Top ETFs of the Week
Last week I highlighted EWZS (Brazil Small Cap) as it poked it’s head for the first time in months. Now it is running and is up 14% this week. Brazil looks like a lot of other ETFs that are looking to play “catch up”. All the charts of these catch up trades are looking pretty similar.
Banks (IAT) was the leading ETF this week up 7% so far. The smart money is looking for value and tech stocks are extended. Banks were down much more than the market as IAT was down over 50%. Now with interest rates showing signs of a short term bottom (or counter trend rally) I believe this leaves a lot of upside for financials.
JETS ETF (airlines) also a highly beaten up industry (as they should be). However, the chart says they are ready for a counter trend rally as they popped above the 50 SMA 2 days ago and are looking ready to run