The following ETFs are the most overbought for Tuesday, December 1, 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 Barclays 20+ Year Treasury Bond ETF (NYSE:TLT - News)
ProShares UltraShort Russell 2000 ETF (NYSE:TWM - News)
ProShares Short Russell 2000 ETF (NYSE:RWM - News)
ProShares UltraShort MidCap 400 ETF (NYSE:MZZ - News)
ProShares UltraShort QQQ ETF (NYSE:QID - News)

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

Most Oversold

The following ETFs are the most oversold for Tuesday, December 1, 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 Russell 2000 Growth Index ETF (NYSE:IWO - News)
Consumer Staples Select Sector SPDRS ETF (NYSE:XLP - News)
PowerShares Water Resources Portfolio ETF (NYSE:PHO - News)
PowerShares Financial Preferred Portfolio ETF (NYSE:PGF - News)
iShares Dow Jones U.S. Home Construction Index ETF (NYSE:ITB - News)

iShares MSCI United Kingdom Index ETF (NYSE:EWU - News)
S&P Homebuilders SPDRS ETF (NYSE:XHB - News)
iShares MSCI Sweden Index ETF (NYSE:EWD - News)
KBW Insurance SPDRS ETF (NYSE:KIE - News)
iShares MSCI EAFE Small Cap Index ETF (NYSE:SCZ - News)

Vanguard Small Cap ETF (NYSE:VB - News)
iShares Goldman Sachs Natural Resources Index ETF (NYSE:IGE - News)
iShares S&P Europe 350 Index ETF (NYSE:IEV - News)
Vanguard European ETF (NYSE:VGK - News)
iShares S&P Small Cap 600 Index Fund ETF (NYSE:IJR - News)

Market Vectors Russia ETF (NYSE:RSX - News)
Retail HOLDRS ETF (NYSE:RTH - News)
S&P Retail SPDRS ETF (NYSE:XRT - News)
iShares S&P Latin America 40 Index ETF (NYSE:ILF - News)
ProShares Ultra Russelll 2000 ETF (NYSE:UWM - News)

iShares Dow Jones U.S. Telecommunications Sector Index ETF (NYSE:IYZ - News)
Energy Select Sector SPDRS ETF (NYSE:XLE - News)
iShares Russell MidCap Growth Index ETF (NYSE:IWP - News)
ProShares Ultra MidCap 400 ETF (NYSE:MVV - News)

Oversold ETF of the Day - iShares Russell 2000 Growth Index ETF - IWO

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