With most markets moving higher on the first day of trading in 2010, short term oversold conditions have turned into short term overbought. The ProShares Ultra Materials ETF, UYM gained 6% on the day, making it the most aggressively bought materials ETF fund of the first trading day of 2010.
The following ETFs are the most overbought and oversold for Monday, January 4, 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.
This week’s most overbought and oversold ETFs for Thursday’s trading includes the Consumer Discretionary Select Sector SPDRS ETF, XLY.