TradingMarkets 7 ETFs You Need to Know for Friday

Asia-related ETFs sold off just days before the opening ceremonies of the Beijing Olympics. Down more than 3% were exchange-traded funds indexed to stock markets in China and Hong Kong. Emerging markets ETFs were lower on Thursday, as well.

Also pulling back were financially-related ETFs, in both leveraged and unleveraged varieties. The financial exchange traded funds remain among the most heavily traded in both advancing and retreating markets.

Technology sector ETFs, especially semiconductor ETFs, were again among the stronger ETFs on the day. Major semiconductor ETFs have advanced for three out of the past four days.

Here are 7 ETFs You Need to Know for Friday.

The iShares FTSE/Xinhua 25 ETF, FXI (FXI | Quote | Chart | News | PowerRating) were down more than 4% on Thursday as traders took profits after a two-day oversold bounce. The iShares Hong Kong Index ETF, EWH (EWH | Quote | Chart | News | PowerRating), was also lower on the day, closing at its lowest level since mid-July.

The iShares MSCI Emerging Market Index exchange-traded fund, EEM (EEM | Quote | Chart | News | PowerRating), retraced its two-day rally on Thursday. The fund is closing in on a test of the $41 level from three days ago.

ProShares Ultra Financials ETF, UYG (UYG | Quote | Chart | News | PowerRating), pulled back by more than 9%,. Trading below its 200-day moving average and overbought over the past two days, UYG is once again below its 5-day moving average, as well.

Up more than 3% on the day was the ProShares UltraShort S&P 500 ETF, SDS (SDS | Quote | Chart | News | PowerRating). It was the third consecutive strong response to short term pullbacks in SDS since late July.

The Select Financial Sector SPDRs, XLF (XLF | Quote | Chart | News | PowerRating), pulled back from overbought extremes on Thursday, losing more than 5%.

The ProShares Ultra Semiconductors ETF, USD (USD | Quote | Chart | News | PowerRating), were among the few bright spots in a down market on Thursday, gaining more than 4% on the day.

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David Penn is Senior Editor at TradingMarkets.com.