Home > Potential Long Buy Candidates With These ETFs (USO, DVY, DIA, SPY)

Potential Long Buy Candidates With These ETFs (USO, DVY, DIA, SPY)

March 8th, 2012

Stocks recovered from Tuesday’s distribution day but trade was light. In a reversal of Tuesday’s performance, the small-cap Russell 2000 led the move higher, as it tacked on 1.1%. The S&P MidCap 400 added 1.0%, while the Nasdaq improved by 0.9%. The S&P 500 (NYSEArca:SPY) and the Dow Jones Industrial Average (NYSEArca:DIA) improved by 0.7% and 0.6% respectively. Home construction, home improvement retailers and financials showed relative strength, while non ferrous metals, gold and airlines underperformed. 

In Tuesday’s newsletter we commented that the United States Oil Fund (NYSEArca:USO) may be a pullback long candidate. Yesterday, USO undercut its 20-day EMA for a second consecutive day and held this support level. Further, USO rallied to close near session highs. A move above yesterday’s high of $40.74 could provide a buy entry trigger in this ETF.

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The iShares Dow Jones Select Dividend Index (NYSEArca:DVY) has pulled back and held support just above its 50-day MA over the past two sessions. Yesterday, DVY formed a reversal candle as it retested Tuesday’s low. A volume fueled move above the two day high of $55.11 could present a buying opportunity in this ETF.

The commentary above is an abbreviated version of The Wagner Daily, a daily ETF and stock swing trading newsletter. Subscribers to the full version also receive detailed entry and exit prices for potential swing trade entries, and an additional section dedicated to individual stock trades. To learn more about our trading strategy, please visit our blog.



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