U.S. markets advanced on the first trading day of the holiday shortened week, bringing a swift and bullish response to recent, short term oversold conditions. Up by more than 3% was the previously extremely oversold iShares FTSE/Xinhua China 25 Index Fund (FXI). Adding over 2% was the Claymore/AlphaShares China Real Estate ETF (TAO).
Sectorwise in the U.S., sellers were aggressive in the health care industry, sending the Vanguard Health Care ETF (VHT) higher by nearly 2% on the day.
Here are 7 ETFs You Need to Know for Wednesday
Among the top ETF PowerRatings funds going into trading at midweek are PowerShares Wilder Clean Energy Portfolio (PBW) and the iShares MSCI BRIC Index Fund (BKF). PBW maintained its top ETF PowerRating of 10 throughout trading on Tuesday, while the BKF remains a high rated fund even after a downgrade from 9 to 8.
Also among the higher rated country ETFs for Wednesday is the iShares MSCI Brazil Index Fund (EWZ), which also remains a top ETF despite a tick lower in its ETF PowerRating from 10 to 9.
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The most oversold exchange-traded fund in our database going into Wednesday's trading? The CurrencyShares Euro Trust (FXE) has a 2-period RSI of less than 5.
Up for a second consecutive session was the PowerShares DB US Dollar Bullish Fund (UUP) on Wednesday. Nevertheless, a number of widely-traded commodity ETFs advanced, including the iShares Silver Trust (SLV) and the iPath S&P GSCI Crude Oil Total Return Index ETN (OIL).
