2011 is set to begin with a modestly overbought market for energy stocks, and with many of 2010’s most noteworthy equity winners – such as Amazon.com and Apple Inc. – in pullback mode.
Among the major gainers ahead of the first trading day of 2011 are ^NVDA^ and ^WYNN^, both up more than 2%.
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Energy stocks continue to be a source of strength in the stock market. Up well over 2% intraday on Friday before selling off late were shares of ^APC^. APC has closed higher for six days in a row and has been trading above its 200-day moving average since late October.
Up more than 1% after a one-day pullback were shares of ^TSO^. TSO has been trading above its 200-day since late September.
Shares of ^AAPL^ (below) closed lower for a third day in a row on Friday.
Friday’s close marked the stock’s first close in oversold territory above the 200-day since the mid-November sell-off.
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Pulling back for a second consecutive session above the 200-day on Friday were shares of ^GOOG^ (below).
Google finished the week just outside oversold territory. The stock is also down five out of the past six trading days.
Increasingly overbought conditions below the 200-day moving average continue to be met by selling in shares of ^HPQ^, which closed lower for a second day in a row.
^AMZN^ (below) pulled back by more than 1% on Friday.
The stock closed at its lowest levels in more than a week and is poised to open just outside of oversold territory above the 200-day on Monday.
Shares of ^LVS^ rallied into strength above their 5-day moving average on Friday. The stock had closed lower for six out of the past seven trading days before bouncing more than 3% at the end of week.
David Penn is Editor in Chief of TradingMarkets.com