Unresolved eurozone debt drama and mixed economic data releases on the homefront continue to drive markets, showcasing how investors' confidence has yet to fully be restored. Amidst the back-and-forth trading across equity markets, investors and traders alike have been hard-pressed to find lucrativeopportunities without taking onsignificantrisks. Scouring the globe for favorably positioned asset classes against the uncertaineconomicbackdrop has proved to be a formidable challenge for even the most seasoned of veterans. Despite all of the seemingly never-ending doom and gloom seen across headlines, the global market is still abundant with opportunities for those with a keen eye. As such, below we highlight seven equity ETFs deemed to be in steady uptrends. The common characteristic across all of the ETFs profiled below is their ability to consistently bounce off, and move higher, along an upward slopping support line. Some may wish to take advantage by jumping in long after a major sell-off, while more experienced traders could look for opportunities to take short positions in anticipation of short-term corrections.
5. iShares Dow Jones U.S. Home Construction Index Fund (ITB)
This ETF, which tracks theDow Jones U.S. Select Home Construction Index, has been moving along higher in a well-defined trading channel since it bottomed out at $8.21 a share on October 4, 2011. From a fundamental perspective, housing market data releases have been improving, although the most recent wave of reports has been a mixed bag, perhaps explaining its recent correction. ITB has notable support at $16 a share and resistance at the $17 level.
4. Van Eck Market Vectors Biotech ETF (BBH)
BBH has been in a steady uptrend since its inception in late 2011. Health care equities have taken on appeal amidst the ongoing turbulence inEuropeas this sector is known for delivering defensive exposure, helping to stabilize many portfolios. This ETF made a recent all-time high at $51.61 a share on July 30, 2012 and is up an impressive 34% year-to-date .
3. iShares MSCI Philippines Investable Market Index Fund (EPHE)
This has been one of the best-performing funds in theEmerging Asia Pacificspace, raking in an impressive 26% gain so far in 2012. From a portfolio composition perspective, EPHE is a bit top-heavy as the top ten holdings account for just over half of total assets, potentially increasing the company-specific risk associated with this product. EPHE has notable resistance just above $30 a share, as it failed to summit this level back on May 3, 2012 .
2. PowerShares Nasdaq-100 ETF (QQQ)
Despite the mixed economic outlook at home, this U.S. equity ETF has been able to charge higher and higher with full force. QQQ has been in a steady uptrend since carving out a triple bottom at the $50 level in August and September of last year. This ETF has notable support right at its 200-day moving average (yellow line) around $62 a share.
1. iShares Morningstar Large Growth Index Fund (JKE)
U.S. growth equities have attracted serious investment dollars over the past year, despite looming economicuncertainties, as made apparent by JKE's steady uptrend. This ETF has notable resistance at $78 a share, while major support for JKE lies around the $70 level.
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Disclosure: No positions at time of writing.