Buyers continue to be obsessed with everything financial, with the overbought SPDR KBW Regional Banking ETF (KRE | Chart | News | PowerRating) gaining more than 7% intraday on Friday and becoming even more overbought. Leveraged financial ETFs like the Direxion Daily Financial Bull 3x Shares ETF (FAS | Chart | News | PowerRating) were up even more impressively, with FAS gaining in excess of 11% intraday.
Up 2% late in trading, the iShares MSCI Taiwan Index ETF (EWT | Chart | News | PowerRating) that was the first country ETF to begin pulling back crossed back above its 5-day moving average on Friday. EWT was one of the ETF that we had been watching all week as the fund pulled back into oversold territory above the 200-day moving average.
One day in overbought territory below the 200-day moving average was enough to bring out the sellers in the ProShares UltraShort QQQ ETF (QID | Chart | News | PowerRating), which was down more than 3% intraday on Friday as technology stocks led the Nasdaq 100 higher.
Breaking out to new year-to-date highs was the Industrial Select Sector SPDR ETF (XLI | Chart | News | PowerRating). The ETF includes stocks such as General Electric (GE | Chart | News | PowerRating) and United Parcel Service (UPS | Chart | News | PowerRating)
Dow theory fans take note! The iShares Dow Jones Transportation Average ETF (IYT | Chart | News | PowerRating) appears to have confirmed the Dow DIAMONDS ETF (DIA | Chart | News | PowerRating) year-to-date high with a new year-to-date high of its own on Friday. Both ETFs are trading above their respective 200-day moving averages.
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