Silver the Most Overbought Asset Class

Below is a list of the key ETFs (from our daily ETF Trends report) that are currently trading the farthest above their 50-day moving averages.  As shown, silver is the asset class that is currently the most overbought.  Both SLV and DBS are nearly 10% above their 50-day moving averages.  

And don't look now, but Spain (EWP) and Italy (EWI) are the 3rd and 5th farthest above their 50-days of the ETFs that we track.  The Homebuilder+ ETF (XHB) ranks 4th at 8.19%.

In general, it's Europe and commodity ETFs that are currently the most overbought, which is the complete opposite of what we saw a couple months ago.

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