New Split Drops
| BJS - BJ Services Company $76.35 -1.95 (-2.21) |
Shares of BJ Services continued to pullback from Tuesday's fall and pierced our stop of $75 in Wednesday's trading session. Although no news was responsible for the fall, traders felt that BJS's recent rally was a good enough reason to part with their shares. It's also likely that the stock was under selling pressure from traders moving money into technology issues.
New Candidate Drops
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EQT
- Equitable Resources, Inc. $77.50 +1.02 (+2.59)
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Equitable Resources, Inc. began to sell off heading into its earnings announcement on Friday morning. On Wednesday, shares of EQT traded to an intra-day low of $75 before bouncing back to a close of $76.80 on volume of 370,000 shares. We were stopped out at $75, so we are dropping EQT tonight.
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THC
- Tenet Healthcare Corp $42.93 -2.22 (-2.63)
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The shocking rate cut yesterday caused market participants to reevaluate their portfolios, and, unfortunately, many of them decided that health care stocks were not the place to be. Selling safety stocks such as THC and buying technology value stocks has been this week's theme. Consequently, we were immediately stopped out of this new position.
New Momentum Drops
| ACI
- Arch Coal Incorporated $33.10 -1.73 (-0.85)
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After providing us with a sharp rally through all of last week, ACI shares may have finally encountered a top. Wednesday's sharp bounce off $36.25 was trailed by heavy selling that sent the stock falling to our stop at $33. Although a rebound could take place at any time, we feel that with the stock's extended rally it's probably a good time to exit with a profit.
| KMB
- Kimberly-Clark $63.51 +0.76 (-2.02)
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The rotation out of cyclical stocks into technology shares extended the pullback in KMB. In fact, KMB dropped below its 200-DMA of $63.13 yesterday and we were subsequently stopped out of this position. KMB's correction will likely continue until the current technology stock euphoria and bottom fishing subsides.
Drops Index
