Traders Send Oil Stocks Higher as Retail Pulls Back for a Second Day: 7 Stocks You Need to Know for Friday
Traders were most aggressive in the markets for energy stocks ahead of trading on Friday. Among the stocks helping the S&P 500 rally from midday lows were stocks like ^HAL^ and ^SLB^.
Closing lower for a second day were midscale retailers like ^TGT^ and Wal-Mart (more on Wal-Mart below). Both stocks pulled back by more than 1% in Thursday’s session.
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Here are 7 Stocks You Need to Know for Friday.
Breaking out above a trading range that extends back to late January, shares of ^DV^ rallied by more than 14% ahead of trading on Friday. Now very overbought, the stock is up more than 19% from its last oversold close in the second half of May.
^WMT^ closed below its 200-day moving average on Thursday, pulling back for a second day in a row. Shares of WMT spent six weeks in the early spring trading below the 200-day before climbing back above that level in mid-April.
Typical of the strength in oil shares was the rally of well over 2% in ^BHI^ (below).
Baker Hughes rallied into strength above its 200-day moving average after closing lower for two out of the past three days.
^DLTR^ closed lower for a second consecutive session. Any significant selling in the stock on Friday is likely to put the discout retailer in oversold territory ahead of the weekend.
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Down two days in a row but not yet oversold above the 200-day are shares of ^COST^ (below).
Shares of Costco closed at their lowest level since late April.
Also lower for a second day in a row and down more than 1% were shares of Whole Foods Market Inc.^WFM^.
One of the few pullbacks among the larger oil companies is the retreat in ^CVX^ (below).
Shares of CVX have closed lower for two days in a row, dropping by more than 1% ahead of trading on Friday.
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David Penn is Editor in Chief of TradingMarkets.com