TradingMarkets 7 Stocks You Need to Know for Friday: EL, WY, AET, ROST, COST, YHOO, BHI

The broad market remained little changed on Thursday, with the S&P 500, Nasdaq 100 and Russell 2000 Index edging back into overbought territory above the 200-day moving average. Early selling in energy stocks proved to be an intraday buying opportunity in stocks like ^SLB^ and Baker Hughes (more on BHI below).

Among the bigger gainers heading into Friday were shares of ^GMCR^. The stock rallied by well over 14% in trading on Thursday after pulling back for five consecutive trading days.

Here are 7 Stocks You Need to Know for Friday.

Shares of ^EL^ are likely to open in overbought territory on Friday after the stock’s one-day bounce of more than 14%.

Little changed ahead of scheduled earnings announcements on Friday were both ^WY^ and ^AET^.

Up more than 5% after closing lower for three out of the previous four trading days was ^ROST^.

ROST chart

Shares of ROST rallied to a new high for the year and are just outside of overbought territory above the 200-day moving average.

Highlighted in yesterday’s 7 Stocks You Need to Know, ^COST^ (below) soared by nearly 4% in trading on Thursday.

COST chart

Shares of Costco Wholesale gained after closing lower for three out of the previous four trading days.

Up for a fourth day in a row and back in overbought territory above the 200-day moving average as of Thursday’s close were shares of ^YHOO^ (below).

YHOO chart

Yahoo! closed at its most overbought since early December 2010.

Traders stepped in to stem profit-taking in energy stocks like ^BHI^ on Thursday. The stock was down more than 1% intraday before buyers arrived to bid the stock back to break even on the day.

With 16 backtested strategies for trading bull markets, bear markets and sideways markets, Short Term Trading Strategies That Work by Larry Connors and Cesar Alvarez may be the most important trading book you read this year. Click here to order your copy of Short Term Trading Strategies That Work today.

David Penn is Editor in Chief of TradingMarkets.com