TradingMarkets 7 Stocks You Need to Know for Monday: FCX, AXP, MON, VZ, PCLN, CMG, AMGN
Ahead of trading on Monday, ^JOYG^, ^DOW^ and ^HD^ were among the more widely-held stocks pulling back above the 200-day moving average.
Meanwhile, blue chip stocks making new short term highs include stocks as diverse as ^NVDA^, ^SLB^ and ^BIDU^. All three stocks finished the day up more than 4%.
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.
Here are 7 Stocks You Need to Know for Monday.
Shares of ^FCX^ (below) pulled back by more than 2% on Friday.
The selling in FCX mirrors pullbacks in other precious metals mining company shares, as well as precious metals ETFs like the ^GDX^ (see High Probability ETF Trading: 7 ETFs You Need to Know for Friday for more on gold and silver exchange-traded funds).
A move toward overbought territory below the 200-day was enough to bring out the sellers in ^AXP^, which fell by over 3% in trading on Friday.
A similar retreat from even more overbought territory below the 200-day was seen in the 1% drop in ^MON^. Shares of Monsanto had closed higher below the 200-day moving average for 10 out of the previous 11 trading days.
Pulling back by more than 2% intraday in trading on Friday before rallying somewhat late in the session were shares of ^VZ^ (below).
VZ has been trending lower over the past few trading weeks, and has closed down for three out of the past four trading days. The stock has been trading above its 200-day moving average since early September.
Shares of ^PCLN^ were up by more than 5% on Friday after pulling back for three out of the past four trading days. The stock closed at multi-year highs.
Also making big moves on Friday were shares of ^CMG^. The stock gained more than 14% after a three day pullback and better than expected quarterly earnings.
^AMGN^ was little changed on Friday ahead of its scheduled quarterly earnings announcement on Monday. The stock has become significantly less overbought since a two-day rally brought AMGN back above its 200-day moving average earlier this week.
Click here to save your spot at the next free, online presentation on The Machine by Larry Connors, founder and CEO of TradingMarkets.
David Penn is Editor-in-Chief at TradingMarkets.com.