Stock Trading: Traders Buy Steel, Send Homebuilding Stocks Tumbling
Steel companies like ^NUE^ and ^X^ were some of the few gainers in a market still dominated by traders in a selling mood. Note that both NUE and X are trading below their 200-day moving averages.
Also gaining on the final trading day of the week were shares of ^GS^ and ^AIG^.
Some of the heaviest selling ahead of trading on Monday was in the real estate and homebuilding sectors, with stocks like ^CBG^ and ^LEN^ off by well over 3% and 2% respectively.
Here are 7 Stocks You Need to Know for Monday.
Up over 1% after pulling back for five days in a row were shares of ^ATVI^ ahead of trading on Monday.
The rally in ATVI brings the stock back up above its 200-day moving average.
Also rallying into strength on Friday were ^T^, which had become oversold earlier in the week, and the ^CME^. CME had closed lower for four days in a row before its most recent two-day bounce.
Pulling back by more than 2% on Friday and dropping below its 200-day moving average were shares of ^SSRI^.
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What’s up on a down day? Leading the S&P 500 were shares of ^AKS^ (below).
The stock rallied back above its 200-day moving average on Friday, gaining well over 3%.
^GMCR^ (below) has experienced almost relentless selling since climbing to a new year-to-date high in late May.
Shares of GMCR pulled back by more than 2% on Friday and have now closed lower for all but one of the past ten trading days.
Down four out of the past five sessions and oversold above the 200-day moving average ahead of trading on Monday were shares of ^WYNN^.
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David Penn is Editor in Chief of TradingMarkets.com