Swing Trading: Midday Reversal Sends Stocks Lower After Strong Start
After a strong start, stocks reversed to the downside after noon, leaving the major market indicies in the red going into trading on Friday.
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Here are 7 Stocks You Need to Know for Friday
After pulling back for five out of the past six trading days, including a dip into oversold territory, shares of ^GMCR^ rallied by more than 16% to lead the Nasdaq 100 higher ahead of trading on Friday.
In other coffee news, shares of ^SBUX^ gained more than 2% in Thursday’s session after a pullback into oversold territory in Wednesday’s trading.
Down five in a row ahead of its scheduled earnings announcement on Friday are shares of ^MRK^. The stock is trading only cents above its 200-day moving average.
Also reporting quarterly earnings on Friday is ^NEM^. The stock pulled back for three days in a row ahead of Thursday’s session, during which the stock gained less than 1%.
Reporting earnings on Thursday, shares of ^S^ plunged by more than 15%, dropping back below its 200-day moving average for the first time since March.
Among stocks pulling back above the 200-day moving average, shares of ^TWC^ sold off by more than 4% ahead of trading on Friday. The stock has closed lower for four days in a row and is now oversold above the 200-day.
Pulling back for a fifth day in a row ahead of its scheduled quarterly earnings announcement is ^CVX^. The stock has closed in oversold territory above the 200-day moving average for the past two days in a row.
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David Penn is Editor in Chief of TradingMarkets.com