs trading above their 200-day moving averages? Country ETFs like the iShares MSCI Hong Kong Index ETF
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PowerRating) have pulled back for three consecutive days and are at their most oversold levels since rallying above their 200-day moving averages in late April.
Disappointing retail sales on Wednesday and earnings from Wal-Mart
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PowerRating) on Thursday should make the SDPR S&P Retail ETF
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PowerRating) increasingly volatile over the next few days. XRT slid by more than 3% on Wednesday and is increasingly oversold above the 200-day.
Selling in materials stocks like Dow Chemical
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PowerRating) and International Paper
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PowerRating) helped drive the ProShares UltraShort Basic Materials ETF
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PowerRating) higher by more than 11% intraday. Trading below its 200-day moving average, the ETF has closed higher for six out of the past seven trading days.
Rallying into overbought territory below the 200-day moving average on Wednesday was the ProShares UltraShort Financials ETF
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PowerRating), which gained 9% intraday. Even stronger was the Direxion Financial Bear 3x Shares ETF
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PowerRating), which climbed more than 13% and closed higher for a third consecutive session below its 200-day.
High yield corporate or junk bond ETFs continued to pull back to their 200-day moving averages midweek, with the SPDR Barclays Capital High Yield Bond ETF
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PowerRating) and the iShares iBoxx High Yield Corporate Bond ETF
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PowerRating) both losing ground.
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