TradingMarkets 7 ETFs You Need to Know for Thursday

When financials and energy stocks are doing well, the rest of the market has tended to respond, as was the case on Wednesday as oversold conditions from the inauguration day sell-off produced opportunities for buyers.

Here are 7 ETFs You Need to Know for Thursday.

Financial stocks rebounded on Wednesday following a steep sell-off the day before. Led by stocks like Citigroup
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, Bank of America
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and JP Morgan
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, financially-related exchange traded funds from the Financial Select Sector SPDRS, XLF
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to the ProShares Ultra Financials ETF, UYG
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gained.

Also moving higher on Wednesday were energy stocks, particularly Occidental Petroleum
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and ConocoPhillips
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. This meant higher prices for the Energy Select Sector SPDRS, XLE
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, which continues to trade below its 200-day moving average, but above its December lows.

Increasingly overbought below its 200-day moving average is the iShares Silver Trust ETF, SLV
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. Note that SLV tracks the price of silver, not the price of silver mining shares. Looking for a leveraged way to trade or invest in silver? ETF traders and investor can turn to an ETF like the ProShares UltraSilver ETF, AGQ
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which seeks to produce daily returns that are 200% of the price of silver bullion.

Traders and investors can hedge investments in silver with the ProShares UltraShort Silver ETF, ZSL
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, which is an inverse fund leveraged 2-to-1 to the price of silver.

Record lows in home builder confidence in the U.S. were reflected in the behavior of the S&P Homebuilder SPDRS ETF, XHB
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, which followed through to the downside on Wednesday. The fund is increasingly oversold below the 200-day moving average.

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