Financials Up, Oils Overbought and Apple Earnings on Deck: 7 Stocks You Need to Know for Wednesday
Buyers bid financials higher on Tuesday after multiple consecutive lower closes. Up more than 2% were financials like ^C^ and ^STT^. Energy shares were also favored by buyers, arguably too much so, with a number of oil and gas stocks increasingly overbought above the 200-day moving average.
Tech stock gains were modest by comparison, as traders and investors await earnings news from Apple on Wednesday. Note that ^YHOO^ reported both earnings and sales that were better than expected after the close on Tuesday. Shares of YHOO were higher in afterhours trading.
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Here are 7 Stocks You Need to Know for Wednesday.
Shares of ^INTC^ were higher in afterhours trading after the bell on Tuesday. Intel reported quarterly earnings that beat analyst expectations. The stock had rallied by more than 1% in Tuesday’s session.
Up more than 3% on Tuesday were shares of ^URBN^ (below).
URBN rallied into strength after a three-day pullback that took the stock into oversold territory.
After closing lower for seven consecutive trading days, ^FCX^ rallied into strength on Tuesday. The stock gained more than 2% to close above its 5-day moving average.
Buyers continue to push energy stocks like ^HAL^ and ^BHI^ deeper into overbought territory. Both stocks have closed higher for five days in a row, and were up well over 3% on Tuesday alone.
Shares of ^AAPL^ followed through to the upside on Tuesday after a two-day pullback. The stock gained more than 1% to close above its 5-day moving average.
Apple is scheduled to report quarterly earnings Wednesday.
Also scheduled to report quarterly earnings on Wednesday is ^AXP^.
Up by more than 1%, AXP closed at its highest level in two months on Tuesday and is just outside of overbought territory.
* 7 Stocks You Need to Know Trading Tip of the Day *
After the market has risen, everyone is jumping up and down and telling you how good things are and why prices are likely going higher. After a hard drop, the doomsayers come in repeating over and over again why the market has dropped and why it will likely continue to drop.”
“As most of us have seen, these people are usually wrong. Why? (Because) they are only repeating what the market already knows. And the market has already factored in much of the good news (that’s why it has risen) and it has already factored in much of the bad news (including the potential for bad news).”
“This has been the way markets have worked for decades and in my opinion, they will likely work like this for decades to come.”
“How do we take advantage of this information? By not buying the market or a stock right after it’s risen a number of days in a row, and not selling (or shorting) a stock after it has dropped a number of days in a row.”
–Larry Connors, Short Term Trading Strategies That Work: A Quantified Guide to Trading Stocks and ETFs
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David Penn is Editor in Chief of TradingMarkets.com