Today's look at stocks pulling back above the 200-day moving
average includes a pair of biotechnology stocks, known for their
volatility and ability to make big moves, and an Internet
) closed lower for a second day in a row. But perhaps more
importantly, the stock's drop of more than 4% on Wednesday has RIGL
lower for the eighth day in the last nine. The sell-off in Rigel
Pharma comes as traders and investors take profits from the stock's
rally back toward its highest levels of the year in late last
This profit-taking has RIGL finishing oversold for the past five
consecutive sessions, surpassing even the
extremes from the stock's previous correction in the first half of
February. Then, a five-day retreat ending in a trio of oversold
closes led to a rally of more than three and a half percent one day
later, and more than four and a half percent less than five days
With "consider buying"
ratings of 9 out of 10
, Rigel Pharmaceuticals is set to open with a positive, short-term
edge of nearly two and three-quarters of a percent when trading
begins Thursday morning.
Short term traders and more active investors who took advantage
of the oversold extremes during the recent sell-off in
) may have another opportunity to do so as the stock pulls back
toward technically oversold territory once again. GILD has closed
lower for three days in row, dropping by more than one and a half
percent intraday on Wednesday before trimming losses into the
close, and is trading at new, short-term lows.
Shares of Gilead Sciences have a short-term, positive edge of
more than half a percent. Wednesday's selling has given the stock a
two-point, ratings upgrade to a "consider buying" rating of 8 out
Pulling back for a third day in a row - and seven out of the
last nine - shares of
) have traded to their lowest levels in more than a month. The
stock was down more than half a percent ahead of trading on
Thursday, finishing in technically oversold territory for a second
day in a row. The selling in Verisign comes in the wake of VRSN's
edging to new, 52-week highs in the second half of last month.
Verisign has a
of 1% in the short-term. The stock's 7 out of 10 rating puts VRSN
at the upper end of our neutral category.
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is Editor in Chief of TradingMarkets.com