TradingMarkets 7 ETFs You Need to Know for Tuesday
Bullishness in the ETF markets means traders will face dramatically overbought conditions when trading begins on Tuesday. No ETFs have ETF PowerRatings of more than 6, reflecting a market that is significantly overextended to the upside in the short term.
Here are 7 ETFs You Need to Know for Tuesday.
With the Dow DIAMONDS Trust ETF
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PowerRating) rallying to new, year-to-date highs, Dow theory fans will be watching to see if the iShares Dow Jones U.S. Transportation Average ETF
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PowerRating) will follow suit. Both ETFs closed in overbought territory above the 200-day moving average for a third consecutive trading day.
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The 10% gain in the Direxion Daily Financial Bull 3x Shares ETF
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PowerRating) was indicative of the aggressive buying in the financial sector to begin the week. Dipping back into oversold territory below the 200-day moving average was the ProShares UltraShort Financials ETF
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PowerRating), off nearly 7%.
Rallying to its highest levels in nearly a year, the PowerShares DB U.S. Dollar Bearish Fund ETF
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PowerRating) reflects the renewed weakness in the U.S. Dollar.
Finishing the week in oversold territory above the 200-day were a number of oil and energy-related ETFs that moved higher on Monday. Up more than 2% on the day was the United States Oil Fund ETF
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PowerRating).
The iShares Dow Jones U.S. Real Estate ETF
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PowerRating) rallied to its highest closing levels of the past several days, gaining well over 4% on the day and moving back into overbought territory above the 200-day.