TradingMarkets 7 ETFs You Need to Know for Wednesday

• By David Penn
• On 4:28 pm EDT, Tuesday October 27, 2009

Energies rebounded, while consumer cylicals - especially retail - remained on the retreat. Among country exchange-traded funds, pullbacks in India ETFs continue to deepen. Top ETF PowerRatings funds include: EPI, EWC, IYT.

Here are 7 ETFs You Need to Know for Wednesday.

Closing lower for a third day in a row was the PowerShares QQQ Trust ETF (NYSE:QQQQ - News). The ETF closed in oversold territory above the 200-day for a second day in a row on Tuesday.

Weakness in semiconductor stocks is one reason for the correction in the Nasdaq 100. Pulling back by as much as 3% intraday was the ProShares Ultra Semiconductor ETF (NYSE:USD - News)

With both Chevron Corporation (NYSE:CVX - News) and Exxon Mobil (NYSE:XOM - News) advancing by more than 2% intraday on Tuesday, energy and oil-related exchange-traded funds were on the march higher. This included the Energy Select Sector SPDRS ETF (NYSE:XLE - News), which closed higher after pulling back to oversold territory above the 200-day over the past two days.

At the same time, the ProShares UltraShort Oil & Gas ETF (NYSE:DIG - News) retreated after spending the past two days in overbought territory below the 200-day. The ETF, which is leveraged 2-to-1 to the Dow Jones U.S. Oil & Gas index, lost more than 2% on Tuesday.

The SPDR S&P Retail ETF (NYSE:XRT - News) plunged by more than 3% on Tuesday to its lowest closing level since the beginning of the month. XRT is again oversold above its 200-day moving average.

Among those ETFs that have maintained their top ETF PowerRatings are country ETFs such as the Wisdom Tree India Earnings Fund (NYSE:INP - News) and sector ETFs like the Claymore/MAC Global Solar Energy Index ETF [TAN|TAN]. TAN includes solar energy stocks such as First Solar (NYSE:FSLR - News) and SunTech Power Holdings (NYSE:STP - News).

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