TradingMarkets 7 ETFs You Need to Know for Wednesday
Financials and consumer cyclicals were back on the upswing after dipping into oversold territory on Tuesday – those sellers grew increasingly strong over the course of the trading day. The biggest sector pullbacks were to be found in the energy sector, with profit-taking in commodity, commodity stock and commodity country ETFs and ETNs among the most aggressive.
Here are 7 ETFs You Need to Know for Wednesday.
Up more than 1% and retesting year-to-date highs set a few weeks ago was the Consumer Discretionary Select Sector SPDRS ETF
(
XLY |
Quote |
Chart |
News |
PowerRating) – noted in yesterday’s 7 ETFs You Need to Know.
For short-term traders looking for leveraged exposure to the consumer cyclicals or consumer discretionary sector, ETFs like the ProShares Ultra Consumer Services ETF
(
UCC |
Quote |
Chart |
News |
PowerRating). UCC is leveraged 2 to 1 to the daily performance of the Dow Jones U.S. Consumer Services index of stocks such as Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating) and McDonalds
(
MCD |
Quote |
Chart |
News |
PowerRating).
The Direxion Daily Financial Bull 3x Shares ETF
(
FAS |
Quote |
Chart |
News |
PowerRating) gained more than 3% intraday on Tuesday, but still ended the session significantly off its intraday highs.
A major reversal in crude oil saw the United States Oil Fund ETF
(
USO |
Quote |
Chart |
News |
PowerRating) slide by more than 3% late in trading on Tuesday. This led to aggressive selling in energy-related ETFs such as the Energy Select Sector SPDRS ETF
(
XLE |
Quote |
Chart |
News |
PowerRating), which pulled back by more than 1% and the ProShares Ultra Oil & Gas ETF
(
DIG |
Quote |
Chart |
News |
PowerRating), down more than 2%.
A wide number of country ETFs moved lower for a second day on Tuesday, but have not yet slipped back into oversold territory above the 200-day moving average. Among the more oversold of these not-yet-oversold ETFs is the iShares MSCI Brazil Index ETF
(
EWZ |
Quote |
Chart |
News |
PowerRating), down for a second consecutive session after closing higher for five days in a row.
Join Larry Connors live, Wednesday at 4:30 pm for a special presentation for our upcoming Swing Trading College. The Swing Trading College remains our number one, most popular course and this is the seventh time we’ve offered it. The class runs 14 weeks and covers short term trading of stocks, ETFs (3 weeks of ETFs), options, E-minis and building a full trading plan – along with 4 weeks of live trading.
In this class Larry will be also introducing for the first time a new high probability stock trading strategy, along with trading additional strategies to trade ETFs including Leveraged ETFs.
If you’d like to attend the presentation, you can register here.
David Penn is Editor in Chief at TradingMarkets.com.
Want updates on our latest articles? Have something to say to David Penn or
the staff at TradingMarkets? Follow David on Twitter at @Penn_TM and TradingMarkets at @Trading_Markets. You can also join the
discussion on Facebook by logging onto our fanpage
.