TradingMarkets 7 ETFs You Need to Know for Tuesday
Previously oversold consumer staples stocks were among the very few equities that traders and investors were attracted to as the week began. The most aggressive selling was in the energy patch, as the United States Oil Fund ETF
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PowerRating), which tracks the price of crude, plunged by more than 4% intraday on Monday.
Here are 7 ETFs You Need to Know for Tuesday.
Country ETFs, among those most sought after by high probability ETF traders, were some of those exchange-traded funds making the most significant pullbacks on Monday. Down more than 4% intraday was the iShares MSCI Hong Kong Index ETF
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PowerRating), while the iShares MSCI Brazil ETF
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PowerRating) pulled back by more than 2%.
A clear example of the strength of selling in technology can be seen in the pullback of the PowerShares QQQ Trust ETF
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PowerRating), which went from a 2-period RSI of more than 80 to a 2-period RSI of less than 12 in one day.
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First noted in Monday’s 7 ETFs You Need to Know for Today, the Market Vectors Agribusiness ETF
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PowerRating) continued to pullback on Monday, losing more than 1% and moving deeper into oversold territory above the 200-day moving average. But down more than 3% was the PowerShares DB Base Metals ETF
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PowerRating), which is still trading within its nearly month-long, 2-point trading range.
Selling in financial shares helped push the ProShares UltraShort Financials ETF
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PowerRating) into overbought territory below the 200-day moving average late in trading on Monday. SKF gained more than 2% intraday.
Also pulling back sharply above the 200-day moving average on Monday was the SPDR Homebuilders ETF
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PowerRating), off by nearly 3% late in trading.
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