TradingMarkets Monday Stock Movers
Stocks are off to a strong start following the three-day holiday weekend, with the Nasdaq up nearly 1% within the first hour of trading.
The absence of bad news and a relatively oversold market are probably more responsible for the bullishness stocks are enjoying early on Monday. With earnings season kicking off again tomorrow, the buying pressure we are seeing so far will face an early test over the next few days.
As we near this period of increased volatility, let’s take a look at some of the stocks that, with their high Short Term PowerRatings and low 2-period RSIs, are likely to be among the better performers compared to the average stock over the next few days.
Canadian Solar Inc.
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CSIQ |
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PowerRating) Short Term PowerRating 9. RSI(2): 0.25
CSIQ continues to have a high Short Term PowerRating of 9 as the stock pulls back from its mid-June highs. Once again, we see an instance when the appearance of a Short Term PowerRating of 1 has helped anticipate a pullback opportunity in a stock. CSIQ’s PowerRating climbed from a 1 to a 9 six days after the stock made its closing rally high on June 18.
Copart Inc.
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CPRT |
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PowerRating) Short Term PowerRating 9. RSI(2): 0.35
Much like shares of Canadian Solar, CPRT has been in pullback mode for the past several days after making a rally high early in the second half of June. As the stock retreated from just over $45 to just north of $40 in recent days, its Short Term PowerRating has climbed from 8 to 9.
Commercial Metals Company
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CMC |
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PowerRating) Short Term PowerRating 10. RSI(2): 1.10
You are forgiven if you are starting to notice a theme in today’s pullbacks. Once again, in CMC we have a stock that topped out early in the second half of June – alerting traders to its precarious state with a PowerRatings downgrade to 3 and then to 2. After four days of significant selling, the stock showed true intraday strength on Thursday, rallying powerfully from its intraday lows.
Fuel Systems Solutions
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FSYS |
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PowerRating) Short Term PowerRating 10. RSI(2): 3.29
The rally in Fuel Systems Solutions since mid-May has been “lousy” with low Short Term PowerRatings – even as the stock has climbed from just above $18 to the low $40s. In this context, the pullback in FSYS last Wednesday was largely unexpected – though the stock’s Short Term PowerRating did slip to a 3 to days before Wednesday’s powerful decline.
Pyramid Oil Company
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PDO |
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PowerRating) Short Term PowerRating 10. RSI(2): 3.69
Pyramid Oil Company developed a “consider avoiding” Short Term PowerRating of 1 shortly after mid-month in June. In that instance, shares of PDO continued to move higher until – some seven points later – the stock’s Short Term PowerRating again dropped to a 1. The second time, apparently, was a charm as PDO gapped down shortly afterward and has continued to move lower. In seven days, the stock went from a Short Term PowerRating of 1 to a Short Term PowerRating of 10.
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David Penn is Senior Editor at TradingMarkets.com.