TradingMarkets 7 ETFs You Need to Know for Wednesday

One day of overbought conditions below the 200-day moving average have been all that was required to bring out sellers in many long and leveraged long exchange-traded funds on Turnaround Tuesday. The trading led to many ETFs opening up above Monday's levels, but reversing over the course of the trading day to finish lower.

Here are 7 ETFs You Need to Know for Wednesday.

Although higher on a close-to-close basis by more than 4% on Tuesday and still overbought, the Select Financial Sector SPDRS, XLF (XLF | Quote | Chart | News | PowerRating) were nevertheless were down on the day.

The iShares MSCI Emerging Markets Index ETF, EEM (EEM | Quote | Chart | News | PowerRating), lost more than 6% in trading on Tuesday, retracing most though not all of Monday's gains.

Basic materials stocks were on the retreat on Tuesday, as seen by the more than 5% loss in the Select Basic Materials Sector SPDRS, XLB (XLB | Quote | Chart | News | PowerRating).

Gaining more than 6% on the day, the ProShares UltraShort QQQ exchange-traded fund, QID (QID | Quote | Chart | News | PowerRating) is both oversold and trading above its 200-day moving average.

Opening near its 200-day moving average, the Biotechnology HOLDRS, BBH (BBH | Quote | Chart | News | PowerRating), reversed to close lower on Tuesday. The ETF has traded below its 200-day moving average for a little over a week.

And the downward trend in the United States Oil Fund, USO (USO | Quote | Chart | News | PowerRating) continued on Tuesday with shares of the fund losing more than 3% on the day. USO has been trading below its 5- and 200-day moving averages since early September.

A strong start in the Select Retail Sector SPDRS, XRT (XRT | Quote | Chart | News | PowerRating) on Tuesday faded quickly as the ETF closed lower by almost 4% - completely retracing Monday's gains.

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