News: 👉 Physical Gold Now Oversold—as Banks Get Overbought

Tuesday, December 1, 2020

👉 Physical Gold Now Oversold—as Banks Get Overbought

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Tuesday, December 1, 2020

Despite yesterday's pullback in the stock market, November was one of the best months for stocks since 1987. The one-two punch of the end of election uncertainty and a number of Covid-19 vaccines was enough to allay much fear.

However, there's still a way to go. Jobless numbers remain high. Lockdowns are on the rise in some areas. A vaccine won't be widely available for months. That's why, despite the reasons for optimism, traders can still find some down days in the market to profit on the short side—or set up for the market's next move higher.

Actionable Trade Ideas For Today:

1		Unusual Pattern of the Day: Steven Madden (SHOO) Shares of shoe company Steven Madden (SHOO) have seen shares head up nearly 50 percent in the past two months. That includes a gap higher in November as stocks started to soar. While shares are coming off overbought levels in the short-term, a long-term trend indicates there's still more room for a rally.


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3		Overbought Stock of the Day: Citigroup (C) Bank stocks underperformed the market this year as economic shutdowns increased the likelihood of loan losses. Lower interest rates are also set to weigh on profitability. But with a Covid vaccine, shares of the banks have been on a tear. That's why many of them, including banking giant Citigroup (C), now look overbought.



4		Oversold Stock of the Day: SPDR Gold ETF (GLD) Gold was the best-performing asset of 2020 for most of the year. But with the recent resurgence in stocks, traders have shifted elsewhere. Besides seeing gold mining companies hit oversold levels, it's now extended to the SPDR Gold ETF (GLD), a fund that simply owns physical gold.