TradingMarkets 7 ETFs You Need to Know for Thursday
Technology ETFs were among the funds moving higher on Wednesday, buoyed by
a positive earnings story from Cisco
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PowerRating) and news of a share
buyback program from Microsoft
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PowerRating). Oil ETFs continued to pull
back, stocks in the healthcare sector moved higher and ETFs representing both
Latin America and Taiwan were among the emerging markets standouts.
Here are 7 ETFs You Need to Know for Thursday
The boost in technology shares helped drive the ProShares Ultra QQQ, QLD
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PowerRating), to its highest level since late June. Trading below its 200-day moving average and up more than 3% on the day, the QLD is increasingly overbought.
Select Technology Sector SPDR, XLK
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PowerRating), and the Semiconductor HOLDRS, SMH
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PowerRating) both were higher as traders contninued to bid technology shares higher. Both ETFs made their highest closes since late June on Wednesday, testing their 50-day moving averages from below.
The downtrend in oil prices continues to put selling pressure on the United States Oil Fund LP, USO
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PowerRating), which has been trading below its 10-day, 20-day, and 50-day moving averages since late July.
The ProShares Ultra Short QQQ, QID
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PowerRating), closed below its 200-day moving average for the first time since late June on Wednesday, losing more than 3%.
David Penn is Senior Editor at TradingMarkets.com.