The following stocks gapped down significantly at the open on March 23: Great Basin Gold Ltd, Standard Pacific Corp, Genesis Energy LP, PulteGroup, Inc, and Michael Kors Holdings Ltd. These stocks may be down because of negative overnight news, overall market bearishness, or shorters pounding the stock down in hopes to cover. Oftentimes stocks will close the gap, meaning they will retrace to the last day's low. Thus, gap downs are often good buying opportunities.
Shares of Great Basin Gold Ltd (GBG) opened lower by -6.86% and are currently trading at $0.68. In the past year, the shares have traded as low as $0.66 and as high as $2.84. On average, 2467280 shares of GBG exchange hands on a given day and today's volume is recorded at 182813. 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 $0.97 area but be careful because the stock may face selling pressure at this level.
Shares of Standard Pacific Corp (SPF) opened lower by -4.65% and are currently trading at $4.33. In the past year, the shares have traded as low as $2.08 and as high as $4.85. On average, 3167440 shares of SPF exchange hands on a given day and today's volume is recorded at 514529. 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 $4.31 area where the stock will likely see buying pressure.
Shares of Genesis Energy LP (GEL) opened lower by -4.44% and are currently trading at $30.6. In the past year, the shares have traded as low as $20.20 and as high as $33.81. On average, 229470 shares of GEL exchange hands on a given day and today's volume is recorded at 518024. 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 $30.16 area where the stock will likely see buying pressure.
Shares of PulteGroup, Inc (PHM) opened lower by -4.39% and are currently trading at $8.79. In the past year, the shares have traded as low as $3.29 and as high as $9.69. On average, 12079980 shares of PHM exchange hands on a given day and today's volume is recorded at 2583458. 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 $8.47 area where the stock will likely see buying pressure.
Shares of Michael Kors Holdings Ltd (KORS) opened lower by -3.98% and are currently trading at $46.75. In the past year, the shares have traded as low as $23.51 and as high as $50.69. On average, 1694430 shares of KORS exchange hands on a given day and today's volume is recorded at 6773652. 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 $38.48 area where the stock will likely see buying pressure.
