TradingMarkets 7 ETFs You Need to Know for Thursday
Overbought conditions finally caught up with a number of ETFs that were trading below the 200-day moving averages. The losses were steepest in emerging markets funds, although technology and finance were also hit by strong selling.
Here are 7 ETFs You Need to Know for Thursday
Citigroup
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PowerRating), in research report, upgraded both the basic materials and industrials sectors to “market weight” on Wednesday. Traders can gain exposure to these sectors through exchange-traded funds including the Select Basic Materials Sector SPDRS, XLB
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PowerRating), and the iShares Dow Jones U.S. Industrial Index ETF, IYJ
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PowerRating).
Traders looking to hedge or wager against industrial stocks can do so through inverse ETFs including the ProShares Short Industrials exchange-traded fund, SIJ
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PowerRating), which continues to be oversold above its 200-day moving average.
Pulling back sharply from four days of increasingly overbought conditions, the ProShares UltraShort Financials exchange-traded fund, UYG
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PowerRating) lost more than 14% on Wednesday.
Among the exchange-traded funds to move highest in recent days were emerging markets funds. As such, many of these emerging markets ETFs, such as the iShares FTSE/Xinhua 25 index fund, FXI
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PowerRating) and the iShares Brazil Index fund, EWZ
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PowerRating) were down dramatically after succumbing to increasingly overbought conditions.
Closing beneath both its 200- and 5-day moving averages for the first time in six days, the Semiconductor HOLDRS, SMH
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PowerRating) pulled back by more than 5% on Wednesday.
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