7 ETFs YOU NEED TO KNOW FOR TUESDAY

With U.S. markets closed on Monday for the Martin Luther King Jr. holiday, traders will have a wide variety of oversold exchange-traded funds (ETFs) to choose from on Tuesday thanks to the end of the week pullback.

Sectorwise, sellers were especially aggressive in the financials, sending the ProShares Ultra Financials ( UYG | Quote | Chart | News | PowerRating) down by well over 2%. Around the globe, country funds from the Vanguard Emerging Markets ETF ( VWO | Quote | Chart | News |PowerRating) to the iShares MSCI Mexico Investable Market Index ( EWW | Quote | Chart |News | PowerRating) are among the highest rated ETFs going into Tuesday's trading.

Here are 7 ETFs You Need to Know for Tuesday.

Among the top ETF PowerRatings funds for Tuesday are the SPDR S&P Bric 40 ETF ( BIK |Quote | Chart | News | PowerRating) and the iShares MSCI All Country Asia ex Japan Index Fund ( AAXJ | Quote | Chart | News | PowerRating). Both BIK and AAXJ earned ETF PowerRatings of 9 midway through the trading day on Friday.

Earning one of the biggest ETF PowerRatings upgrades of the day, the SPDR S&P Homebuilders ETF ( XHB | Quote | Chart | News | PowerRating) joined the ranks of the top rated exchange-traded funds late in trading on Friday.

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Pulling back sharply for the second time in the past four days, the SPDR S&P 500 ETF ( SPY |Quote | Chart | News | PowerRating) sold off after a day back in overbought territory above the 200-day moving average. Also down for a second day out of the past four was thePowerShares QQQ ( QQQQ | Quote | Chart | News | PowerRating).

The most oversold ETF in our database? With a 2-period RSI of barely more than 1, theiShares MSCI Hong Kong Index Fund ( EWH | Quote | Chart | News | PowerRating) tops our most oversold ETFs roster for Tuesday.

Strength in the dollar meant lower levels and a pullback for the PowerShares DB US Dollar Bearish Fund ( UDN | Quote | Chart | News | PowerRating), which closed at a new short term low on Friday.