Early in Friday’s trading, the biggest upgrades are taking place in Leveraged ETFs, especially those inverse or bear leveraged ETFs in the energy and financial sectors. Around the world, as the selling in international stocks subsides, a number of inverse leveraged country and regional ETFs are among those topping the Leveraged ETF PowerRatings “Biggest Upgrades” roster on the final trading day of the week.
The short term recovery in energy shares has helped leveraged exchange-traded funds like the ^ERY^ (below) earn a three-point Leveraged ETF PowerRatings upgrade in the first few hours of trading on Friday.
Relatedly, the ^SMN^ earned a three-point upgrade of its own, becoming one of the highest rated Leveraged ETFs in the first half of Friday’s trading.
From the ^FAZ^ to the ^SKF^ (below), recovering financial stocks are putting selling pressure on ETFs that track the inverse of major financial equity indices. And this pressure is most acute among leveraged funds, where three-point intraday upgrades should attract interest from traders looking to buy markets that are becoming overextended.
Country funds in both Europe and in emerging markets round out the number of exchange-traded funds earning top Leveraged ETF PowerRatings in the first few hours of trading on Friday.
This includes three-point intraday PowerRatings upgrades in the ^EPV^ and the ^EFU^, as well as the triple-leveraged ^EDZ^ (above), which earned a two-point upgrade intraday on Friday.
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David Penn is Editor in Chief at TradingMarkets.com.