The following ETFs are the most overbought for Monday November 23, 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 Oil & Gas ETF (NYSE:DUG - News)
ProShares UltraShort MidCap 400 ETF (NYSE:MZZ - News)
ProShares Ultrashort QQQ Trust ETF (NYSE:QID - News)
ProShares Short QQQ Trust ETF (NYSE:PSQ - News)
ProShares UltraShort FTSE/Xinhua China 25 ETF (NYSE:FXP - News)

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

ProShares UltraShort Financials ETF (NYSE:SKF - News)
PowerShares DB U.S. Dollar Bullish Index ETF (NYSE:UUP - News)
ProShares Short Dow 30 ETF (NYSE:DOG - News)
ProShares UltraShort Basic Materials ETF (NYSE:SMN - News)
ProShares UltraShort Dow 30 ETF (NYSE:DXD - News)
ProShares UltraShort Real Estate ETF (NYSE:SRS - News)

Overbought ETF of the Day - ProShares UltraShort Oil & Gas ETF - DUG

Most Oversold

The following ETFs are the most oversold for Monday, November 23, 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.

Oil Service HOLDRS ETF (NYSE:OIH - News)
iShares Dow Jones U.S. Oil & Gas Exploration & Production Index Fund ETF (NYSE:IEO - News)
iShares Dow Jones U.S. Home Construction Index Fund ETF (NYSE:ITB - News)
S&P Oil & Gas Exploration & Production SPDRS ETF (NYSE:XOP - News)
Rydex CurrencyShares Australian Dollar Trust ETF

iShares Dow Jones U.S. Oil Equipment & Services Index Fund ETF (NYSE:IEZ - News)
SPDR S&P Homebuilders ETF (NYSE:XHB - News)
iShares Dow Jones U.S. Broker-Dealers Index Fund ETF (NYSE:IAI - News)
Vanguard European ETF (NYSE:VGK - News)
iShares MSCI Sweden Index Fund ETF (NYSE:EWD - News)

Vanguard Energy ETF (NYSE:VDE - News)
iShares MSCI Australia Index Fund ETF (NYSE:EWA - News)
iShares S&P Europe 350 Index Fund ETF (NYSE:IEV - News)
Semiconductor HOLDRS ETF (NYSE:SMH - News)
iShares MSCI EAFE Small Cap Index Fund ETF (NYSE:SCZ - News)

SPDRS S&P Midcap Trust Series ETF (NYSE:MDY - News)
ProShares Ultra Oil & Gas ETF (NYSE:DIG - News)
iShares Dow Jones U.S. Energy Sector Index Fund ETF (NYSE:IYE - News)
iShares Goldman Sachs Natural Resource Index Fund ETF (NYSE:IGE - News)
Energy Select Sector SPDRS ETF (NYSE:XLE - News)

ProShares Ultra Semiconductor ETF (NYSE:USD - News)
iShares S&P MidCap 400 Index Fund ETF (NYSE:IJH - News)
Vanguard Europe Pacific ETF (NYSE:VEA - News)
iShares MSCI Pacific ex-Japan Index Fund ETF (NYSE:EPP - News)
ProShares Ultra MidCap 400 ETF (NYSE:MVV - News)

Oversold ETF of the Day - Oil Service HOLDRS ETF - OIH

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