A number of stocks soared to new highs on Thursday including both ^EBAY^ and Whole Foods Market (more on Whole Foods Market below). At the same time, a number of key technology stocks were sold aggressively, leading to closes below the 200-day moving average.
Buying in energies after short-term pullbacks has boosted shares of stocks like ^SLB^ and ^NOV^, up by more than 2% and 3%, respectively.
Here are 7 Stocks You Need to Know for Friday.
Shares of ^S^ rallied by more than 5% to close at its highest level since the beginning of the year. S has been oscillating above and below its 200-day moving average since November.
Also closing at new, albeit shorter-term, high on Thursday was ^FDX^. The stock had been rangebound in the days leading up to Thursday’s bounce.
Up by more than 11% going into trading on Friday, shares of ^WFMI^ (below).
Since mid-January the stock had been trading in a narrow, $3 range. Thursday’s close puts the stock at its most overbought since it entered that range more than a month ago.
Becoming increasingly overbought below the 200-day moving average last week, sellers have finally asserted themselves in the market for shares of ^CSCO^ (below).
CSCO plunged by more than 14% in trading on Thursday. The stock has traded below its 200-day moving average for the vast majority of the time since May 2010 when the stock fell below that level.
Also selling off and dropping below its 200-day moving average were shares of ^AKAM^. Unlike CSCO, AKAM has been trading above its 200-day moving average consistently for more than a year.
Down three days in a row and oversold above the 200-day moving average ahead of Friday’s open is ^IFF^ (below).
Shares of IFF closed at their lowest level since the first half of December 2010.
^MSFT^ pulled back by well over 1% in trading on Thursday. Just outside of oversold territory above the 200-day, shares of MSFT have closed lower for two consecutive trading days.
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