U.S. markets shot out of the gate at midweek, extending overbought conditions that developed soon after stocks recovered from the recent pullback. Technology shares continue to attract buying, with stocks like ^MU^ up more than 7% and NVIDIA Corporation (more on NVDA below) back in overbought territory after a one-day pullback.
Banks followed through to the upside after pulling back at the beginning of the week. This included financials like ^C^, which was noted in yesterday’s 7 Stocks You Need to Know, and ^BAC^.
Here are 7 Stocks You Need to Know for Thursday.
Shares of ^INTC^ closed higher for a third day in a row heading into the company’s scheduled quarterly earnings announcement on Thursday.
Five lower closes in row – although each modest declines in and of themselves – have still helped ^AMZN^ (below) pull back to just outside of oversold territory above the 200-day moving average.
Shares of AMZN have not closed in oversold territory since mid-November.
^NVDA^ soared by more than 14% on Wednesday. Back in overbought territory above the 200-day moving average, NVDA has closed higher for five out of the past six trading days.
Closing higher for a second day in a row on Wednesday were shares of ^JPM^ (below).
Shares of JPM had pulled back for three-day before the current oversold rally began. The company is scheduled to report earnings on Friday.
Toy stocks were among those stocks selling off on Wednesday. Down more than 2% were shares of ^HAS^.
Down three days in a row above the 200-day ahead of trading on Thursday were shares of ^WYNN^ (below).
WYNN last closed in oversold territory in late December. The current pullback comes in the wake of the stock recently besting its November 2010 highs.
Shares of ^MSFT^ bounced on Wednesday after a three-day pullback. MSFT has been trading above its 200-day moving average consistently since early December.
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David Penn is Editor in Chief of TradingMarkets.com