Top Trade Ideas for the Week of August 14, 2011: Bonus Idea
- Posted by Greg Harmon
- on August 14th, 2011
Here is your Bonus Idea with links to the full Top Ten:
Questor Pharmaceuticals, Ticker: $QCOR
Questor Pharmaceuticals held the gap last week and rebounded to near highs. Its Relative Strength Index (RSI) never broke the mid line and the Moving Average Convergence Divergence (MACD) indicator is back to the zero line ready to cross positive. If it can get through resistance at 32.50 then it has free air higher and a Measured Move (MM) to 37.50. It has high short interest at over 15% so a move higher could lead to a squeeze. A stop can be place at 30.
After reviewing over 900 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Saturday which looks for next week to be a reversal of this past week. Gold looks heading lower while Crude Oil has a short term bias higher in a downtrend. The US Dollar Index looks to continue sideways in the 73.50-76 range, while US Treasuries look to continue lower in an uptrend. The Shanghai Composite and Emerging Markets look to be headed higher. Volatility looks biased to the downside with a move under 34 key to continuing lower, and giving a bias to the upside for the Equity Indexes SPY, IWM and QQQ, also within a downtrend. The big question looks to be whether this is a dead cat bounce or for real. Use this information as you prepare for the coming week and trade’m well.
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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