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.
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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).
Friday’s close marked the stock’s second consecutive profit-taking session. Macy’s is at its most oversold since mid-November.
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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.
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.
Up well over 4% and increasingly overbought below the 200-day moving average as of Friday’s close were shares of International Game Technology.
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David Penn is Editor in Chief of TradingMarkets.com