The following stocks were detected to be trading among the most active on November 7: Bank of America Corporation, SPDR S&P 500, Financial Select Sector SPDR, iShares Russell 2000 Index, and Direxion Daily Financial Bull 3X Shares. These stocks are highly traded usually because new relevant information on the company has become available. Being on the highly active list isn't always positive as high activity may be a result of negative news. Regardless, high activity means high liquidity. High volume, combined with price movement is what traders require to make profits.
Shares of Bank of America Corporation (BAC) fell by 1.54% or $-0.10/share to $6.39. In the past year, the shares have traded as low as $5.13 and as high as $15.27. On average, 314527870 shares of BAC exchange hands on a given day and today's volume is recorded at 70872536. The shares are currently trading below the 50-day and 200-day moving averages which indicates that the shares have been experiencing downward momentum. The stock may bounce back to test the 200-day moving average. Thus, you may want to pay close attention for a move up to the $6.74 area but be careful because the stock may face selling pressure at this level.
Shares of SPDR S&P 500 (SPY) fell by 0.29% or $-0.36/share to $125.11. In the past year, the shares have traded as low as $107.43 and as high as $135.80. On average, 316645490 shares of SPY exchange hands on a given day and today's volume is recorded at 66132768. The shares are currently trading below the 200-day moving average but above the 50-day moving average. The stock may be range bound between these two levels where the 200-day moving average of $126.50 represents resistance and the 50-day moving average of $119.57 would be an area of support.
Shares of Financial Select Sector SPDR (XLF) fell by 0.45% or $-0.06/share to $13.23. In the past year, the shares have traded as low as $10.95 and as high as $17.03. On average, 132058350 shares of XLF exchange hands on a given day and today's volume is recorded at 27388566. The shares are currently trading below the 200-day moving average but above the 50-day moving average. The stock may be range bound between these two levels where the 200-day moving average of $14.75 represents resistance and the 50-day moving average of $12.62 would be an area of support.
Shares of iShares Russell 2000 Index (IWM) fell by 1.33% or $-0.99/share to $73.61. In the past year, the shares have traded as low as $60.09 and as high as $86.22. On average, 89540720 shares of IWM exchange hands on a given day and today's volume is recorded at 24330592. The shares are currently trading below the 200-day moving average but above the 50-day moving average. The stock may be range bound between these two levels where the 200-day moving average of $77.29 represents resistance and the 50-day moving average of $69.48 would be an area of support.
Shares of Direxion Daily Financial Bull 3X Shares (FAS) fell by 1.11% or $-0.16/share to $13.81. In the past year, the shares have traded as low as $8.43 and as high as $34.28. On average, 69666920 shares of FAS exchange hands on a given day and today's volume is recorded at 18909208. The shares are currently trading below the 200-day moving average but above the 50-day moving average. The stock may be range bound between these two levels where the 200-day moving average of $23.15 represents resistance and the 50-day moving average of $12.81 would be an area of support.
