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Below is a list of the 30 most overbought ETFs that we track in our daily ETF Trends report. As shown, the Germany ETF (EWG) is the most overbought, followed by the Technology ETF (HHH), India (INP), Italy (EWI), and Austria (EWO). Eight of the nine most overbought ETFs on our list are made up of foreign stocks.

The coloring of the dots in the charts shows whether the ETF has moved up (green) or down (red) relative to its range over the last week. While this is a list of the most overbought ETFs at the moment, nearly all have become less overbought in recent days. An overbought security that has lost its momentum is exactly the type of scenario that short sellers are looking for.

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Source: Most Overbought ETFs (10/21/10)