TradingMarkets 7 Stocks You Need to Know for Friday (GSK, COP, CVX, WYNN, SBUX, KBH, ABT)
The recent selling in the market continues with the ^QQQQ^ and the ^SPY^ both closing lower for a third consecutive trading day. Of the two, however, it is the SPY that is in oversold territory above the 200-day.
A number of stocks that were pulling back over the course of the week have actually slipped below their 200-day moving averages. These include ^SLE^, ^DIS^, and ^GE^.
Here are 7 Stocks You Need to Know.
Dropping from overbought above the 200-day moving average to near oversold levels in a single session, shares of ^GSK^ were on the retreat on Thursday as regulatory concerns regarding the company’s Avandia diabetes drug mounted.
A number of stocks in both the S&P 100 and Nasdaq 100 have pulled back for three consecutive trading days above the 200-day moving average as of Thursday’s close. These stocks include a pair of energy giants in ^COP^ and ^CVX^, as well as ^WYNN^ and ^SBUX^ (below)
^KBH^ is scheduled to announce quarterly earnings on Friday. As of Thursday’s close, the stock was down two days in a row below the 200-day moving average after rallying to the edge of overbought territory earlier in the week.
Also down for three days in a row heading into Friday’s trading are shares of ^ABT^ (below).
Shares of Abbott Labs are only recently trading above their 200-day moving average, having traded below that level for the majority of the summer.
Markets only move in three directions: up, down and side to side. Click here to learn why combining quantified mean reversion (pullback) strategies with quantified trend following strategies can be an excellent way for traders and investors to put money to work in all of all market conditions.
David Penn is Editor in Chief at TradingMarkets.com.