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The most oversold ETF markets as of Wednesday's close are increasingly bond funds - ranging from investment grade corporate bond ETFs such as the iShares iBoxx Investment Grade Corporate Bond ETF (LQD | Quote | Chart | News | PowerRating) to high-yield alternatives like the SPDR Barclays Capital High Yield Bond ETF (JNK | Quote | Chart | News | PowerRating).
Here are 7 ETFs You Need to Know for Thursday.
Dow DIAMONDS ETF (DIA | Quote | Chart | News | PowerRating) rallied on Wednesday but was met by selling late in the session that left the ETF closing off the highs.
A one-day excursion into neutral territory was enough to bring buyers into country ETFs like the iShares MSCI Taiwan Index ETF (EWT | Quote | Chart | News | PowerRating), which was up more than 3% intraday, and the iShares MSCI France Index ETF (EWQ | Quote | Chart | News | PowerRating) which gained more than 2%.
Consumer staples was the surprisingly positive sector on Wednesday, as traders and investors bought into shares of stocks like Kraft Foods (KFT | Quote | Chart | News | PowerRating) and Coca Cola (KO | Quote | Chart | News | PowerRating). This sent the Consumer Staples Select Sector SPDR ETF (XLP | Quote | Chart | News | PowerRating) higher by more than 2% intraday.
At the same time, consumer cyclical and discretionary stocks were also attracting buyers during the holiday-shortened week. Gains in stocks like McDonald's (MCD | Quote | Chart | News | PowerRating) and Yum! Brands (YUM | Quote | Chart | News | PowerRating) helped boost exchange-traded funds like the 2-to-1 leveraged ProShares Ultra Consumer Services ETF (UCC | Quote | Chart | News | PowerRating).
Precious metals ETFs jumped after dipping into oversold territory above the 200-day moving average on Tuesday. In addition to those ETFs mentioned in yesterday's 7 ETFs You Need to Know, the iShares COMEX Gold Trust ETF (IAU | Quote | Chart | News | PowerRating) bounced after closing lower for three consecutive trading days. The PowerShares DB Base Metals ETN (DBB | Quote | Chart | News | PowerRating), gapped up more than 3% after a similar three-day slide.
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