Strong Start Leads to Late Selling Despite Strength in Energies: 7 Stocks You Need to Know for Wednesday
As we noted in yesterday’s 7 Stocks You Need to Know, buyers had begun to move back into energy shares late in trading on Monday. On Tuesday, those buyers were back making the energies the strongest sector heading into the middle of the week.
Among the big gainers ahead of trading on Wednesday were oil and gas companies like ^HAL^ and ^OXY^, up nearly 3% and more than 3% respectively.
Here are 7 Stocks You Need to Know for Wednesday.
The best performing stock in the S&P 500 going into Wednesday’s trading session is ^AZO^ (below).
Shares of Autozone rallied into strength above their 5-day moving average on Tuesday, gaining 6% after pulling back into oversold territory at the end of last week.
One of the biggest moves higher among oil and gas companies was the rally of more than 6% in pipeline company, ^EP^.
Two of the better performing S&P 500 stocks are also among the more overbought. Up more than 4% and closing higher for seven trading days in a row ahead of trading on Wednesday were shares of ^S^.
Meanwhile, up five out of the past six sessions and overbought above the 200-day moving average were shares of ^CRM^.
Want 7 Stocks You Need to Know delivered to your e-mail box every market day? Click here to get your free subscription to the 7 Stocks You Need to Know daily newsletter.
A sizable number of stocks continue to pullback into oversold territory above the 200-day moving average. This includes stocks like ^MA^ and ^COST^ (below).
Shares of COST have pulled back for three days in a row and are now oversold above the 200-day moving average. Note that Costco Wholesale is scheduled to report quarterly earnings on Wednesday.
Also pulling back for a third day in row ahead of Wednesday’s trading are shares of ^CMCSA^ (below).
Comcast has closed in oversold territory for the past two days in a row as well, and is trading at its lowest levels in more than a month.
Click here to get your copy of Larry Connors’ book, Short Term Trading Strategies That Work: A Quantified Guide to Trading Stocks and ETFs – FOR FREE
David Penn is Editor in Chief of TradingMarkets.com