TradingMarkets 7 ETFs You Need to Know for Thursday
Dow 10,000 was reached on Wednesday as ETF markets across the board climbed even higher into overbought territory above the 200-day moving average. With the S&P 500, Dow industrials and Nasdaq Composite all gaining well over 1%, the biggest losses were to be found in the U.S. Dollar and the CBOE Volatility Index, both of which fell to new lows.
Here are 7 ETFs You Need to Know for Thursday.
With all the celebration over the Dow ticking 10,000, many Dow theorists cheering the confirmation of the new highs in the Dow industrials by the Dow transports. The iShares Dow Jones U.S. Transporation Average ETF
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And while the Dow got all the attention, but it was the SPDR S&P 500 ETF
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The financials lead the markets higher on Wednesday, with gains of more than 5% for Morgan Stanley
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Industrial stocks bounced back on Wednesday, with the ProShares Ultra Industrials ETF
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Closing lower for a fourth consecutive session and eight out of the last nine was the iPath S&P 500 VIX Short Term Futures ETN
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PowerRating). The VXX is one securities typically used by traders to hedge against volaility. Historically, the stock market has tended to reverse in the short term after the $VIX, upon which the VXX is based, closes more than 5% below its 10-day simple moving average. This is according to research in Larry Connors’ book, Short Term Trading Strategies That Work.
As stocks soar to new highs, the U.S. Dollar plunges to new lows. Gapping lower to close at its lowest levels since July 2008 was the PowerShares DB U.S. Dollar Bullish Fund
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PowerRating).