Big Weekly Winners: Swing Trading with PowerRatings
This week’s trading ended on a low note as the Non-Farm Payroll Report was released on Friday with disappointing news of a weaker US labor market and only 80,000 jobs added in the month of June. The S&P 500 closed the week in the red for the 4th time in the last 8 weeks, while borrowing rates for Spain and Italy spiked dramatically during Friday’s trading. The top-performing stocks from this week came from the healthcare and services sectors.
The stocks in this week’s Big Weekly Winners: Swing Trading with PowerRatings all earned PowerRatings of 8 or higher one week ago on June 29, 2012.
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Performance of 6/29/12 – 7/06/12 Trading Week
Synta Pharmaceuticals Corp. (SNTA)
Shares of Synta Pharmaceuticals Corp. have been rising steadily since early May and reached a new 52-week high during the previous week’s trading. After gapping-down on last Thursday’s open SNTA rallied throughout the week and ended Friday’s trading with an almost 20% weekly gain.
- 6/29/12 Entry Price: 5.47with a PowerRating of 8
- 7/06/12 Exit Price: 6.53
- Gain: 19.38%
CytRx Corporation (CYTR)
Currently trading above both its 50 and 200-day moving averages, CytRx Corporation shares have seen a recent boost of insider buying as the company received FDA approval for several new products this week. Shares of CYTR enter Monday’s trading in firmly overbought territory.
- 6/29/12 Entry Price: 4.58with a PowerRating of 9
- 7/06/12 Exit Price: 5.43
- Gain: 18.56%
MTR Gaming Group, Inc. (MNTG)
MTR Gaming Group, Inc. shares opened on Monday very oversold and fluctuated during the week’s trading, but climbed Friday afternoon to gain a little more than 5% to close the week. MNTG representatives also announced last Tuesday that it had been added to the Russell 3000 index.
- 6/29/12 Entry Price: 4.75 with a PowerRating of 8
- 7/06/12 Exit Price: 4.99
- Gain: 5.05%
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Joshua Glasgall is Editor in Chief of Connors Research