TradingMarkets 7 ETFs You Need to Know for Tuesday
U.S. markets accelerated their pullback going into midday on Monday, sending equity index, country and sector ETF funds careening into oversold territory above the 200-day. Top 10-rated ETFs includes funds representing India, biotech, metals and mining.
Here are 7 ETFs You Need to Know for Tuesday.
Off by well over 2% and into oversold territory above the 200-day moving average was the Financial Select Sector SPDRS ETF
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PowerRating). The ETF was dragged lower by aggressive sellilng in
Down four days in a row and off more than 3% on Monday, the SPDR S&P Metals and Mining ETF
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PowerRating) earned an ETF PowerRatings upgrade to 10 – our higest rating.
Also earning high ETF PowerRatings on Monday were country ETF such as the PowerShares India Portfolio
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PowerRating) and the iShares MSCI Japan Index ETF
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PowerRating). PIN has closed lower for four out of the past five sessions. EWJ has closed lower for three out of the past five.
Small cap stocks continue to see heavier selling than their larger cap counterparts. This lead to an ETF PowerRating of 9 for the Rydex S&P Smallcap 600 Pure Value ETF
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PowerRating).
Plunging by more than 4% on Monday, the Market Vectors Gold Miners ETF
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PowerRating) is among the most oversold ETFs trading above its 200-day moving average. GDX has closed in oversold territory above the 200-day for five trading days in a row.
Persistent selling has helped push a number of leveraged and inverse leveraged ETFs up into overbought territory below the 200-day. Typical of these overbought short ETFs is the ProShares UltraShort S&P 500 ETF
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PowerRating), which gained more than 2% on the first trading day of the week.