TradingMarkets Most Overbought and Oversold ETFs for Tuesday
Special to Most Overbought and Oversold ETFs
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The concept behind Leveraged ETF PowerRatings is one of simplicity and effectiveness, yet behind the simple 1-10 ratings scale lies a heavily researched algorithm.
As shown by the simulated trades in our backtesting, a PowerRating of 9 has an average of 74% winning trades, and a PowerRating of 10 (the best rating for long trades) has an average of 79% winning trades from inception through 2009. That means nearly 8 out of 10 Leveraged ETFs with a PowerRating of “10” – the best rating – went up in price over the next few trading days!
Conversely a PowerRating of 1 or 2 indicates a likely downward price action, suggesting that ETF be avoided or shorted. PowerRatings of 1 on average lost 81% of trades over the next few trading days.
Click here to get today’s Leveraged ETF PowerRatings.
Most Overbought
The following ETFs are the most overbought for Tuesday, March 9, 2010 and are due for a short term reversal. This analysis is based on research published in
Larry Connors’ new book, High Probability ETF Trading – now in paperback!
^DZZ^
^PBW^
Overbought ETF of the Day -PowerShares Wilderhill Clean Energy Portfolio – PBW
Most Oversold
The following ETFs are the most oversold for Tuesday, March 9, 2010 and are due for a short term reversal. This analysis is based on research published in Larry Connors’ new book, High Probability ETF Trading – now in paperback!
^BSV^
^TIP^
^GLD^
^DGP^
Oversold ETF of the Day – SPDR Gold Trust – GLD
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