TradingMarkets 7 ETFs You Need to Know for Wednesday
Financials were the primary source of profit-taking on Tuesday, as overbought conditions in these ETFs continued to lessen. Internationally, exchange-traded funds representing Asian markets moved higher on the day, but are increasingly oversold below the 200-day moving average.
Here are 7 ETFs You Need to Know for Wednesday.
The ProShares Ultra Financials ETF
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PowerRating) was typical of many financial ETFs, drifting deeper into oversold territory below the 200-day moving average. Among the stronger financial stocks on the day were JP Morgan
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PowerRating) and American Express
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PowerRating), both were up more than 2% intraday on Tuesday.
Strength in oil stocks like Chevron Corporation
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PowerRating) helped the Energy Select Sector SPDRS ETF
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PowerRating) close higher again on Tuesday. Conversely, the ProShares UltraShort Oil & Gas ETF
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PowerRating) continued its month-long pattern of intraday sell-offs.
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As many analysts suspected, swine flu fears have led to increased buying in drugstores like CVS Caremark
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PowerRating) and Walgreen
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PowerRating). This helped move consumer staples ETFs like the Consumer Staples Select Sector SPDRS ETF
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PowerRating) and the iShares S&P Global Consumer Staples ETF
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PowerRating), both of which entered overbought territory below the 200-day on Tuesday.
Also in the consumer staples space, the ProShares Ultra Consumer Services ETF
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PowerRating) rallied by more than 7% intraday from open to close on Tuesday. The ETF opened more than a point below its previous close.
With Microsoft
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PowerRating) shares down and IBM
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PowerRating) shares up, technology ETFs traded near breakeven on Tuesday, along with much of the market. The Direxion Technology Bull 3x Shares ETF
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PowerRating) closed higher for a third consecutive session.
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