TradingMarkets 7 ETFs You Need to Know for Friday

• By David Penn
• On 3:51 pm EDT, Thursday October 22, 2009

With financials at the lead, equity index ETFs advanced on Thursday, sending bond ETFs into oversold territory above the 200-day moving average. Select ETFs in the metals and mining sectors were also among those pulling back above the 200-day late in the week.

Here are 7 ETFs You Need to Know for Friday.

Up big on a big up day for financial ETFs was the Direxion Daily Financial Bull 3x Shares ETF (NYSE:FAS - News) which gained well over 7% on Thursday. Despite the move higher, FAS has not yet re-entered overbought territory above the 200-day.

Among the very few country ETFs that are oversold above the 200-day are the iShares MSCI Taiwan Index ETF (NYSE:EWT - News) and the iShares MSCI South Korea Index ETF (NYSE:EWY - News). Both funds have closed lower for three sessions in a row and have earned ETF PowerRatings of 8.

Minor pullbacks on Thursday nevertheless pushed metals and mining related ETFs deeper into oversold territory above the 200-day moving average. Characteristic of these pullbacks were the moves lower in the Market Vectors Gold Miners ETF (NYSE:GDX - News) and the SPDR S&P Metals & Mining ETF (NYSE:XME - News).

Up well over 2% after a two-day pullback was the ProShares Ultra Consumer Services ETF (NYSE:UCC - News). Consumer cyclical stocks were second only to the financials in moving markets higher on Thursday.

Strength in equities translated into a predictable pullback in bonds, with bond ETFs like the iShares Barclays Aggregate Bond Fund ETF (NYSE:AGG - News) sliding from neutral to oversold territory above the 200-day on Thursday.

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