In truth, it'll be hard for any bargains to gain much ground in the current environment. Yet if it's bargains that you seek, here are two ETFs that I regard as technically oversold and fundamentally desirable. 1. iShares MSCI South Korea ( EWY). It has already been well established that some of the best stock ETFs in 2011 -- as well as 2009 and 2010 -- are Asian neighbors to China/Japan. I have discussed the ability for Thailand, Indonesia and Malaysia to rebuff the bearish growl heard round the world. Yet iShares MSCI South Korea has been rocked over the last 10 weeks for a 26% decline. I think there may be a reason to go bargain hunting here. This is a country on track for 4.2% 2011 GDP with full employment. Its P/E of 15.5 is reasonable for a country fund whose largest weighting is in information technology. 2. SPDR S&P Oil and Gas Equipment and Services ( XES). Of all the assets on the "Oversold ETF Table," this one sticks out like a sore thumb. Call it an Arab Spring... call it Middle East tension... but we're still seeing uprisings in Libya, Syria, other parts of northern Africa as well as the areas surrounding Israel. Crude oil has already taken a very hard hit from the top, and is likely to stabilize near $80 on supply/demand and Middle East concerns alone. It follows that expertise in assisting drillers, particularly offshore, should continue to boom over time. XES boasts a low P/B of just 1.4, 10% ROE and 3- to 5-year EPS growth estimate of 14%. You can follow me on Twitter @ETFexpert. You can listen to the ETF Expert Radio Show "LIVE", via podcast or on your iPod. You can follow me on Twitter @ETFexpert.