Yesterday morning we noted that 85% of S&P 500 stocks were trading above their 50-day moving averages. By the close, however, that number had jumped to 89%.
Below we highlight the S&P 500 stocks that are trading the farthest above their 50-days. Typically the most overbought names on the list will be about 10-15% above their 50-days, but at the moment their are 33 stocks in the index with readings of more than 15%. As shown, Cliffs Natural Resources (CLF) is currently the most overbought name in the index at 28.18% above its 50-day. Smith International (SII), AIG, and Abercrombie & Fitch (ANF) aren't far behind. These three stocks are all trading more than 25% above their 50-days. Other notables on the overbought list include Ford (F), Macy's (M), and Citigroup (C) (which are all one-ticker names as well).
Thursday, March 18, 2010
"Most Overbought Stocks in the S&P 500" (CLF; SII; AIG)
From Bespoke Investment Group: