Of the 200 or so key ETFs that we track on a daily basis in our ETF Trends report over at Bespoke Premium, 85% are currently below their 50-day moving averages. All of the ones that are above their 50-days are either gold, currency or fixed income ETFs. A whopping 18% are trading more than 15% below their 50-day moving averages. Below is a table showing these oversold ETFs.
As shown, the homebuilder ETF (NYSEARCA:XHB) is the most oversold at -20.14%. XHB is followed closely by steel (NYSEARCA:SLX), Germany (NYSEARCA:EWG), banking (NYSEARCA:KBE), clean energy (NYSEARCA:PBW), and Italy (NYSEARCA:EWI). It's likely that we'll look back at this list a few months from now and see at least a few ETFs that were screaming buys, but right now they're all pretty much like "catching a falling knife."