Technology and energy shares were the primary targets of buyers on the first trading day of the week. Both the ProShares Ultra Technology (ROM) and the ProShares Ultra Oil & Gas (DIG) were up more than 2% late in trading on Monday.
Many of the recently oversold equity index ETFs rallied from sharp intraday lows on Monday. This includes the DIAMONDS Trust (DIA), which gained just under 1% to finish near the highs of the session.
Here are 7 ETFs You Need to Know for Tuesday.
Among the top rated ETF PowerRatings funds for Tuesday's trading are the iShares MSCI Brazil Index Fund (EWZ) and the iShares Dow Jones U.S. Home Construction Index Fund (ITB). Both ETFs have closed lower for four consecutive trading days including Monday.
One of the biggest ETF PowerRatings upgrades was in the iShares Nasdaq Biotechnology Index Fund (IBB), which was upgraded from an 8 to a 10 late in trading on Monday.
When is the best time to buy an ETF for a short term trade? When is the best time to sell? Click here to find out.
The most oversold ETF in our database ahead of Tuesday's trading? Aside from a pair of exchange-traded funds representing preferred stock, the Market Vectors Gold Miners ETF (GDX) closed lower on Monday for the third day out of the past four. GDX is also moving close to its 200-day moving average, where volatility is likely to increase.
In the commodity patch, the iShares Silver Trust (SLV) gained after closing lower for three days in a row. Pulling back toward its 200-day moving average was the iPath S&P GSCI Crude Oil Total Return Index ETN (OIL).
Among leveraged ETFs pulling back above the 200-day moving average going into trading on Tuesday are the ProShares Ultra Russell 2000 (UWM), and the ProShares Ultra Financials (UYG), both of which closed in oversold territory on Monday.
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