TradingMarkets 7 ETFs You Need to Know for Wednesday
Stocks pulled back after the strong gains of the past few days, giving a boost to short and leveraged short funds that had been pulling back of late. Exchange-traded funds from around the world, especially in Latin America, continued lower and technology related ETFs – including the technology heavy Nasdaq – remained steady after multiple higher highs and consecutive up days.
Here are 7 ETFs You Need to Know for Wednesday.
The iShares MSCI Emerging Markets Index, EEM
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PowerRating) continued to move lower and is now testing levels not seen on a closing basis since August 2007.
The ProShares UltraShort Financials ETF, SKF
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PowerRating) rallied from Monday’s test of its 200-day moving average to gain more than 9% on the day.
Both the Select Technology Sector SPDRs, XLK
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PowerRating) and the ProShares Ultra QQQ exchange-traded fund, QLD
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PowerRating) were increasingly overbought and closed well-off their intraday highs on Tuesday.
The iShares Brazil Index fund, EWZ
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PowerRating), closed on Tuesday at levels not seen since January 2007. The ETF is exceptionally oversold.
The Select Basic Materials Sector SPDRs, XLB
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PowerRating) gapped up at the open on Tuesday, but faded over the course of trading. Trading below its 200-day moving average, XLB remains overbought.
The PowerShares DB Agricultural Fund ETF, DBA
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PowerRating) has advanced for the second consecutive session. DBA has been trading below its 200-day moving average since the beginning of the month.
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