End of Month Buying Sends Financial Stocks Higher; Citigroup, BofA Gain: 7 Stocks You Need to Know for Tuesday
Stocks continued to drift lower heading into the three-day, Memorial Day weekend in the U.S., as the end of month bias encouraged buyers into the market on Friday. Among the biggest beneficiaries of the buying on Friday were financial stocks, many of which have become overbought below the 200-day moving average.
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Here are 7 Stocks You Need to Know for Tuesday.
Buyers sent bank stocks toward overbought territory on the final trading day of the long weekend, putting stocks like ^GS^ and ^BAC^ closer to levels from which they have historically underperformed in the short term.
Traders took profits in a number of markets that had made significant gains in recent days. These include stocks as different at ^HAL^ and ^CRM^ (below).
Shares of CRM pulled back by more than 1% after three days in overbought territory.
Pulling back for six out of the past seven trading days on Friday were shares of ^INTC^ (below).
Down two days in a row, INTC is now trading in oversold territory above the 200-day moving average.
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Shares of ^FCX^ continued to make progress ahead of the three-day weekend. The stock has closed above its 200-day for a second session on Friday.
In addition to the number of financial stocks that are becoming overbought below the 200-day, shares of ^ADM^ (below) have begun to advance below that level.
ADM has gained ground for the past three days in a row, with Friday’s close marking the stock’s first in overbought territory below the 200-day. Archer Daniels Midland was up more than 2%.
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David Penn is Editor in Chief of TradingMarkets.com