TradingMarkets 7 ETFs You Need to Know for Thursday
Relentless selling finally relented on Wednesday, as oversold extremes in stocks induced both short-covering and new buying. Energy ETFs were among the better performing funds. And the outperformance of many Asian country ETFs has put many of those funds in overbought territory below the 200-day moving average.
Here are 7 ETFs You Need to Know for Thursday.
A Supreme Court ruling that consumers have the right to due drugmakers for inadequate warnings on their products did not stop largely oversold health care and pharmaceutical ETFs from rallying on Wednesday. Moving higher on the day were the Pharmaceuticals HOLDRs
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PowerRating) and the iShares Dow Jones U.S. Pharmaceuticals Index ETF
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PowerRating).
Down for a fifth day in a row was the Vanguard Financials ETF
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PowerRating), which includes JP Morgan Chase & Company
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Rallying oil prices continued to benefit energy ETFs like the iShares Dow Jones U.S. Energy Index ETF
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PowerRating) which was up by more than 4% intraday on Wednesday and is nearing overbought territory below the 200-day moving average.
One of the easiest ways to add general commodities exposure to a stock/ETF portfolio is through exchange-traded funds like the PowerShares DB Commodity Index Tracking Fund ETF
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PowerRating). DBC tracks the Deutsche Bank Liquid Commodity index of commodities including crude oil and heating oil, aluminum, gold, corn and wheat.
Optimism over Chinese economic stimulus plans helped boost Asian markets overnight Tuesday and continued to encourage ETF traders and investors to bid Asian ETFs dramatically higher on Wednesday. The iShares FTSE/Xinhua 25 Index ETF
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PowerRating) for China was up nearly 9% intraday, while the iShares MSCI Taiwan Index ETF
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PowerRating) gained more than 6%. Both ETFs crossed into overbought territory below the 200-day moving average on the day.