David Penn's  Instablog

David Penn
Send Message
David Penn is Editor in Chief of TradingMarkets.com.
My company:
My book:
Larry Connors: Short Term Trading Strategies That Work
  • 5 Stocks for the Next 5 Days (BIDU, NG, AEM, CNS, GMCR) 0 comments
    Dec 16, 2010 12:24 PM | about stocks: BIDU, NG, AEM, CNS, GMCR

    Among the stocks that closed in oversold territory on Wednesday, a number of those stocks have continued to follow-through to the downside.  This potentially increases the opportunities high probability short term traders will have to pick up oversold shares at even lower levels.

    Baidu.com (NASDAQ:BIDU) closed in oversold territory on Wednesday and looks likely to close lower for a third day in a row on Thursday.  A down close on Thursday would also mark the stock's fourth down close out of the past five trading days.

    For traders interested in gold stocks, shares of the very oversold Novagold Resources (NYSEMKT:NG) may be worth a look.  The stock had closed lower for seven days in a row heading into Thursday's trading and is looking likely to close lower again today.

    Down more than 4% in trading late on Thursday, Agnico-Eagle Mines (NYSE:AEM) is another potential option for traders looking to pick up gold mining stocks on weakness.  AEM had closed lower for seven days in a row going into Thursday's trading.

    Headed for a seventh consecutive lower close on Thursday are shares of Cohen & Steers (NYSE:CNS).  A lower close on Thursday would mark the stock's second in extremely oversold territory above the 200-day moving average.

    Lastly, headed for a fifth consecutive lower close above the 200-day are shares of Green Mountain Coffee Roasters (NASDAQ:GMCR).  The stock gapped down last Friday and has traded in oversold territory all week.

    Let Larry Connors show you how to build a professional, balanced high performing portfolio of stocks and ETFs.  Click here to learn more.

    Stocks: BIDU, NG, AEM, CNS, GMCR
Back To David Penn's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.