TradingMarkets 7 ETFs You Need to Know for Tuesday
Financial exchange-traded funds were on the retreat in earnest on Monday, as short and leveraged short ETFs moved sharply higher across the board, though especially those linked to sectors and markets – like the S&P 500 – that have a high number of financial stocks.
Index-linked ETFs plunged, with funds tracking the Nasdaq and the Russell 2000 especially hard hit. Falling oil prices also sent short energy ETFs higher, some by more than 20% by late trading on Monday.
The ProShares UltraShort Financials exchange-traded fund, SKF
PowerRating), soared by more than 20% on Monday as the Wall Street bailout package failed to pass the House of Representatives.
Gapping down at the open and continuing lower over the course of the trading day, the iShares FTSE/Xinhua 25 Index ETF, FXI
PowerRating) lost nearly 14% on Monday as the fund moved toward a test of the September lows.
The Select Gold Trust SPDRS, GLD
PowerRating), closed at their highest levels since late July, crossing and closing above its 200-day moving average for the second time in the past five days.
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David Penn is Editor in Chief at TradingMarkets.com.