TradingMarkets 7 ETFs You Need to Know for Thursday
Stocks rallied off their intraday lows in a session characterized by repeated bouts of aggressive selling. Strength in energy stocks helped boost energy and materials related exchange-traded funds. Financials, while lower, also moved up from their intraday lows in the final hours of trading on Wednesday.
Here are 7 ETFs You Need to Know for Thursday
The Select Energy Sector SPDRs, XLE
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PowerRating), gained more than 3% on Wednesday after four consecutive down days. The ETF is more overbought now than it has been at any time since closing below its 200-day moving average in late July. Also higher were the Select Materials Sector SPDRs, XLB
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PowerRating), which were up more than 2% on the day.
The ProShares UltraShort Financials ETF, SKF
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PowerRating), were among the biggest beneficiaries of the weakness in financial stocks on Wednesday, gaining more than 4% on the day.
The iShares Dow Jones US Real Estate Index ETF, IYR
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PowerRating), rallied from its intraday lows but failed to close back above the 200-day moving average it had breached on Monday. The Select Homebuilders Sector SPDRs, XHB
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PowerRating) also failed to close above their 200-day moving average after closing above that level for the first time since early May back at the beginning of the week.
Trading below its 200-day moving average since early in the month, the ProShares UltraShort QQQ ETF, QID
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PowerRating) moved sideways for the third consecutive trading session.
Among the sharper pullbacks among exchange-traded funds on Wednesday was the pullback in the ProShares UltraShort Oil & Gas ETF, DUG
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PowerRating), which took the fund down by approximately 7%.
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