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Buy on the Dip Prospects: March 13 Edition

BY | ETF Database
03/13/2024 | 1170 VIEWS
Below is a look at ETFs that currently offer attractive buying opportunities. The ETFs included in this list are rated as buy candidates for two reasons. First, each of these funds is deemed to be in an uptrend based on the fact that its 50-day moving average is above 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 below its five-day moving average, thereby offering a near-term ‘buy on the dip’ opportunity, given the longer-term uptrend 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. About 11 ETFs made it to the buy on the dip prospects list this month with all major indices gaining last month after the Fed signaled interest rate cuts more likely in the year. iShares North American Tech-Software ETF (IGV B+) that gives an exposure to various software companies topped the buy on the dip list as hot inflation data weighed on technology stocks. However, tech sector should continue to grow on increasing demand for automation, innovation, and AI and expectations of interest rate cut later this year. ProShares UltraPro Dow30 (UDOW A) ETF which offers 3x daily long leverage to the Dow Jones Industrial Average ranked second on the list as market tumbled on hotter-than-expected inflation data but rising recently after Fed indicated interest rate cuts later in 2024. AdvisorShares Pure US Cannabis ETF (MSOS ) was one of the buy on the dip contenders as Cannabis stocks tumbled on regulatory hurdles and presidential pardons creating uncertainty. However, more and more U.S. states have started to legalize cannabis usage creating strong tailwinds for this industry. Here is our list of Marijuana ETFs Several ultra-short bond funds such as Vanguard Ultra-Short Bond ETF (VUSB B+), iShares Ultra Short-Term ETF (ICSH B), and PGIM Ultra Short Bond ETF (PULS A) were buy on the dip candidates as yield on 1 year US Treasury Bill increased in the last month on stubbornly high inflation data. To compare this month’s list with the one published February 21st, click here.ETFs to Buy on the DipPlease 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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