TradingMarkets 7 Stocks You Need to Know for Wednesday: RDC, WFT, AMZN, CNX, T, S, ETFC
The stock market rallied from a soft open to close near the highs on Tuesday. Oil stocks were the clear market leaders, while financials like ^WFC^ and ^C^ were remarkable mostly for their ability to rally from session lows.
Many stocks, especially those in the Nasdaq 100, that had pulled back in recent days found buyers ahead of trading on Wednesday. This includes stocks like Amazon.com (more on AMZN below), as well as ^RIMM^, which gained more than 2% intraday after a sharp two-day retreat.
Here are 7 Stocks You Need to Know for Wednesday.
With stocks continuining to move higher, buyers still have a preference for energy shares, with companies like ^RDC^, up more than 5% on Tuesday after closing lower for three out of four trading days, and ^WFT^. Shares of WFT closed higher for a third day in a row on Tuesday, over 4%, finishing in overbought territory for a second day in a row.
Rallying from a two-day pullbacks above the 200-day moving average on Tuesday were shares of both Ebay Inc. (highlighted in yesterday’s 7 Stocks You Need to Know) and ^AMZN^.
Pulling back for a third day in a row ahead of trading on Wednesday and closing in oversold territory above the 200-day moving average were shares of ^CNX^ (below).
The last time CNX closed in oversold territory was back in the first half of the month. The stock proceeded to close higher for the next five straight trading days, gaining over 15%.
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Shares of ^T^ (below) have become extremely overbought, closing in overbought territory above the 200-day moving average for five days in a row.
The rally is largely an oversold bounce from the stock’s pullback in the first half of the month. After closing lower for five days in a row, including two closes in oversold territory, shares of AT&T rallied by more than 9% over the next 9 days.
After advancing for five days in a row, shares of ^S^ pulled back sharply by more than 3%.
Down three days in a row and just outside of oversold territory ahead of trading on Wednesday were shares of ^ETFC^ (below).
The pullback in ETFC comes after a six-day rally that brought the stock up from its most recent oversold lows above the 200-day moving average.
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David Penn is Editor in Chief of TradingMarkets.com