TradingMarkets 7 Stocks You Need to Know for Tuesday (IBM, CSCO, NYX, AZO, CAG, SNDK, BRCM)
Buyers were back on the offensive to start the week, sending many stocks back into overbought territory. Among the stocks noted in the last 7 Stocks You Need to Know, ^LEN^ soared by well over 8% in trading on Monday, while shares of ^RIMM^ retreated from recent overbought extremes. Also bounding higher on Monday were ^SBUX^ and ^GOOG^, both of which were featured in 7 Stocks for Monday.
Here are 7 Stocks You Need to Know
M&A news in the technology sector, courtesy of IBM, or ^IBM^ and its acquisition of Netezza, continues to keep buyers active among technology stocks. That said, overbought conditions below the 200-day moving average appear to have finally caught up with ^CSCO^ (below), which closed lower for a second session on Monday.
With so few quality opportunities for traders looking to buy weakness and sell strength, high probability traders may not notice a stock like ^NYX^ (below) which has closed lower for three straight trading days and was off by more than 1% intraday on Monday.
Reporting quarterly earning tomorrow are both ^AZO^ and ^CAG^. AutoZone continues to trade in overbought territory above the 200-day moving average, while shares of ConAgra have been in and out of overbought territory below the 200-day since mid-August.
Shares of ^SNDK^ lost well over 2% intraday on Monday before cutting those losses in half and are now down three days in a row. The stock is now very near its 200-day moving average in addition to nearing oversold territory. Even more oversold above the 200-day moving average are shares of ^BRCM^ (below). BRCM has closed lower for four consecutive trading days.
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David Penn is Editor in Chief at TradingMarkets.com.