Top Trade Ideas for the Week of September 6, 2011: Bonus Idea
- Posted by Greg Harmon
- on September 5th, 2011
Here is your Bonus Idea with links to the full Top Ten:
The Bancorp, Ticker: $TBBK
The Bancorp is breaking the bear flag between 8.00 and 7.10 lower. It has a Relative Strength Index (RSI) that is falling and bearish and a Moving Average Convergence Divergence (MACD) indicator that is heading south toward zero and negative numbers. Both support more downside. it also has all of it’s Simple Moving Averages (SMA) rolling and sloping lower. This is a recipe for disaster. Playing it short with a stop above 7.10, it has support lower at 6.70 and then 6.03. Short Interest is only 2% so it should not hinder a short sale of facilitate a short squeeze.
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 like the moves that revealed themselves Friday will continue. Gold and US Treasuries are ready to continue higher. Crude Oil looks poised to drop further and the US Dollar Index to move sideways in the top of its range. The Shanghai Composite and Emerging Markets look to continue lower. Volatility looks to continue elevated with the US Equity Index ETF’s SPY, IWM and QQQ ready to continue lower in their bear flags. US Treasuries breaking out and Gold racing higher again could be the catalyst for a break of the bear flags lower. 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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