TradingMarkets 7 ETFs You Need to Know for Thursday

Technology ETFs were among the funds moving higher on Wednesday, buoyed by a positive earnings story from Cisco (CSCO | Quote | Chart | News | PowerRating) and news of a share buyback program from Microsoft (MSFT | Quote | Chart | News | PowerRating). Oil ETFs continued to pull back, stocks in the healthcare sector moved higher and ETFs representing both Latin America and Taiwan were among the emerging markets standouts.

Here are 7 ETFs You Need to Know for Thursday

The boost in technology shares helped drive the ProShares Ultra QQQ, QLD (QLD | Quote | Chart | News | PowerRating), to its highest level since late June. Trading below its 200-day moving average and up more than 3% on the day, the QLD is increasingly overbought.

Select Technology Sector SPDR, XLK (XLK | Quote | Chart | News | PowerRating), and the Semiconductor HOLDRS, SMH (SMH | Quote | Chart | News | PowerRating) both were higher as traders contninued to bid technology shares higher. Both ETFs made their highest closes since late June on Wednesday, testing their 50-day moving averages from below.

The downtrend in oil prices continues to put selling pressure on the United States Oil Fund LP, USO (USO | Quote | Chart | News | PowerRating), which has been trading below its 10-day, 20-day, and 50-day moving averages since late July.

The ProShares Ultra Short QQQ, QID (QID | Quote | Chart | News | PowerRating), closed below its 200-day moving average for the first time since late June on Wednesday, losing more than 3%.

David Penn is Senior Editor at TradingMarkets.com.