While selling in semiconductor stocks has dominating the distribution-minded among those trading in the Nasdaq, there are a few other areas – from electronics to trucking – where buyers have been sidelined and selling pressure is carrying the day.
Down by nearly six percent on Friday were shares of Intuit Inc. (NASDAQ: INTU). INTU has closed lower for three days in a row, but it was the gap down and sharp move lower on the final trading day of the week that has the software stock trading oversold fir the first time in almost a month.
Opening Friday morning with ratings of 5 out of 10, the stock has so far earned a one-point upgrade, moving INTU closer to that level where the stock historically has tended to become attractive to buyers. Already Intuit has a positive edge of more than 1% in the short-term, further evidence of the likelihood of the stock moving higher in the next few days.
Shares of Paccar Inc. (NASDAQ: PCAR) broke down to new, two-week lows in Friday’s session, taking the stock below a very, short-term consolidation that had started to form in the wake of the stock’s steep plunge at the beginning of April.
The trade lower on Friday, a modest move of just under three-quarters of a percent, has yet to result in a significant, short-term edge, though any significant selling on Monday will likely take PCAR into technically oversold territory above the 200-day moving average. The stock earned a one-point ratings upgrade in Friday’s session, but remains in neutral levels heading into the weekend.
Also on a three-day pullback streak, shares of Staples Inc. (NASDAQ: SPLS) have earned a positive, short-term edge of just over half a percent on Friday. The stock has been trading in a relatively brief, relatively wide range since a wave of profit-taking took SPLS down from new, 6-month highs set in March. Note that Staples shares have only been trading consistently in bull market territory for the past two months.
Overall, the Nasdaq 100 is short-term oversold, with the PowerShares QQQ Trust ETF (NASDAQ: QQQ) having closed lower for three consecutive sessions – and five out of the last six – with the ETF’s most recent two finishes in technically oversold territory.
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David Penn is Editor in Chief of TradingMarkets.com