The following stocks were detected to be trading among the most active on May 8: Bank of America Corporation, SIRIUS XM Radio Inc, SPDR S&P 500, iShares MSCI Emerging Markets Index, and Arena Pharmaceuticals, Inc. 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 2.42% or $-0.19/share to $7.77. In the past year, the shares have traded as low as $4.91 and as high as $12.37. On average, 267535719 shares of BAC exchange hands on a given day and today's volume is recorded at 48860540. The shares are currently trading below the 50-day moving average but above the 200-day moving average. The stock may be range bound between these two levels where the 50-day moving average of $8.73 represents resistance and the 200-day moving average of $7.29 would be an area of support.
Shares of SIRIUS XM Radio Inc. (SIRI) fell by 1.38% or $-0.03/share to $2.14. In the past year, the shares have traded as low as $1.27 and as high as $2.44. On average, 52814690 shares of SIRI exchange hands on a given day and today's volume is recorded at 47284560. The shares are currently trading below the 50-day moving average but above the 200-day moving average. The stock may be range bound between these two levels where the 50-day moving average of $2.25 represents resistance and the 200-day moving average of $1.96 would be an area of support.
Shares of SPDR S&P 500 (SPY) fell by 1.08% or $-1.48/share to $135.62. In the past year, the shares have traded as low as $106.29 and as high as $142.20. On average, 145642950 shares of SPY exchange hands on a given day and today's volume is recorded at 41338000. The shares are currently trading below the 50-day moving average but above the 200-day moving average. The stock may be range bound between these two levels where the 50-day moving average of $138.63 represents resistance and the 200-day moving average of $126.87 would be an area of support.
Shares of iShares MSCI Emerging Markets Index (EEM) fell by 2.14% or $-0.89/share to $40.62. In the past year, the shares have traded as low as $33.11 and as high as $48.17. On average, 49282440 shares of EEM exchange hands on a given day and today's volume is recorded at 21716768. The shares are currently trading below the 200-day moving average which indicates that the shares have been suffering from downward momentum lately. The stock may bounce higher to test the 200-day moving average, so look for a move up to the $40.81 area where the stock may encounter resistance.
Shares of Arena Pharmaceuticals, Inc. (ARNA) traded higher by 19.12% or $0.52/share to $3.24. In the past year, the shares have traded as low as $1.23 and as high as $3.47. On average, 10531180 shares of ARNA exchange hands on a given day and today's volume is recorded at 21285872. The shares are currently trading above the 50-day moving average which indicates that the shares have been experiencing strong upward momentum as the 50 DMA is above the 200 DMA. The stock may come back down to test the 50-day moving average, so look for a move back to the $2.36 area where the stock will likely see buying pressure.
