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You are here: Home / Stocks / Commentary / TradingMarkets 7 Stocks You Need to Know for Monday: ORCL, M, SUN, CMG, NEM, LTD, IGT

TradingMarkets 7 Stocks You Need to Know for Monday: ORCL, M, SUN, CMG, NEM, LTD, IGT

December 3, 2010 by David Penn

Traders took only a few chips off the table on Friday, leaving markets in a generally overbought condition ahead of Monday’s trading. Among the big gainers on an otherwise mild session were energies like ^HAL^ and ^SLB^, both up more than 1% and short term overbought.

Representative of some of the profit-taking in retail were the mild pullbacks in stocks like ^TGT^ and ^AMZN^ ahead of trading on Monday.

Here are 7 Stocks You Need to Know for Monday.

Shares of ^ORCL^ closed higher for a third day in a row to end the week. The gain of more than 2% puts the stock closer to overbought territory.

Down by nearly 4% intraday on Friday before rallying late in the day were shares of retailer ^M^ (below).

M chart

Friday’s close marked the stock’s second consecutive profit-taking session. Macy’s is at its most oversold since mid-November.

Markets only move in three directions: up, down and side to side. Click here to learn why combining quantified mean reversion (pullback) strategies with quantified trend following strategies can be an excellent way for traders and investors to put money to work in all of all market conditions.

Down nearly 4% on Friday were shares of ^SUN^, coming off new year-to-date highs.

Shares of ^CMG^ (below) pulled back by nearly 6% in trading on Friday.

CMG chart

Down two days in a row going into Monday’s trading, CMG’s pullback comes in the wake of a string of eight consecutive higher closes above the 200-day moving average.

Shares of ^NEM^ closed up more than 3% on Friday, gaining ground for a fourth consecutive trading day.

Pulling back by more than 8% ahead of trading on Monday,  ^LTD^ (below) retreated from its highest levels of the year.

LTD chart

Up well over 4% and increasingly overbought below the 200-day moving average as of Friday’s close were shares of International Game Technology.

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

Filed Under: Commentary, Recent, The Machine Tagged With: 7 Stocks You Need to Know, Short Term Trading Strategies That Work, The Machine, The Machine Lite, tradingmarkets

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