ETF RoundUp: Oversold Asia and Tech in the Balance (QQQQ, SPY, DIA, IWM, QLD, RSU, DXD)
Posted on Tuesday, May 26th, 2009 | In Exchange Traded Funds, Market Commentary
Going into the holiday shortened week, most U.S. equity index ETFs were in oversold territory. While the PowerShares QQQ Trust ETF (QQQQ) continues to be oversold above its 200-day moving average, both the S&P 500 SPDRS ETF (SPY) and Dow Diamonds ETF (DIA) remain oversold below the 200-day moving average.
The same can be said for other equity index ETFs such as the iShares Russell 2000 ETF (IWM).
This means that leveraged equity index ETFs are especially oversold to start the week. These include leveraged ETFs like the ProShares Ultra QQQ ETF (QLD) as well as the Rydex 2x S&P 500 ETF (RSU).
Rallying into overbought territory below the 200-day moving average are a large number of inverse leveraged funds. Among the most overbought below the 200-day with 2-period RSIs in the 90s are the ProShares Short QQQ ETF (PSQ) and the ProShares Ultra Short Dow 30 ETF (DXD).
Full Story: http://finance.yahoo.com/news/TradingMarkets-ETF-RoundUp-tm-15345778.html?.v=2
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