In this past trading week the market opened in extremely overbought territory after the previous week’s rally and the S&P 500 hitting close to new 5-year highs. After reaching that extreme a pullback was expected, and we weren’t surprised to see one occur leaving the market in neutral territory for the rest of the mid-week trading. European markets took a hit, while Japan joined the growing list of central banks implementing bond-buying programs in hopes of boosting economic performance. By Friday the market had edged over into oversold territory, and resides there now going into Monday’s trading. We saw strong performances from the top-performing stocks and ETFs – from the healthcare and technology sectors as well as a crude inverse leveraged ETF.
The stocks and ETF in this week’s Big Weekly Winners: Swing Trading with PowerRatings all earned PowerRatings of 8 or higher one week ago on September 14, 2012.
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Performance of 9/14/12 – 9/21/12 Trading Week
Hemispherx Biopharma, Inc. (HEB)
Shares of Hemispherx Biopharma, Inc. have been trending positively in a big way over the last three months, and this trading week proved to be no different. HEB opened the week trading above its 50 and 200-day moving averages and crossed into very oversold territory by Tuesday’s close. By Friday HEB had hit a new 52-week high at 1.00 for a substantial 25% gain.
- 9/14/12 Entry Price: 0.80 with a PowerRating of 8
- 9/21/12 Exit Price: 1.00
- Gain: 25.00%
Wizzard Software Corporation (WZE)
After hitting new lows over the last 2 trading weeks, shares of Wizzard Software Corporation were still trading above its 200-day moving average in oversold territory on Monday. WZE climbed to 5.24 by Friday’s close and is now extremely overbought after its rally.
- 9/14/12 Entry Price: 4.30 with a PowerRating of 8
- 9/21/12 Exit Price: 5.24
- Gain: 21.86%
ProShares UltraShort DJ-UBS Crude Oil (SCO)
ProShares UltraShort DJ-UBS Crude Oil opened Monday’s trading very oversold after the ETF has fallen late in the previous week’s trading. An inverse leveraged ETF correlated with the Dow Jones UBS Crude Oil Sub-Index, SCO rose to hit 39.31 by the end of Friday to secure a 13.19% gain.
- 9/14/12 Entry Price: 35.26 with a PowerRating of 9
- 9/21/12 Exit Price: 39.91
- Gain: 13.19%
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Joshua Glasgall is Editor in Chief of Connors Research