The previous trading week ended with the market oversold after the excessive selling last Wednesday and Thursday. We opened this week’s trading on Monday with speculation around Europe and the looming ‘fiscal cliff’ increasingly becoming the center of focus. Volatility began to implode on Monday, and by Tuesday all four major US indices were trading under their 200-day moving averages. By Thursday the market had reached extremely oversold territory with a mounting concern over a bear market taking hold. Friday’s trading began with the market washed-out and still extremely oversold. The major sectors began to pull away while all eyes were on the lookout for the long awaited bounce. We wrapped this week’s trading with the major indices still under their 200-day MA and with a watchful eye out for confirmation of whether or not a bull market is still in place. The top-performing stocks from this trading week came from the healthcare and services sectors.
The stocks in this week’s Big Weekly Winners: Swing Trading with PowerRatings all earned PowerRatings of 8 or higher one week ago on November 9, 2012.
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Performance of 11/09/12 – 11/16/12 Trading Week
Infinity Pharmaceuticals, Inc. (INFI)
Shares of Infinity Pharmaceuticals, Inc. surged this week following positive results from a phase 1 study of a new arthritis medication. INFI entered the week trading above its 200-day moving average and rose 9.5% during Monday’s trading, 3.6% on Tuesday, and continued to climb on Thursday and Friday for a weekly gain of 20.12%.
- 11/09/12 Entry Price: 18.34 with a PowerRating of 8
- 11/16/12 Exit Price: 22.03
- Gain: 20.12%
GameStop Corp. (GME)
GameStop Corp. shares had a strong week amid a better-than-expected Q3 report and boosted sales off of the latest Call of Duty game from Activision. GME ended last week’s trading on Friday above its 200-day MA in oversold territory. GME saw gains of over 4% on Monday, Thursday, and Friday, with small gains on Tuesday and Wednesday as well to close the week up over 15%.
- 11/09/12 Entry Price: 22.11 with a PowerRating of 8
- 11/16/12 Exit Price: 25.55
- Gain: 15.56%
Synta Pharmaceuticals Corp. (SNTA)
Shares of Synta Pharmaceuticals Corp began this last week trading above its 200-day MA and opened Monday with a spike in insider buying. SNTA rallied throughout the week to close in very overbought territory with a solid double-digit weekly gain.
- 11/09/12 Entry Price: 6.76 with a PowerRating of 9
- 11/16/12 Exit Price: 7.69
- Gain: 13.76%
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Joshua Glasgall is Editor in Chief of Connors Research