David Penn's  Instablog

Heading into the first full trading week of December, high probability traders will find mostly overbought markets.  With the SPY, QQQQ and IWM all closing higher for three consecutive days, opportunities to find stocks in oversold territory are understandably fewer.

Shares of DirectTV (DTV) have closed lower for three days in a row heading into trading on Friday.  The stock has been experiencing slow but steady profit-taking since rallying to significant new highs at the beginning of November.

Renewed selling in Tata Motors (TTM) could bring that stock back to oversold territory above the 200-day moving average.  TTM is up two days in a row after a four-day sell-off in late November.

It's looking as if sellers may have run out of steam in the short term in Sycamore Networks (SCMR).  The stock is down four in a row, with most of the recent pullback coming on Wednesday's big drop. 

Down three out of the past five are shares of BSD Medical Group (BSDM) .  BSDM was last in ovesold territory above the 200-day moving average early in the second half of November.

Off 2% on Friday and closing lower for a fourth day in a row were shares of Cheniere Energy Partners (CQP).  CQP is at its most oversold since early November.

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Disclosure: No positions