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Thursday
Jul072011

Most Overbought Stocks in the Russell 1,000

The Russell 1,000 is currently 2.65% above its 50-day moving average, and the average stock in the index is 2.75% above its 50-day.  There are plenty of stocks that are trading well above their 50-days, however, and below we provide a list of the stocks trading the farthest above them.

Southern Union Company (SUG) is the stock that is the farthest above its 50-DMA in the Russell 1,000, and it's also the only stock that is more than 30% above its 50-day (34.22%).  Level 3 Communications (LVLT) ranks second at +28.12%, followed by HollyFrontier (HFC), Greem Mountain Coffee (GMCR), Pharmasset (VRUS), Ulta Salon (ULTA), and Temple-Inland (TIN).  Other notables on the list of the most overbought stocks include ITT Educational (ESI), Netflix (NFLX), Under Armour (UA), Chipotle (CMG), Visa (V), MasterCard (MA), Tiffany (TIF) and Coach (COH).

If you're a momentum trader that expects the market to continue higher from here, these stocks sure have the wind at their backs at the moment.  If you're expecting a pullback from overbought levels, these stocks have the farthest to fall just to get back to neutral territory.

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