TradingMarkets 7 ETFs You Need to Know for Wednesday
Retail stocks were among those most aggressively sold on Tuesday, creating oversold conditions in consumer discretionary and retail based ETFs. Leveraged inverse ETFs continued to push deeper into overbought territory, rallying from below their 200-day moving averages.
Here are 7 ETFs You Need to Know for Wednesday.
The Diamonds Trust Series 1 ETF
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PowerRating) representing the Dow Jones Industrial Average pulled back for a second day above its 200-day moving average. The ETF’s 2-period RSI has dropped from above 90 to less than 10 in three days.
Down more than 3% intraday on Tuesday was the SPDR Retail ETF
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PowerRating). The ETF, which includes shares of The Gymboree Corporation
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PowerRating) and JC Penny
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PowerRating) amongst its holdings, is increasingly oversold above its 200-day moving average.
Leveraged 2-to-1 to the inverse of the daily returns of the Dow 30, the ProShares Ultra Dow 30 ETF
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PowerRating) lost more than 2% intraday on Tuesday. Short term traders looking to take advantage of Dow weakness have piled into the ProShares UltraShort Dow ETF
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PowerRating), which spent a second day in overbought territory below the 200-day moving average. DXD seeks to provide 200% of the daily return of the Dow Industrials.
Closing at its lowest levels since late May, the Financial Select Sector SPDRS ETF
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PowerRating) traded back below its 200-day moving average.
Country funds representing America’s neighbors to the north and south remained under pressure on Tuesday. Both trading above their 200-day moving averages, the iShares MSCI Mexico Investable Index ETF
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PowerRating) was down more than 2% intraday, while the iShares MSCI Canada Index ETF
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PowerRating) was never down more than 1%.
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