The New Year’s rally has pushed a number of major Asia funds into overbought territory heading into midweek.
Here’s Phil Suarez, Director of Education for The Machine, with this morning’s Inside The Machine update for Wednesday.
On the final trading day of 2009, financials were the upside beneficiaries of what little trading there was. Rallying from short term oversold conditions above the 200-day moving average at week’s end were the ProShares Ultra Financials ETF, UYG and the Vanguard Financial ETF, VFH.
This week’s most overbought and oversold ETFs for Thursday’s trading includes the Consumer Discretionary Select Sector SPDRS ETF, XLY.
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