Stocks continued to edge deeper into overbought territory overall. Weakness in mining stocks, such as Freeport McMoran below, persists, as does weakness in many of the financials mentioned yesterday such as ^MA^ and ^AXP^.
Please note that the stock market will be closed on Monday for President’s Day.
Here are 7 Stocks You Need to Know for Tuesday
Two big retailers, ^HD^ and ^WMT^, are scheduled to announce quarterly earnings before the market opens on Tuesday morning. Home Depot has closed higher for nine consecutive trading days while Wal-Mart added more than 1%, continuing an advance that began in the wake of a one-day dip into oversold territory a week ago.
Although gold and mining exchange-traded funds remain overbought, shares of ^FCX^ (below) have pulled back for three out of the past four trading days.
FCX is only recently off significant oversold lows – three in a row – from last week. The stock closed lower by more than 4% in trading on Friday.
Shares of ^AAPL^ (below) pulled back by more than 2% as trader took profits in shares of the high-flying stock.
Friday’s close was Apple’s second consecutive lower close, and puts the stock just outside of oversold territory above the 200-day moving average.
^F^ pulled back for a third day ahead of trading on Tuesday, closing in oversold territory where the stock traded for three consecutive sessions at the beginning of the month.
Closing lower for a fourth day in a row on Friday were shares of ^WFC^ (below), a stock highlighted in yesterday’s 7 Stocks You Need to Know.
The pullback of nearly 1% puts WFC in oversold territory for the first time since the stock rallied above its 200-day moving average in early December.
Among the more overbought stocks in the Nasdaq 100, ^ADBE^ rallied by more than 1% on Friday to close higher for a seventh consecutive session.
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David Penn is Editor in Chief of TradingMarkets.com