The Stock List: Profit-Taking in Oils and Financials Sends the S&P 500 Lower
Traders took advantage of newly-overbought markets with widespread profit-taking. Oil stocks were a major source of selling, with stocks like ^BHI^ dropping by more than 5%.
Shares of ^JBL^ soared by more than 8% on Wednesday. Up four days in a row, JBL has finished in overbought territory just below its 200-day moving average.
Among the companies scheduled to report quarterly earnings on Thursdsay are ^MU^. Trading below its 200-day moving average since early June, shares of MU have closed lower for three days in a row, down more than 5% in Wednesday’s session.
Here are 7 Stocks You Need to Know for Thursday.
Sellers were back in force in a number of industrial stocks that had made gains in recent days. Reversing back to the downside after closing higher for three days in a row were such stocks as Dow Chemical and ^AKS^.
Profit-taking was also the order of the day among financial stocks, with both ^C^ and ^GS^ dropping by more than 3% after rallying toward overbought territory below the 200-day moving average.
On the debut of its new tablet product, Kindle Fire, ^AMZN^ added more than 2%. Wednesday’s close brought the stock back after a steep decline on Tuesday.
Remember you can still pick up a free copy of Larry Connors’s book, Short Term Trading Strategies That Work: A Quantified Guide to Trading Stocks and ETFs, courtesy of TradingMarkets.com. Click the link below to indicate your preference for a digital download (PDF) or paperback copy.
Short Term Trading Strategies That Work: A Quantified Guide to Trading Stocks and ETFs
What’s up on a down day? Shares of ^SPLS^ climbed into overbought territory below the 200-day moving average in Wednesday’s trading, finishing higher for a fourth day in a row and adding more than 2% before slumping back to breakeven into the close. Also up four in a row below the 200-day ahead of trading on Thursday are shares of ^PAYX^.
Gold stocks continue to trade lower at midweek. Among those gold miners still above their 200-day moving average that are moving closer to oversold territory are ^AUY^. Shares of AUY ended trading on Wednesday down by more than 2%.
Get The Stock List: 7 Stocks You Need to Know delivered to your inbox every evening after the market closes. Click here to start your free subscription today.
David Penn is Editor in Chief of TradingMarkets.com