Stocks sold off aggressively into the close on Friday, setting
up severely oversold conditions when trading begins on Monday.
Leading markets lower were stocks like Hewlett-Packard (more on HP
below), which has been trading below its 200-day moving average
since late February and fell more than 20% on Friday.
Here are 7 Stocks You Need to Know for Monday
Three stocks -
International Business Machines Corporation
) - were largely responsible for dragging the Dow industrials to a
loss of more than 170 points on the final trading day of the
Shares of CAT closed lower for a fourth consecutive trading day
on Friday, while shares of IBM have pulled back for three out of
the past four. But the big selling was in HPQ, which fell by more
than 20% to reach new lows below the 200-day moving average.
While much attention is focused on weakness in the banks, a
broad number of energy stocks have continued to sell-off. In
addition to those energy stocks noted in yesterday's
7 Stocks You Need to Know
, shares of
Baker Hughes Inc
) sold off by nearly 6%, while
National Oilwell Varco Inc
) dropped by 4%.
Whats's up on a down day? Shares of
) gained well over 1% to lead the S&P 100. The stock has not
traded in technically oversold territory since the beginning of the
Also up more than 1% after a three-day pullback were shares of
Biogen Idec Inc
) . The stock is among the few in the Nasdaq 100 to remain above
its 200-day moving average during the current downturn in the
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is Editor in Chief of TradingMarkets.com