TradingMarkets 7 Stocks You Need to Know for Friday (UPS, AEP, HPQ, RIMM, FDX, ORCL, JNJ)
With earnings announcements from ^ORCL^, ^FDX^ and ^RIMM^ after the bell on Thursday, the buying momentum markets have experienced over the past several days has waned somewhat.
Here are 7 Stocks You Need to Know for Friday.
Technology stocks continue to be among those most overbought below the 200-day moving average ahead of Friday’s trading. This includes not just ^CSCO^ (noted in yesterday’s 7 Stocks, as well) and Research in Motion ^RIMM^, but now stocks like ^MSFT^ and ^HPQ^ (below).
Joining some of the consumer stocks like ^JNJ^ that have become increasingly overbought below the 200-day are shares of ^CL^ and drugstore chain, CVS Caremark ^CVS^.
There are two stocks in the S&P 100 that are moving toward oversold levels above the 200-day. One of these stocks is ^AEP^, which has closed lower for the past three consecutive trading days (below).
The other oversold stock that high probability traders likely will be keeping their eyes on is ^UPS^. UPS has closed lower for three out of the past four trading days and is increasingly oversold above the 200-day moving average.
FedEx, mentioned at the beginning of this report, slid by well over 3% on Thursday, closing below its 200-day moving average after climbing above that level a week ago.
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David Penn is Editor in Chief at TradingMarkets.com.