Stocks were little changed going into Friday’s session. But beneath the surface, measured profit-taking is sending a number of energy stocks lower ahead of the final trading day of the week. Down two days in a row are shares of both ^SLB^ and ^BHI^. Materials stocks, on the other hand, were a source of strength, with stocks like ^AA^ and ^DOW^ overbought above the 200-day moving average.
Here are 7 Stocks You Need to Know for Friday.
Shares of ^BRKB^ (below) pulled back by more than 2% ahead of trading on Friday.
Berkshire Hathaway has been in the headlines recently in the wake of the unexpected resignation of David Sokol. Sokol was widely viewed as most likely to succeed Warren Buffett at the helm of the company.
Pulling back by more than 8%, shares of ^NOC^ closed at their lowest levels of the year and only cents above its 200-day moving average.
Some of the most aggressive selling in oil stocks came in the pullback of more than 3% in shares of ^TSO^.
Despite the sharp pullback, the stock is still very much in neutral territory and will require significant additional weakness before reaching oversold levels.
Reversing back to the upside after a one-day pullback, shares of ^FSLR^ rallied to a new short term high on Thursday, gaining more than 3%.
Down five days in a row ahead of trading on Friday were shares of ^BRCM^. The stock was down more than 2% on Thursday alone and is oversold above the 200-day.
Shares of ^EXPD^ (below) have become increasingly overbought above the 200-day moving average and are vulnerable to a short term pullback.
EXPD has closed higher for seven days in a row, the last three in overbought territory.
After closing lower for four days in a row, shares of ^SBUX^ rallied into strength going into Friday’s trading, closing at its highest level in a week.
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.