TradingMarkets Monday Stock Movers
Stocks are off to a sluggish start on the first trading day of the week, as the sharp two-day bounce that stocks enjoyed late last week begins to subside.
Fortunately for traders who buy weakness, there are a number of stocks that pulled back earlier last week that are still relatively oversold in spite of the late-week bounce. These stocks are among those that we are paying particular attention to today.
Let’s take a look at the stocks, which include four 8-rated names and one with a Short Term PowerRating of 10 – our highest rating.
Electro Optical Sciences
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MELA |
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PowerRating) Short Term PowerRating 10. RSI(2): 0.622
Shares of Electro Optical Sciences have not only earned our highest Short Term PowerRating of 10, but also have maintained that 10-rating for the past three days. The stock broke free from a consolidation range in late May, running from $7 to just shy of $9 by early June. That sharp rally led to a plunge in the stock’s Short Term PowerRating of 1 and it is the pullback that has resulted from this extremely low PowerRating that has led to the current pullback opportunity in MELA.
McMoran Exploration Co.
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PowerRating) Short Term PowerRating 8. RSI(2): 4.69
Moving higher in a relatively tight range, shares of McMoran Exploration have featured Short Term PowerRatings ranging from 1 to 9 over the past few weeks. The stock’s current pullback comes courtesy of a failed breakout to the upside last week. That aborted rally led to a decline in MMR’s Short Term PowerRating from a high of 9 in the second half of May to a low of 2 early last week.
Mexico Energy Corp
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MXC |
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PowerRating) Short Term PowerRating 8. RSI(2): 13.35
Trading wide and loose since surging higher in mid-May, shares of Mexico Energy Corp have traded as high as $50 and as low as $32. During this period, there have been two instances when the stock’s Short Term PowerRating has rallied to a 9. The first instance saw shares of Mexico Energy Corp gain an amazing 16 points five days later. The second instance occurred on Friday …
Cybersource Inc.
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PowerRating) Short Term PowerRating 8. RSI(2): 11.70
On two previous occasions in the past several weeks, shares of Cybersource Inc. have earned Short Term PowerRatings upgrades to 8 or higher. The first time was in early May when the stock tacked on more than two points in five days after its Short Term PowerRating reached 8. The second occasion occurred early in the second half of May, with CYBS gaining a little over a point over the same period. The current pullback has produced yet another 8-rating in shares of Cybersource.
Biomarin Pharmaceuticals
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BMRN |
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PowerRating) Short Term PowerRating 8. RSI(2): 1.48
After peaking out early in the second half of May, shares of Biomarin Pharmaceuticals have begun rounding over and have since lost some 6 points off their highs. The pullback in the stock has helped bring BMRN down toward its upwardly trending 200-day moving average, now less than two points away.
Note that our research into short term stock price behavior indicates that stocks with Short Term PowerRatings of 8 have outperformed the average stock by a margin of more than 8 to 1 after five days. Stocks with Short Term PowerRatings of 10 – our highest rating – have actually bested the average stock by a margin of nearly 17 to 1 after the same period of time.
Does your stock trading need a tune-up? Our highest Short Term PowerRatings stocks have outperformed the average stock by a margin of nearly 17 to 1 after five days.
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Whether you have a trading strategy of your own that could use a boost or are looking for a way to tell the stocks that will move higher in the short term from the stocks that are more likely to disappoint, our Short Term PowerRatings are based on more than a decade of quantified, backtested simulated stock trades involving millions of stocks between 1995 and 2007. Click the link above or call us at 888-484-8220, extension 1, and start your free trial today.
David Penn is Senior Editor of TradingMarkets.com.