Stock Trading: Traders Bid Energies Higher as Verizon, Costco Rally from Oversold Lows
Energy stocks advanced heading into midweek trading, as financial stocks continued to experience heavy selling below the 200-day moving average. Big gainers in Wednesday’s stock market included ^LO^, which bounced by more than 2% after a steep five-day pullback. Traders will remember The Lorillard Group as one of the stocks we featured earlier in the week in 7 Stocks You Need to Know.
Notable from yesterday’s 7 Stocks was the way credit card stocks like ^MA^ and ^V^ rallied from their lowest levels of the session on Wednesday. If you missed yesterday’s edition of 7 Stocks You Need to Know, click here.
Here are 7 Stocks You Need to Know for Thursday
Closing higher ahead of its scheduled earnings announcements on Thursday were shares of ^BNHN^. Also reporting on Thursday, ^SJM^ (below) pulled back by more than 1% to close lower for the fourth trading day out of the past five.
Typical of the strength in energy shares was the gain of more than 4% in ^COG^ (below).
Despite closing off its intraday highs, shares of COG finished near their highest levels of the year on Wednesday.
Up more than 1% on Wednesday and rallying into strength above its 5-day moving average were shares of ^VZ^ (below).
Shares of VZ closed higher for a second day in Wednesday’s trading. The stock had pulled back for four days in a row – including two in oversold territory – previous to VZ’s most recent two-day advance.
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^EXPE^ gained nearly 1% on Wednesday, rallying after closing in oversold territory for the past two days in a row. The stock remains below its 5-day moving average.
Shares of ^NFLX^ continued to pullback ahead of trading on Thursday. The stock has closed lower for two out of the past three sessions.
Closing back above its 5-day moving average after pulling back for four out of the past five trading days were shares of ^COST^ (below).
Like Verizon above, Costco Wholesale had pulled back for four consecutive trading days – two in oversold territory – before gaining over the past two sessions.
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David Penn is Editor in Chief of TradingMarkets.com