7 ETF's you need to know for Thursday

Here are 7 ETFs You Need to Know for Thursday.

Financial stocks were the clear leaders on Wednesday, driving exchange-traded funds linked to financial stocks deeper into overbought territory below the 200-day moving average. Among these ETFs is the iShares Dow Jones U.S. Financial Services ETF, IYG (IYG | Quote | Chart | News | PowerRating), which includes stocks like JP Morgan Chase (JPM | Quote | Chart | News | PowerRating) and Wells Fargo (WFC | Quote | Chart | News | PowerRating).

Also moving higher and further into overbought territory below the 200-day moving average is the Financial Select Sector SPDRS ETF, XLF (XLF | Quote | Chart | News | PowerRating). The XLF soared by nearly 12% on Wednesday.

Consumer discretionary stocks were also advancing on Wednesday, led by Coach Inc. (COH | Quote | Chart | News | PowerRating) which was dramatically higher on the day. ETF traders and investors can get exposure to this sector through funds like the Consumer Discretionary Select Sector SPDRS ETF, XLY (XLY | Quote | Chart | News | PowerRating). This ETF was testing 7-day highs below the 200-day moving average by mid-day.

The PowerShares DB Dollar Index Bullish ETF, UUP (UUP | Quote | Chart | News | PowerRating) pulled back into oversold extremes on Wednesday. UUP, which tracks Deutsche Bank Long Dollar Futures Index, is as oversold as it has been since making its mid-December 2008 lows just above the 200-day moving average.

Testing January highs on Wednesday was the iShares MSCI Taiwan Index ETF, EWT (EWT | Quote | Chart | News | PowerRating). Also trading below its 200-day moving average, the fund closed above its 5-day moving average for the third consecutive session.

Pulling back sharply and moving further into oversold territory were a wide number of short/inverse exchange-traded funds, with the ProShares UltraShort Technology ETF, REW (REW | Quote | Chart | News | PowerRating) and the ProShares UltraShort S&P 500 Index ETF, SDS (SDS | Quote | Chart | News | PowerRating) both down more than 7%.