TradingMarkets 7 Stocks You Need to Know for Wednesday: JPM, C, AMGN, HOT, EK, YHOO, CRM
Stocks in general tread water on Tuesday, allowing short term overbought conditions to moderate. This trend is especially pronounced among the technology stocks of the Nasdaq 100.
Among the bigger gainers on the day were shares of ^AIG^, up more than 6%. Dropping by more than 14% and back below its 200-day moving average on Tuesday was ^BBY^.
Here are 7 Stocks You Need to Know for Wednesday.
Profit-taking may have arrived at the financials with both ^JPM^ and ^C^ (below) closing lower ahead of trading on Wednesday.
Shares of Citigroup pulled back by more than 2% on Tuesday. The stock, which had become increasingly overbought, had closed higher for 11 consecutive trading days before Tuesday’s sell-off.
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^AMGN^ rallied by more than 4% to close above its 200-day moving average for the first time since early November in Tuesday’s trading. The stock has closed higher for five straight sessions, and is increasingly overbought.
Down for a second day in a row on Tuesday were shares of ^HOT^ (below).
Profit-taking in HOT comes just after the stock had reached a new year-to-date high last Friday.
Up more than 3% after a two-day pullback above the 200-day moving average were shares of ^EK^ on Tuesday.
Closing lower for two out of the past three trading days has created increasingly oversold conditions for shares of ^YHOO^ (below).
The stock’s most recent oversold low came at the end of November, shortly before the stock reversed to close higher for five out of the next six trading days.
Pulling back again in Tuesday’s trading, ^CRM^ has closed lower for three out of the past four trading days.
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David Penn is Editor in Chief of TradingMarkets.com