5 PowerRatings Stocks for the Next 5 Days: NDN, PBY, MYL, CPKI, CTAS
The race to the 200-day moving average continues for the S&P 500 and Dow, both of which outperformed the Nasdaq Composite on Wednesday.
Of the five stocks we’ve been looking at most recently, only one still has the sort of high PowerRating that alerts us to new opportunity. That stock 99 Cents Only Stores
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PowerRating) has a PowerRating of 9. NDN has now closed lower for a whopping six consecutive trading days above the 200-day moving average.
The other four continue to be oversold, although not as oversold as they have been in recent days. For these stocks, often intraday buying has helped push stocks off their lows going into the close — a typically bullish sign for markets that are increasingly likely to move higher in the short term.
Pep Boys: Manny Moe and Jack
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PowerRating) PowerRating of 7. Plunging volatility as PBY has slipped into a sideways consolidation has contributed to the downgrade in this stock. A lack of selling pressure on an intraday basis has relieved the stock of its oversold extremes.
California Pizza Kitchen
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PowerRating) PowerRating of 6. Two higher closes before Wednesday’s sell off has CPKI less oversold than it was late last week, when the stock had closed lower for six consecutive sessions. Further weakness may create opportunity for a mean reversion trade here.
Mylan Inc.
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PowerRating) PowerRating of 6. As with CPKI, a two-day bounce before the pullback on Wednesday keeps the stock from earning a PowerRating upgrade to 7 or higher.
Cintas Corporation
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PowerRating) PowerRating of 5. For the past four trading days, traders have been able to push the stock off its lows going into the close. As mentioned above, this is likely a sign of strength that could make it difficult for the stock to move lower in the short term.
Let’s continue to keep an eye on these stocks for the next few days. Only 99 Cents Only Stores makes sense as a potential destination for new trades at this time. But insofar as all five stocks are still oversold to one degree or another, the odds remain on the side of them moving higher in the short term.
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