With stocks and commodities both pulling back in the first few hours of trading on Friday, we are also seeing a number of exchange-traded funds (ETFs) pulling back, as well.

Of these pullbacks in ETFs, those that are happening above the 200-day moving average are the ones that we are most interested in as potential trading candidates. And among these, it is those that are the most oversold that are highest on our list.

For example, a bounce in the U.S. dollar is putting pressure on precious metals ETFs like the SPDR Gold Shares ETF ( GLD | Quote | Chart | News | PowerRating)...

...and the iShares Silver Trust ( SLV | Quote | Chart | News | PowerRating).

But while both ETFs have 2-period RSIs in the low 30s early in trading on Friday, both are also up after gapping down at the open.

Another ETF I want to highlight is the iShares Barclays Aggregate Bond ETF ( AGG | Quote | Chart | News | PowerRating).

AGG is quite some distance from its 200-day moving average. But as growing numbers of sellers unload AGG, that distance is growing smaller. An hour into trading on Friday, AGG has a 2-period RSI of less than 18 and appears headed for its second consecutive lower close.

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David Penn is Editor in Chief at TradingMarkets.com.

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