TradingMarkets 7 ETFs You Need to Know for Tuesday
Selling took off in earnest to start the trading week as the number of oversold ETFs trading above their 200-day moving averages has soared. Financials and energies led the market in terms of declines, while health care ETFs were a rare source of strength.
Here are 7 ETFs You Need to Know for Tuesday.
The short-term consolidation in the markets has been resolved to the downside as a number of equity index ETFs pull back into oversold territory above the 200-day moving average. These include the Dow DIAMONDS ETF
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PowerRating), down nearly 2% while the SPDRs S&P 500 ETF
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PowerRating) or S&P Depository Receipts, slid well over 2% to reach their most oversold levels in more than a month.
Country ETFs from the iShares MSCI Germany Index ETF
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PowerRating) to the iShares MSCI Mexico Investable Markets Index ETF
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PowerRating) plunged on Monday, both pulling back more than 3% intraday and diving deep into oversold territory.
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Financial shares were also hard hit by the selling on Monday, with the ProShares Ultra Financials ETF
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PowerRating) sliding by nearly 8% intraday after moving sideways for a week.
Down three out of the past four days going into Monday’s trading and already deeply oversold, the iShares iBoxx High Yield Corporate Bond ETF
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PowerRating) fell by another 2% and more on the day.
The Japanese yen continued to gain against the U.S. dollar. The CurrencyShares Japanese Yen Trust ETF
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PowerRating) closed at its highest levels in more than 17 days on Monday.
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