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The market opened higher yesterday, but moved lower as the day wore on. A pop in the Retail Sales report was not enough to keep the bulls happy.

As a result, there are quite a few “oversold” to “very oversold” ETFs in the list below, namely QQQQ and RTH. The RSI (2) in both ETFs have moved into an extreme so a move lower today could trigger a trade. I did place a trade in TBT yesterday as the UltraShort 20+ Year Treasury ETF reached a “very overbought” state which triggered a signal in the portfolio.

Short-Term High-Probability, Mean-Reversion Indicator – as of close 11/15/10

Benchmark ETFs

* S&P 500 (NYSEARCA:SPY) – 35.2 (neutral)
* Dow Jones (NYSEARCA:DIA) – 34.5 (neutral)
* Russell 2000 (NYSEARCA:IWM) – 41.9 (neutral)
* NASDAQ 100 (QQQQ) – 27.8 (oversold)

Sector ETFs

* Biotech (NASDAQ:IBB) – 42.9 (neutral)
* Consumer Discretionary (NYSEARCA:XLY) – 43.8 (neutral)
* Health Care (NYSEARCA:XLV) – 26.7 (oversold)
* Financial (NYSEARCA:XLF) – 45.2 (neutral)
* Energy (NYSEARCA:XLE) – 57.4 (neutral)
* Gold Miners (NYSEARCA:GDX) – 46.2 (neutral)
* Industrial (NYSEARCA:XLI) – 37.0 (neutral)
* Materials (NYSEARCA:XLB) – 37.4 (neutral)
* Real Estate (NYSEARCA:IYR) – 28.1 (oversold)
* Retail (NYSEARCA:RTH) – 29.2 (oversold) / RSI (2) – 4.0
* Semiconductor (NYSEARCA:SMH) – 42.9 (neutral)
* United States Oil Fund (NYSEARCA:USO) – 39.4 (neutral)
* Utilities (NYSEARCA:XLU) – 34.2 (neutral)

International ETFs

* Brazil (NYSEARCA:EWZ) – 27.9 (oversold)
* China 25 (NYSEARCA:FXI) – 27.6 (oversold)
* EAFE (NYSEARCA:EFA) – 33.1 (neutral)
* South Korea (NYSEARCA:EWY) – 33.7 (neutral)

Commodity ETFs

* Gold (NYSEARCA:GLD) – 34.3 (neutral)

Ultra Extremes

* Small Cap Bear 3x (NYSEARCA:TZA) – 55.4 (neutral)
* Small-Cap Bull 3x (NYSEARCA:TNA) – 40.5 (neutral)
* UltraLong QQQQ (NYSEARCA:QLD) – 25.8 (oversold)
* Ultra Long S&P 500 (NYSEARCA:SSO) – 34.6 (neutral)
* Ultra Short S&P 500 (NYSEARCA:SDS) – 63.3 (neutral)
* UltraShort 20+ Treasury (NYSEARCA:TBT) – 87.2 (very overbought) / RSI (2) – 98.6

Disclosure: Short TBT, FXI, SPY.