TradingMarkets 7 ETFs You Need to Know for Friday

Emerging markets ETFs were again the leaders to the downside, with funds linked to stock markets in India, Hong Kong and Taiwan all down 3-4%. Down for four or more days in a row were the Nasdaq 100-related exchange-traded funds.

To the upside, inverse and inverse leveraged ETFs were among Thursday's biggest gainers, with funds indexed to the inverse of the S&P 500 and Russell 2000 up more than 4% on the day.

Here are 7 ETFs You Need to Know for Friday.

Pulling back more than 2% on the day, the iShares Russell 2000 Trust, IWM (IWM | Quote | Chart | News | PowerRating), rallied from its intraday lows to remain above its 200-day moving average. The fund is as oversold as it has been in more than a week.

The rout in emerging markets ETFs continued on Thursday, with both the India Fund, IFN (IFN | Quote | Chart | News | PowerRating) and the iShares MSCI Taiwan Index fund, EWT (EWT | Quote | Chart | News | PowerRating) down more than 4%.

Softening economies around the world have led to a decline in demand for raw materials, leading to gains in inverse ETFs like the ProShares Ultra Basic Materials exchange-traded fund, SMN (SMN | Quote | Chart | News | PowerRating), which was up by more than 8% intraday on Thursday.

Up more than 6% intraday, the ProShares UltraShort Financials exchange-traded fund, SKF (SKF | Quote | Chart | News | PowerRating), has responded aggressively to yesterday's oversold extremes.

Also among the inverse funds doing well on Thursday were inverse index funds including the ProShares UltraShort QQQ ETF, QID (QID | Quote | Chart | News | PowerRating) which was higher by more than 4% on the day, as well as the ProShares UltraShort Russell 2000 fund, TWM (TWM | Quote | Chart | News | PowerRating), which was up more than 5%.

Spend 3 Days with 21 of the Best Traders in the World!

Sound too good to be true? It's not. For a select group of traders, this will be a reality at TradingMarkets 2008 on November 14-16, 2008 at the luxurious MGM Grand Hotel and Casino in Las Vegas, Nevada.

Victor Sperandeo. Gil Morales. Raghee Horner. Gary Kaltbaum. Steve Nison. These are just a few of the top traders in stocks, forex, options, futures and exchange-traded funds who will be speaking and working with traders just like you at TradingMarkets 2008. Don't miss the special event! Click here for more details!