Energies, financials and commodities were the main attractions for buyers at midweek. Up nearly 2% late in trading on Wednesday was the ^DIG^, while the ^FAS^ soared by more than 3%.
Reflecting the radically overbought conditions of U.S. equity markets best may be the ^SSO^. SSO has been more oversold over the past two days than at any time since it broke out above its 200-day moving average in mid-July 2009.
Here are 7 ETFs You Need to Know for Thursday.
Overbought extremes in the regular ETF market continue to make inverse leveraged ETFs among the highest rated funds for short term traders in our database. Taking their top Leveraged ETF PowerRatings into trading on Thursday are the ^FAZ^ and the ^PST^.
Among the more oversold ETFs trading above their 200-day moving averages is the ^IBB^.
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Strength in commodities meant lower levels for the ^UUP^, which has closed in oversold territory for the past two consecutive trading days (and four out of the past five).
Exchange-traded funds for short term traders to avoid – or consider selling short – include such low rated ETFs as the ^EWP^.
In addition to SSO mentioned above, both the ^IWF^ and the ^VUG^ are also among the most overbought ETFs trading above their 200-day moving averages and increasingly due for a short-term reversal.