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Sell on the Pop Prospects: February 7 Edition

BY | ETF Database
02/07/2024 | 240 VIEWS
Here is a look at ETFs that currently offer attractive short selling opportunities. The ETFs included in this list are rated as sell candidates for two reasons. First, each of these funds is deemed to be in a downtrend based on the fact that its 50-day moving average is below its 200-day moving average, which are popular indicators for gauging long-term and medium-term trends, respectively. Second, each of these ETFs is also trading above its 20-day moving average, thereby offering a near-term ‘sell on the pop’ opportunity given the longer-term downtrend at hand. Note that this prospects list also features a liquidity screen by excluding ETFs with average trading volumes below the one million shares mark. As always, investors of all experience levels are advised to use stop-loss orders and practice disciplined profit-taking techniques. To get access to all ETF Database premium content, sign up for a free 14-day trial to ETF Database Pro. Only 15 ETFs made it to the list of sell on the pop prospects this month. The three stock indices increased as a result of strong quarterly earnings and rising productivity reports. Invesco DB US Dollar Index Bullish Fund (UUP A) topped the sell on the pop list as the US dollar increased for most of the month amid higher U.S. yields, strong U.S. jobs data, and easing inflation. Energy Select Sector SPDR Fund (XLE A) was one of the sell on the pop contenders as energy prices increased on the back of severe winter weather lowering domestic production, strong US economic growth, and global trade disruption amid Red Sea tensions. Several precious metals’ ETFs like Sprott Physical Silver Trust (PSLV ), ProShares Ultra Silver (AGQ A-), VanEck Vectors Gold Miners ETF (GDX B+), and Direxion Daily Gold Miners Bull 2X Shares (NUGT B-) were sell on the pop contenders as prices remained high for the safe haven assets amid interest rate cut bets in the last month. However, the Fed, in its latest meeting, signaled that a March cut is doubtful. iPath S&P 500 VIX Short-Term Futures ETN (VXX A-), ProShares VIX Short-Term Futures ETF (VIXY A), and ProShares VIX Short-Term Futures ETF (UVXY B-) featured on the sell on the pop list as market buoyed between hopes of rate cuts or not. Markets were affected by stronger-than-expected retail sales data and discouraging fourth-quarter bank earnings in the last month. Check out our Short Term Volatility ETFs’ list here To compare this month’s list with the one published on January 17th, click here ETFs to Sell on the PopPlease note that this list is updated on a monthly basis. For more ETF analysis, make sure to sign up for our free ETF newsletter. Disclosure: No positions at time of writing.

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