Early and aggressive selling early in the Thursday session was met by even more aggressive buying later in the day, keeping a number of ETFs from retreating into overbought territory.
Here are 7 ETFs You Need to Know for Friday.
From a sector perspective, buyers were most interested in financial shares on Thursday, making the Financial Select Sector SPDRS ETF (XLF | Quote | Chart | News | PowerRating) among the better performing sector SPDRS on the day. Up over 1% was the ProShares Ultra Financials ETF (UYG | Quote | Chart | News | PowerRating).
After moving lower for three consecutive trading days, basic materials ETFs like the iShares Dow Jones Basic Materials Sector Index ETF (IYM | Quote | Chart | News | PowerRating) staved off early selling to close higher on the day.
Among the country ETFs that are still oversold above the 200-day moving average, the iShares MSCI Hong Kong Index ETF (EWH | Quote | Chart | News | PowerRating) lost well over 1% on Thursday before rallying later in the session.
Up nearly 1% late in the day was the CurrencyShares Euro Trust ETF (FXE | Quote | Chart | News | PowerRating). FXE was among the currency ETFs that we highlighted early in the week as oversold in 7 ETFs You Need to Know for Today. Also gaining significantly against the dollar was the CurrencyShares Japanese Yen Trust ETF (FXY | Quote | Chart | News | PowerRating)
Late strength in stocks had produced late weakness in bonds. This has meant lower levels for bond ETFs like the iShares iBoxx Investment Grade Corporate Bond ETF (LQD | Quote | Chart | News | PowerRating) which darted toward oversold territory above the 200-day moving average.