This morning's upgrades are perhaps indicative of the momentum in the week to come.  Note that much of the upgrade action today was R&D health, likely the result of a thoroughly beaten share price over the last month.  A number of the HealthShares ETFs have shown up in the worst performers for the past days/weeks/month, and if this momentum continues, expect to see a nice rebound in the coming week.

    On the downside, we could see a poor week for software based on these downgrades.  The SWH software ETF is up about 2% in the past month, and is trading relatively close to stable technical lines, so I would take a break below 40.5 to signal bad things. 

    Below is the list of ETFs with downgraded or upgraded components with weight greater than 1%.

Upgrades

PRX

• RFG: 2%

SEPR

• BBH: 2%
• HHH: 5%
• HHR: 4%

RDY

• HHU: 5.5%

ZMH

• IHI: 7%
• PTH: 2.5%
• RPG: 1%

ITT

• PRN: 2.5%

CMCSA

• PRFS: 2%
• QLD: 1%
• QQQQ: 2.5%
• RXI: 3%
• VCR: 3%

HOLX

• HHD: 7%

Downgrades

CI

• IHF: 5%
• PTH: 2.5%
• PTJ: 5%

INTU

• SWH: 8.5%

CSC

• PSP: 7%