Trading in Macy’s, Mastercard Sends Hopeful Sign for Retail: 7 Stocks You Need to Know for Wednesday
Traders continued to send stocks lower ahead of trading on Wednesday. Modest buying in energies and traders bidding higher credit card companies (with the exception of ^COF^) were some of the market’s few sources of strength.
To the downside, financials continued to sell-off below the 200-day moving average, with shares of both ^C^ and ^BAC^ both losing well over 1%.
Here are 7 Stocks You Need to Know for Wednesday
One of the few bright spots in retail was the gain of more than 3% in ^M^ (below) on Tuesday.
Shares of Macy’s pulled back for five days in a row, the last three in oversold territory above the 200-day moving average before Tuesday’s bounce higher.
Pulling back for a second day in a row heading into Wednesday’s session were shares of ^AAPL^ (below).
Down three out of the past four trading days, as well, the stock closed in oversold territory above the 200-day moving average on Tuesday.
Click here to sign up for the free newsletter version of 7 Stocks You Need to Know – delivered before the market opens every trading day.
While there was broad weakness in banks, credit card companies ^V^ and ^MA^ (below) both rallied ahead of trading on Wednesday.
Of the two, Mastercard had been the more oversold in recent days, closing in oversold territory on Monday.
Whole Foods Market Inc. ^WFM^ bounced by well over 1% on Tuesday. The stock had pulled back for four days in a row, the last two in oversold territory above the 200-day.
^CSCO^ continues to remind traders why it is best to avoid stocks trading below the 200-day moving average. The stock led the S&P 100 lower ahead of trading on Wednesday, closing down by another 3% and lower for a fifth day in a row.
Rallying by nearly 2%, shares of ^AN^ bounced on Tuesday after a four-day pullback took the stock into oversold territory on Monday.
Short Term Trading Strategies That Work: A Quantified Guide to Trading Stocks and ETFs is now available for free. Download a digital copy or have us send you a paperback copy of Larry Connors’ best-selling trading book.
Click here to get your book today
David Penn is Editor in Chief of TradingMarkets.com