Below we highlight the ETFs from our database that are currently trading the furthest above and below their 50-day moving averages. As shown in the first table below, oil and oil stock ETFs like DBE, XES, USO, DBO and OIL top the overbought list. These are followed by steel stocks (SLX), Brazil (EWZ), and other energy and materials names.

Ironically, while energy ETFs are the most overbought, gold and silver ETFs are the most oversold. We did a B.I.G. Tips report on the recent divergence between the price of oil and gold and found that it doesn't happen often. Since both are inflation hedges and are typically correlated, it will be interesting to see which way the two trade going forward.

Most of the other ETFs on the oversold list are fixed income names, but currency ETFs that don't include the US dollar also show up on the list for the first time in awhile.

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