The following ETFs are the most overbought for Tuesday, November 3, 2009 and are due for a short term reversal. This analysis is based on research published in Larry Connors' new book, High Probability ETF Trading.

ProShares UltraShort Russell 2000 Index Fund ETF (NYSE:TWM - News)
SPDR Dow Jones Wilshire REIT ETF (NYSE:RWM - News)
ProShares UltraShort MidCap 400 ETF (NYSE:MZZ - News)
ProShares UltraShort Oil & Gas ETF (NYSE:DUG - News)
ProShares Short QQQ ETF (NYSE:PSQ - News)

ProShares UltraShort QQQ ETF (NYSE:QID - News)
ProShares UltraShort Financials ETF (NYSE:SKF - News)

Overbought ETF of the Day - ProShares UltraShort Russell 2000 Index Fund ETF - TWM

Most Oversold

The following ETFs are the most oversold for Tuesday, November 3, 2009 and are due for a short term reversal. This analysis is based on research published in Larry Connors' new book, High Probability ETF Trading.

iShares S&P U.S. Preferred Stock Index Fund ETF (NYSE:PFF - News)
Utilities Select Sector SPDRS ETF (NYSE:XLU - News)
iShares Dow Jones Transportation Average Index Fund ETF (NYSE:IYT - News)
SPDR Barclays High Yield Bond ETF (NYSE:JNK - News)
PowerShares Preferred Portfolio ETF (NYSE:PGX - News)

iShares Dow Jones U.S. Home Construction Index Fund ETF (NYSE:ITB - News)
iShares Russell 2000 Value Index Fund ETF (NYSE:IWN - News)
ProShares Ultra Russell 2000 Index Fund ETF (NYSE:UWM - News)
iShares S&P SmallCap 600 Index Fund ETF (NYSE:IJR - News)
iShares Russell 2000 Index Fund ETF (NYSE:IWM - News)

PowerShares Financial Preferred Portfolio ETF (NYSE:PGF - News)
Vanguard Small Cap Value ETF (NYSE:VBR - News)
iShares Russell 2000 Growth Index Fund ETF (NYSE:IWO - News)
iShares Dow Jones U.S. Broker-Dealers Index Fund ETF (NYSE:IAI - News)
ProShares Ultra Semiconductor ETF (NYSE:USD - News)

Vanguard Small Cap ETF (NYSE:VB - News)
iShares S&P GSTI Semiconductor Index Fund ETF (NYSE:IGW - News)
PowerShares Wilderhill Clean Energy Portfolio ETF (NYSE:PBW - News)
SPDR S&P Oil & Gas Exploration & Production ETF (NYSE:XOP - News)
iShares S&P MidCap 400 Index Fund ETF (NYSE:IJH - News)

Vanguard Small Cap Growth ETF (NYSE:VBK - News)
iShares Dow Jones Select Dividend Index Fund ETF (NYSE:DVY - News)
iShares Dow Jones U.S. Oil & gas Exploration & Production Index Fund ETF (NYSE:IEO - News)
Semiconductor HOLDRS ETF (NYSE:SMH - News)
SPDR S&P Homebuilders ETF (NYSE:XHB - News)

Oversold ETF of the Day - Utilities Select Sector SPDRS ETF - XLU

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