The under-reported story of trading at midweek is the strength of smaller-sized financials, insurers and regional banks like ^LNC^ and ^ZION^, as well as the larger names. Many many of which are just crossing back above their 200-day moving averages.
Here are 7 Stocks You Need to Know for Thursday.
In addition to the financials noted above, shares of ^FITB^ gained more than 6% in trading on Wednesday.
Strength in financials is helping create overbought conditions below the 200-day moving average in a number of markets including the market for shares of ^COF^.
^NOV^ (below) joined a growing list of energy companies that have begun to pull back in recent days
Shares of NOV are at their most oversold since the stock climbed back above its 200-day moving average in mid-September.
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Profit-taking in shares of ^MCD^ (below) took the stock down by 2% ahead of Thursday’s open.
MCD was last at these oversold levels one week ago, shortly before rallying for five out of the next six trading days.
Off by more than 3% above the 200-day moving average are shares of ^HANS^ (below).
Hansen has been trending lower since just after the Thanksgiving holiday. Wednesday’s sell-off takes the stock to its mosst oversold since the first half of November.
Up after a two-day pullback are shares of ^WFC^ (below) on Wednesday. WFC retreated back below its 200-day moving average in the first half of November, but has been trading above that level for the past five days.
Selling in precious metals has traders taking profits in metals and mining stocks like ^FCX^.
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David Penn is Editor in Chief of TradingMarkets