TradingMarkets 7 Stocks You Need to Know for Thursday: FITB, COF, NOV, MCD, HANS, WFC, FCX
The under-reported story of trading at midweek is the strength of smaller-sized financials, insurers and regional banks like ^LNC^ and ^ZION^, as well as the larger names. Many many of which are just crossing back above their 200-day moving averages.
Here are 7 Stocks You Need to Know for Thursday.
In addition to the financials noted above, shares of ^FITB^ gained more than 6% in trading on Wednesday.
Strength in financials is helping create overbought conditions below the 200-day moving average in a number of markets including the market for shares of ^COF^.
^NOV^ (below) joined a growing list of energy companies that have begun to pull back in recent days
Shares of NOV are at their most oversold since the stock climbed back above its 200-day moving average in mid-September.
Have you seen The Machine? The Machine is the first financial software that lets traders and investors build quantified portfolios of backtested mean reversion and trend-following strategies. If you own an IRA or manage investments in excess of $100K, then you owe it to yourself to attend the next free, online presentation on The Machine by TradingMarkets founder and CEO, Larry Connors. To learn more and to save your spot, click here.
Profit-taking in shares of ^MCD^ (below) took the stock down by 2% ahead of Thursday’s open.
MCD was last at these oversold levels one week ago, shortly before rallying for five out of the next six trading days.
Off by more than 3% above the 200-day moving average are shares of ^HANS^ (below).
Hansen has been trending lower since just after the Thanksgiving holiday. Wednesday’s sell-off takes the stock to its mosst oversold since the first half of November.
Up after a two-day pullback are shares of ^WFC^ (below) on Wednesday. WFC retreated back below its 200-day moving average in the first half of November, but has been trading above that level for the past five days.
Selling in precious metals has traders taking profits in metals and mining stocks like ^FCX^.
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