7 ETFs

TradingMarkets 7 ETFs You Need to Know for Wednesday

The only thing more remarkable than the rout in emerging markets on Tuesday was the drop in exchange-traded funds related to oil and oil service stocks.

This meant that short oil service ETFs were among the best performers, with the most widely-traded, leveraged short oil and gas exchange-traded fund gaining more than 9%.

With regard to emerging markets funds, ETFs based on stock markets in Latin America were among those making the biggest pullbacks on the day. The leading Brazilian stock market indexed exchange-traded fund, for example, was down more than 4%.

Here are 7 ETFs You Need to Know for Wednesday.

Opening up several points above Friday's close, the ProShares UltraShort Oil & Gas ETF, DUG (DUG | Quote | Chart | News | PowerRating) gained more than 9% on Tuesday and closing above its 200-day moving average for the first time in eight days.

Conversely, exchange-traded funds that were positively correlated to oil and oil service stocks pulled back sharply. The Oil Service HOLDRS, OIH (OIH | Quote | Chart | News | PowerRating) lost more than 4% on the day and continues to trade below its 200-day moving average.

The iShares Brazil Index Fund, EWZ (EWZ | Quote | Chart | News | PowerRating) pulled back by more than 4% on Tuesday, closing lower for the third session in a row after becoming extremely overbought late last week. EWZ is trading below its 200-day moving average.

As part of the broad-based selling in emerging markets, the iShares MSCI Emerging Markets Index ETF, EEM (EEM | Quote | Chart | News | PowerRating) lost more than 3% on Wednesday. EEM is also trading below its 200-day moving average.

Up for four days in a row going into trading on Tuesday, the ProShares UltraFinancials exchange-traded fund, UYG (UYG | Quote | Chart | News | PowerRating), was up on the day on Tuesday, but closed beneath its opening price.

The Select Energy Sector SPDRs, XLE (XLE | Quote | Chart | News | PowerRating) continued to pull back from overbought conditions that developed late last week. Trading below its 200-day moving average, the XLE was down approximately 5% on Tuesday.

Among the lesser traded ETFs, the PowerShares DB U.S. Dollar Bullish exchange-traded fund, UUP (UUP | Quote | Chart | News | PowerRating), gapped up to levels not reached since December 2007.

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