Among the stocks making new short term highs ahead of trading on Wednesday are ^PCLN^ and ^SLE^. Pulling back to new short term lows were ^AKAM^ and ^MEE^, which closed lower for a second consecutive trading day.
Here are 7 Stocks You Need to Know for Wednesday.
Shares of ^CSCO^ were little changed ahead of the company’s scheduled quarterly earnings report on Wednesday. The stock is back above its 200-day moving average for the first time since briefly doing so in the first half of August.
Up more than 3% on Tuesday and ending the day in overbought territory were shares of ^YHOO^ (below).
After spending the summer and part of the fall below the 200-day moving average, YHOO has been trading above that level consistently since mid-October.
With 16 backtested strategies for trading bull markets, bear markets and sideways markets, Short Term Trading Strategies That Work by Larry Connors and Cesar Alvarez may be the most important trading book you read this year. Click here to order your copy of Short Term Trading Strategies That Work today.
Scheduled to report quarterly earnings on Wednesday, ^M^ pulled back by more than 1% in Tuesday’s trading. The stock had spent much of the past two weeks in overbought territory above the
200-day moving average.
Food stocks were among those pulling back above the 200-day ahead of trading on Wednesday. ^DLM^ (below) closed down more than 3%.
Shares of Del Monte had closed higher for three out of the past four trading days and was increasingly overbought before profit-taking set in on Tuesday.
Up more than 6% in Tuesday’s trading, ^FOSL^ has closed higher for fourteen out of the past fifteen trading days.
Pulling back after three consecutive higher closes – the last in overbought territory – were shares of ^CVH^ (below).
CVH has been trading consistently above its 200-day for the past month after spending the summer and the first half of fall below that level.
Increasingly overbought conditions below the 200-day in ^AKS^ led to a drop of more than 5% on Tuesday.
Have you seen The Machine? The Machine is the first financial software that lets traders and investors build quantified portfolios of backtested mean reversion and trend-following strategies. If you own an IRA or manage investments in excess of $100K, then you owe it to yourself to attend the next free, online presentation on The Machine by TradingMarkets founder and CEO, Larry Connors. To learn more and to save your spot, click here.
David Penn is Editor-in-Chief at TradingMarkets.com.