TradingMarkets Most Overbought and Oversold ETFs for Wednesday

• By David Penn
• On 5:11 pm EDT, Tuesday October 27, 2009

Most Overbought

The following ETFs are the most overbought for Wednesday, October 28, 2009 and are due for a short term reversal. This analysis is based on research published in Larry Connors' new book, High Probability ETF Trading.

ProShares Short QQQ ETF (NYSE:PSQ - News)
ProShares UltraShort QQQ Trust ETF (NYSE:QID - News)
ProShares UltraShort MSCI Emerging Markets ETF (NYSE:EEV - News)
DB Gold Double Short ETN (NYSE:DZZ - News)
ProShares UltraShort Basic Materials ETF (NYSE:SMN - News)

PowerShares DB U.S. Dollar Index Bullish Fund (NYSE:UUP - News)
ProShares UltraShort Russell 2000 ETF (NYSE:TWM - News)
ProShares Short Russell 2000 Index ETF (NYSE:RWM - News)
ProShares Short S&P 500 ETF (NYSE:SH - News)
ProShares UltraShort S&P 500 ETF (NYSE:SDS - News)

ProShares UltraShort Financial ETF (NYSE:SKF - News)
ProShares UltraShort Real Estate ETF (NYSE:SRS - News)
ProShares UltraShort Dow 30 Trust ETF (NYSE:DXD - News)
ProShares UltraShort FTSE/Xinhua China 25 ETF (NYSE:FXP - News)
ProShares Short Dow 30 Trust ETF (NYSE:DOG - News)

Overbought ETF Chart of the Day - ProSharse Short QQQ ETF - PSQ

Most Oversold

The following ETFs are the most oversold for Wednesday, October 28, 2009 and are due for a short term reversal. This analysis is based on research published in Larry Connors' new book, High Probability ETF Trading.

Market Vectors Gold Miners ETF (NYSE:GDX - News)
SPDR S&P Metals & Mining ETF (NYSE:XME - News)
iPath MSCI India Index ETN (NYSE:INP - News)
WisdomTree India Earnings Fund ETF (NYSE:EPI - News)
iShares S&P U.S. Preferred Stock Index Fund ETF (NYSE:PFF - News)

iShares Dow Jones U.S. Transportation Average ETF (NYSE:IYT - News)
iShares MSCI Mexico Index Fund ETF (NYSE:EWW - News)
PowerShares Wilderhill Clean Energy Portfolio ETF (NYSE:PBW - News)
Market Vectors Steel ETF (NYSE:SLX - News)
iShares MSCI Austria Index Fund ETF (NYSE:EWO - News)

iShares Nasdaq Biotechnology Index Fund ETF (NYSE:IBB - News)
iShares MSCI Canada Index Fund ETF (NYSE:EWC - News)
Market Vectors Agribusiness ETF (NYSE:MOO - News)
PowerShares QQQ Trust ETF (NYSE:QQQQ - News)
Market Vectors Coal ETF (NYSE:KOL - News)

ProShares Ultra QQQ Trust ETF (NYSE:QLD - News)
Claymore BNY BRIC ETF (NYSE:EEB - News)
iShares MSCI Japan Index ETF (NYSE:EWJ - News)
Market Vectors Russia ETF (NYSE:RSX - News)
iShares Silver Trust ETF (NYSE:SLV - News)

Industrial Select Sector SPDRS ETF (NYSE:XLI - News)
Utilities Select Sector SPDRS ETF (NYSE:XLU - News)
iShares S&P GSTI Semiconductor Index Fund ETF (NYSE:IGW - News)
iShares MSCI Emerging Markets Index Fund ETF (NYSE:EEM - News)
iShares MSCI Germany Index Fund ETF (NYSE:EWG - News)

Oversold ETF of the Day - iPath MSCI India Index ETN - INP

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