Banks Pullback as Earnings Season Comes to Financials: 7 Stocks You Need to Know for Thursday
^JPM^ reported earnings that beat estimates before the bell on Wednesday, but sellers remained the dominant force in the sector. JPM has pulled back for four out of the past five trading days, and was down 1% late in trading on Wednesday.
The wave of selling that struck oil and oil stocks subsided somewhat a midweek, with stocks that had closed lower for as many as five days in a row like ^HAL^ (but not rival, ^SLB^) begining to lose momentum to the downside.
Here are 7 Stocks You Need to Know for Thursday.
Shares of ^WYNN^ (below) rallied into strength on Wednesday, gaining well over 3% after pulling back for three days in a row.
WYNN’s oversold bounce put the stock back above its 5-day moving average.
Among the deeper pullbacks in the financial sector was the retreat of 2% in shares of ^WFC^ (below).
Shares of WFC have closed lower for four out of the past five trading days and are exceptionally oversold above the 200-day moving average.
Click here to subscribe to the 7 Stocks You Need to Know daily newsletter. From breakouts to pullbacks, and from earnings surprises to mergers and acquisitions, 7 Stocks You Need to Know provides traders and investors with insightful analysis on the stocks that are making both the top headlines in the news and the big moves in the stock market everyday.
To start your free subscription to the 7 Stocks You Need to Know daily newsletter, click here.
Also down four out of the past five sessions on Wednesday was ^BAC^. BAC, which reports quarterly earnings on Friday, traded back below its 200-day moving average after climbing above that level earlier in the month.
Sellers are back on the offensive in the semiconductor market. Pulling back for four out of the past five trading days on Wednesday were shares of ^AMAT^ and ^LRCX^. Both stocks are oversold above the 200-day moving average.
Rallying into strength on Wednesday after closing lower for four days in a row were shares of ^CME^ (below).
The pullback in CME took the stock to its most oversold level in a month.
Shares of Google ^GOOG^ rallied by nearly 1% ahead of the company’s scheduled earnings announcement on Thursday. The stock had pulled back for three days in a row before Wednesday’s bounce.
With 16 backtested strategies for trading bull markets, bear markets and sideways markets, Short Term Trading Strategies That Work by Larry Connors and Cesar Alvarez may be the most important trading book you read this year. Click here to order your copy of Short Term Trading Strategies That Work today.
David Penn is Editor in Chief of TradingMarkets.com