TradingMarkets 7 ETFs You Need to Know for Wednesday
Most sectors were advancing on Tuesday, with ETFs representing financial, industrial and materials stocks outperforming. Internationally, ETFs based on stock markets in China and Taiwan led.
Here are 7 ETFs You Need to Know for Wednesday.
Positive remarks on the banking system by Treasury Secretary Geithner were met by buying in the financial sector, driving up financial ETFs like the iShares Dow Jones U.S. Financial Sector Index ETF
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PowerRating), which gained more than 6% intraday on Tuesday. Up by more than 12% intraday was the Rydex 2x S&P Select Sector Financial ETF
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PowerRating), a leveraged financial ETF that provides 2-to-1 exposure to stocks like JP Morgan Chase
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PowerRating) and Wells Fargo
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PowerRating), which reports quarterly earnings Wednesday morning.
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One excellent way to track the progress of basic materials stocks – and of the recovery of the industrial part of the economy – is through the ProShares Ultra Basic Materials ETF
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PowerRating). UYM is leveraged 200% to the daily performance of the Dow Jones U.S. Basic Materials index of stocks including Dupont
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PowerRating) and Freeport McMoran Copper & Gold
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PowerRating). Freeport McMoran reports quarterly earnings Wednesday morning before the market opens.
Up more than 4% intraday on Tuesday, the iShares MSCI Taiwan Index ETF
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PowerRating) resumed its move toward its 200-day moving average less than 50 cents away. Also higher was the iShares FTSE/Xinhua China 25 Index ETF
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PowerRating), which closed back above its 200-day moving average after dipping below that level on Monday’s close.
One-day oversold extremes from Monday’s sell-off helped encourage buyers in European shares as well as U.S. and Asian shares on Tuesday. Rising but not yet overbought below the 200-day moving average are the iShares MSCI Germany Index ETF
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PowerRating) and the iShares MSCI France Index ETF
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EWQ |
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PowerRating). Both ETFs were up more than 2% on the day.
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