TradingMarkets 7 ETFs You Need to Know for Thursday
Extreme oversold conditions in a number of country exchange-traded funds (ETFs) from Latin America to Asia produced major bounces on Wednesday. Meanwhile, overbought inverse ETFs below their 200-day moving averages tended to sell off.
Here are 7 ETFs You Need to Know for Thursday.
Oversold for the past two days above its 200-day moving average, the PowerShares QQQ Trust ETF
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PowerRating) gained more than 2% intraday on Wednesday. Two days of overbought extremes below the 200-day were enough to bring out sellers in the ProShares UltraShort QQQ ETF
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PowerRating), which was down more than 3% late in trading on Wednesday.
After two days in extreme oversold territory above its 200-day moving average, the iShares FTSE/Xinhua China 25 ETF
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Reflecting the strength in technology was the 4% intraday performance by the ProShares Ultra Technology ETF
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ROM |
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PowerRating) which is leveraged two-to-one to the Dow Jones U.S. Technology Index of stocks including Apple
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PowerRating) and Cisco Systems
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PowerRating). Like many ETFs rallying on Wednesday, ROM sold off going into the close.
Despite intraday gains of more than 2%, financial ETFs in general remain below their 200-day moving averages. This includes funds like the Vanguard Financials ETF
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PowerRating) which reversed to close in the red.
Although up early, both the CurrencyShares Australian Dollar Trust
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PowerRating) and the CurrencyShares Canadian Dollar Trust
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PowerRating) lost ground over the course of the trading day. Both ETFs provide ETF and stock traders with the ability to get exposure to the currency markets through a regular equities brokerage account rather than a forex or futures account.
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