TradingMarkets 7 ETFs You Need to Know for Tuesday
Strength in steel stocks like U.S. Steel
(
X |
Quote |
Chart |
News |
PowerRating) and miners like Freeport McMoran Copper & Gold
(
FCX |
Quote |
Chart |
News |
PowerRating) helped push materials ETFs higher on the first trading day of the week. Meanwhile, Asian ETFs were soaring, with a growing number of Asia-related ETFs climbing above their 200-day moving averages.
Here are 7 ETFs You Need to Know for Tuesday.
The ProShares Ultra Basic Materials ETF
(
UYM |
Quote |
Chart |
News |
PowerRating) reflected the aggressive buying in basic materials stocks on Monday, climbing by more than 11% intraday. The ETF, which trades below its 200-day moving average, has closed higher for the past six consecutive sessions and is increasingly overbought.
Gaining more than 6% intraday on the first trading day of the week, the Financial Select Sector SPDRS ETF
(
XLF |
Quote |
Chart |
News |
PowerRating) is more overbought below the 200-day moving average than at any time since the first half of April.
Up by more than 8% intraday on Monday was the iShares FTSE/Xinhua China 25 ETF
(
FXI |
Quote |
Chart |
News |
PowerRating), which reached levels not seen since September 2008.
Many analysts believe that Taiwan’s proximity to China means that traders and investors can get exposure to a recovery in the Chinese economy through ETFs like the iShares MSCI Taiwan Index ETF
(
EWT |
Quote |
Chart |
News |
PowerRating), which was also up more than 8% intraday on Monday.
Profit-taking over the past three days has helped keep both the iShares iBoxx High Yield Corporate Bond ETF
(
HYG |
Quote |
Chart |
News |
PowerRating) and the SPDR Barclays High Yield Bond ETF
(
JNK |
Quote |
Chart |
News |
PowerRating) from closing above their 200-day moving averages. The selling has helped reduce overbought conditions in both ETFs.
The United States Gasoline Fund ETF
(
UGA |
Quote |
Chart |
News |
PowerRating) closed higher for a sixth consecutive session below the 200-day moving average on Monday, gaining nearly 5% late in the trading day.
ETFs are a fast growing asset class and you need to strategies improve your ETF trading with quantified strategies. High Probability ETF Trading will give you the edge with 7 quantified strategies that have been back tested in model portfolios — click to buy now.