Stocks Crossing 50-Day SMA 07/06: (ACI) (LF) (BBD) Above; (MSFT) (ALU) (EBAY) Below
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The following is a list of stocks crossing the 50-day simple moving average (SMA) and are either above or below the metric. The 50-day is considered an indicator of a potential near-term trend formation.
Crossing and above:
Crossing and above:
- Arch Coal Inc. (NYSE: ACI) - up 1.0 percent. Coal miners are moving higher as nat gas prices continue to rebound. Coal was hit over the last year as alternatives became cheaper, but that might change if nat gas gets back to the $3.50 to $4 level.
- LeapFrog Enterprises (NYSE: LF) - down 3.9 percent. LeapFrog got off to a rough start following the surprise resignation of its CFO, but the stock is now well off of days' lows. The 50-day has been a nice support level for LeapFrog recently.
- Banco Bradesco S.A. (NYSE: BBD) - down 2.4 percent. Brazil stocks have been hit by Europe as much as any, with Bradesco getting an extra dose from being a financial institution. Shares hit a near-term bottom in May and might be forming a tighter channel, through concerns still stem around European banking measures as well as outlooks for Brazil's GDP (estimates released each Monday by its central bank). For a banking stock, shares have been volatile recently.
- DryShips Inc. (Nasdaq: DRYS) - down 2.4 percent. DryShips is crossing the SMA following seven sessions of positive gains as the Baltic Dry Index crept higher with expectations for increased demand. Shares have found support at the $2 level, with the next activity level looking like $2.50...a point providing DryShips with some resistance.
- Microsoft Corp. (Nasdaq: MSFT) - down 2.1 percent. Microsoft is relatively flat following the unveiling of its Surface tablet in mid-June, with support around the $30 level.
- Alcatel Lucent (NYSE: ALU) - down 3.5 percent. Alcatel has been bouncing off of the $1.50 level since the end of April. As a result, the 50-day average is flattening out. Traders might want to keep an eye on the $1.70 level, which is where Alcatel gapped down at in April, never really moving to close since.
- eBay Inc. (Nasdaq: EBAY) - down 1.4 percent. Along with other retailers, eBay might be seeing a little pressure following tepid jobs numbers. In addition, rival Amazon.com (Nasdaq: AMZN) is said to be introducing a smartphone soon, meaning more and more consumers might be turning to the e-Commerce giant for shopping needs.
Despite dipping below the SMA, traders might want to keep an eye on eBay; the average has provided for some solid support the last several months, despite the recent flat line.
- AK Steel Holding (NYSE: AKS) - down 0.3 percent. AK Steel is trading right along with many in the sector Friday. Many are keeping an eye on the Fed, though little action beyond Operation Twist is expected due to the economy still adding jobs and data today showing an uptick in average hourly earnings.
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