If you've ever delved into investing in ETFs (exchange-traded funds, basically entire indexes and sectors that trade like stocks), you're already familiar with the most popular, those being Powershares QQQ Trust (Nasdaq: QQQQ), SPDR Trust Series 1 (AMEX: SPY), Diamonds Trust, Series 1 (AMEX: DIA), iShares Russell 2000 Index (NYSE: IWM) and lately Financial Select SPDR (AMEX: XLF) and UltraShort QQQ ProShares (AMEX: QID). But have you ever looked into those that are much less followed, but more capable of yielding some big-time returns?

I primarily trade fun smallcap stocks, so until the past few days, I hadn't either. But when I began researching, I just kept finding more and more interesting ETFs -- it was addictive! Almost addictive as my new Twitter account where I've discovered I can chat with business legends, yesterday it was the founder of eBay Inc (Nasdaq: EBAY). Okay, maybe ETFs will never be that addictive!

Out the few hundred ETFs I looked into, here were some of the more interesting of the bunch:

Two weeks ago, in a post entitled, "Bonds: worth a shot in the near term?" I suggested that bond prices had fallen too far, too fast, and were due for a short-term technical bounce. As evidence, I cited oversold momentum readings, the nearness of long-term support levels, and heavy volume in the iShares Lehman 20+ Year Treasury Bond fund (AMEX: TLT), a proxy for the overall market.

Since then, prices have rebounded somewhat, with the exchange-traded fund rallying from $83.12 on June 14th to $84.30 at today's close. However, while I sense there could be a bit more upside in the near term, today's statement following the latest meeting of the Federal Open Market Committee, the policy-making arm of the Federal Reserve, gives cause for concern.

In essence, the FOMC signaled that policymakers still consider the threat of rising prices to be the central bank's primary focus, and suggested members see no "sustained" moderation in inflation pressures, according to reports. Those words triggered a round of selling in fixed-income markets, amid worries that liquidity might be constrained and short-term rates could be headed higher in future, contrary to expectations.

With my longer term view on bonds remaining decidedly negative, today's unhelpful Fed action, together with the fact that prices are no longer at oversold extremes, suggests that the upside is probably limited in the near term. Under the circumstances, it makes sense to shift to a more defensive stance.

Michael Panzner is a 25-year veteran of the global stock, bond, and currency markets and the author of Financial Armageddon: Protecting Your Future from Four Impending Catastrophes and The New Laws of the Stock Market Jungle: An Insider's Guide to Successful Investing in a Changing World.

U.S. government bonds have plunged in recent weeks, dragged down by worries over inflation, rising interest rates overseas, an apparent buyer's strike by some foreign central banks, and hedging by traders in other fixed-income markets.

However, a number of technical indicators suggest the selling may be overdone, at least in the short-term.

Using the iShares Lehman 20+ Year Treasury Bond Fund (AMEX: TLT) as a proxy, the accompanying chart indicates that bond prices are near levels that have provided solid support over the past five years.

Volume has also spiked, suggesting that the most recent leg down represents a "selling climax" of some sort.

Finally, momentum, in the guise of 14-day RSI, a popular technical indicator, is at its lowest reading since the exchange-traded fund was first listed, signaling that that the market has likely gone too far, too fast.

While there are various signs that the long bull market in bonds could be over and that yields are now in the early stages of a secular uptrend, the immediate technical evidence nonetheless suggests that bond prices -- and the Treasury Bond ETF -- are poised for a decent bounce.

Michael Panzner is a 25-year veteran of the global stock, bond, and currency markets and the author of Financial Armageddon: Protecting Your Future from Four Impending Catastrophes and The New Laws of the Stock Market Jungle: An Insider's Guide to Successful Investing in a Changing World.

How frequent are ultra-volatility days -- those during which the market moves 3% or more? More common than one might think.

Tom Dyson in Daily Wealth defines notes that ultra-volatile days -- or UVDs -- have occurred 115 times in the S&P 500 since 1950, or an average of two per year. Between 2002 and 2003, the S&P 500 had 21 UVDs. Over the same period, the Nasdaq experienced even more -- some 51 UVDs.

Says Dyson, "UVDs really aren't that extraordinary. And because they aren't, there's no need to change our investment strategies because of them. These things happen."

In fact, he notes, the only reason the press is making a big deal out of this one is because it had been a long time since we last saw one. The last UVD was in March 2003, nearly four years ago.