Saturday, November 28, 2009

Top Overbought and Oversold ETFs For Short-Term and Long Term; Overbought/Oversold Ratio is 4.08

We calculated the RSI values of all 776 ETFs on the market. Here are the most overbought and oversold ETFs for both short-term (RSI-D), and long-term (RSI-M). What we notice is that there are a lot more overbought ETFs than oversold ones in both time horizons. Details below.

Top Oversold Short-Term (ordered by RSI-D):

(please click to enlarge)

Top Overbought Short-Term:

Note that there are too many overbought ETFs in the short term so we raised the cutoff RSI level to 75. There are 12 oversold ETFs, and 40 overbought (RSI over 70), ratio of 3.33.

The most overbought ETF is SHY, 1-3y treasury bonds, with an RSI of 90.08.

Top Oversold Long-Term (ordered by RSI-M):

Top Overbought Long-Term:

Note that again in the long term there are a lof more overbought ETFs than oversold ones. There are 23 oversold ETFs and 94 overbought (ratio of 4.08).

The most overbought ETF shown is PVI, with an RSI of 94.56, which is stratospheric. However, this ETF is designed to track the performance of a pool of short-term, tax-exempt, variable-rate demand obligations (VRDOs) issued by municipalities in the United States and its price barely moves and causes an impractical RSI. The most overbought ETF is then MBB, with an RSI of 90.55, another bond fund, Barclays Capital U.S. MBS Index.

You may receive technical analysis and alerts of these stocks, sent automatically to you, by entering the symbols in the Technical Trend Analysis Tool, (powered by INO).

As always, for information only, please do your own due dilligence.

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