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.
Looking for new stock ideas? Each week we publish "the Bespoke 50," a list of our favorite growth stocks in the Russell 3,000. To make the list of 50, a stock must have strong earnings growth prospects along with an attractive price chart based on Bespoke's proprietary fundamental and technical analysis.
The "Bespoke 50" is released on a weekly basis, and in it you'll find the 50 stocks that made the cut, price charts for each of them, and an Excel file that you can download as well.