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With the stock market closed on Friday for the Independence Day holiday weekend, ETF traders will have a sizable number of oversold ETFs to mull over - from consumer cyclicals and financials to country ETFs.
Country ETFs from China to Latin America gapped down at the open on Thursday and continued lower over the course of the trading day. The iShares MSCI Hong Kong Index ETF (EWH | Quote | Chart | News | PowerRating) lost more than 3% intraday on Thursday, while the iShares S&P Latin America 40 Index ETF (ILF | Quote | Chart | News | PowerRating) fell more than 2%. Both EWH and ILF are trading above their 200-day moving averages.
A number of energy ETFs slid deeper below their 200-day moving averages during aggressive selling on the final trading day of the week. Down more than 3% intraday were shares of the Energy Select Sector SPDR ETF (XLE | Quote | Chart | News | PowerRating) and the iShares Dow Jones U.S. Energy Sector Index ETF (IYE | Quote | Chart | News | PowerRating).
Surging higher and now overbought below the 200-day moving average is the ProShares UltraShort Oil & Gas ETF (DUG | Quote | Chart | News | PowerRating).
Precious metals ETFs remained under pressure on Thursday. The Market Vectors Gold Miners ETF (GDX | Quote | Chart | News | PowerRating), which tracks the prices of gold and silver mining companies, slid more than 2%, but has yet to move into oversold territory above the 200-day moving average.
Among the few bond ETFs that were not moving higher on Thursday and remained in oversold territory above their 200-day moving averages was the SPDR Barclays High Yield Bond ETF (JNK | Quote | Chart | News | PowerRating). JNK closed lower for a second day in a row on Thursday.
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