The following ETFs are the most overbought for Friday, November 20, 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 MidCap 400 ETF (NYSE:MZZ - News)
ProShares UltraShort FTSE/Xinhua China 25 ETF (NYSE:FXP - News)
ProShares UltraShort Oil & Gas ETF (NYSE:DUG - News)
ProShares Short QQQ Trust ETF (NYSE:PSQ - News)
ProShares Ultrashort QQQ Trust ETF (NYSE:QID - News)

ProShares UltraShort Russell 2000 ETF (NYSE:TWM - News)
ProShares Short Russell 2000 ETF (NYSE:RWM - News)
ProShares UltraShort S&P 500 ETF (NYSE:SDS - News)
ProShares UltraShort Emerging Markets ETF (NYSE:EEV - News)
ProShares Short S&P 500 ETF (NYSE:SH - News)

ProShares UltraShort Financials ETF (NYSE:SKF - News)
ProShares UltraShort Dow 30 ETF (NYSE:DXD - News)
ProShares UltraShort Basic Materials ETF (NYSE:SMN - News)
ProShares Short Dow 30 ETF (NYSE:DOG - News)

Overbought ETF of the Day - ProShares UltraShort MidCap 400 ETF - MZZ

Most Oversold

The following ETFs are the most oversold for Friday, November 20, 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 MSCI Japan Index Fund ETF (NYSE:EWJ - News)
S&P Oil & Gas Exploration & Production SPDRS ETF (NYSE:XOP - News)
iShares Dow Jones U.S. Oil & Gas Exploration & Production Index Fund ETF (NYSE:IEO - News)
Semiconductor HOLDRS ETF (NYSE:SMH - News)
Rydex CurrencyShares Australian Dollar Trust ETF (NYSE:FXA.TO - News)

iShares Dow Jones U.S. Broker-Dealers Index Fund ETF (NYSE:IAI - News)
iShares MSCI Sweden Index Fund ETF (NYSE:EWD - News)
ProShares Ultra Semiconductor ETF (NYSE:USD - News)
Oil Service HOLDRS ETF (NYSE:OIH - News)
ProShares Ultra MidCap 400 ETF (NYSE:MVV - News)

SPDRS S&P Midcap Trust Series ETF (NYSE:MDY - News)
Vanguard Europe Pacific ETF (NYSE:VEA - News)
Wisdom Tree India Earnings Fund ETF (NYSE:EPI - News)
iShares Dow Jones U.S. Oil Equipment & Services Index Fund ETF (NYSE:IEZ - News)
iShares S&P MidCap 400 Index Fund ETF (NYSE:IJH - News)

Vanguard Mid-Cap ETF (NYSE:VO - News)
iShares MSCI Australia Index Fund ETF (NYSE:EWA - News)
iShares MSCI EAFE Small Cap Index Fund ETF (NYSE:SCZ - News)
iShares Russell MidCap Index Fund ETF (NYSE:IWR - News)
iShares MSCI EAFE Index Fund ETF (NYSE:EFA - News)

iShares FTSE/Xinhua China 25 ETF (NYSE:FXI - News)
iShares Russell MidCap Growth Index Fund ETF (NYSE:IWP - News)
SPDR KBW Insurance ETF (NYSE:KIE - News)
Vanguard Small Cap Growth ETF (NYSE:VBK - News)
Vanguard Energy ETF (NYSE:VDE - News)

Oversold ETF of the Day - S&P Oil & Gas Exploration & Production SPDRS ETF - XOP

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