Top Trade Ideas for the Week of June 18, 2012: The Rest

Here are the Rest of the Top 10:

Amgen, Ticker: $AMGN

Amgen, $AMGN, is approaching the previous high at 71.63 after consolidating around the 50 and 100 day Simple Moving Averages (SMA). The Relative Strength Index (RSI) is rising and bullish with a Moving Average Convergence Divergence (MACD) indicator that has crossed positive, both support a continued move higher. The move up Friday was on strong volume as well. A new high triggers a Measured Move higher to 75.

American Tower, Ticker: $AMT

American Tower, $AMT, is approaching a double top at 68. As it arrives there the RSI is bullish and rising and the MACD is positive and increasing. It also had a strong relative volume candle on Friday with the Bollinger bands opening higher. A move over 68 leaves it with no resistance higher.

Morgan Stanley, Ticker: $MS

Morgan Stanley, $MS, is breaking a short term double top at 14.20 with a rising RSI and a positive and growing MACD. The Bollinger bands are opening higher in this name as well. A continued move higher has a gap between 15.23 and 15.51 before it can march higher.

TJX, Ticker: $TJX

TJX, $TJX, is squeezing into resistance at 42.80 in an ascending triangle bounded by the rising 50 day SMA below. It has support for a move higher from the bullish RSI and the positive MACD. A move over 42.80 triggers a Measured Move higher to 46.10.

Zumiez, Ticker: $ZUMZ

Zumiez, $ZUMZ, is approaching resistance at 39.10, currently a triple top. As it arrives the RSI is bullish and the MACD is positive, both would support a push higher. The Bollinger bands are also opening higher and the short interest near 18% could add fuel for a move higher. Over 39.10 it has a Measured Move to 44.

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After reviewing over 1,000 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, heading into the Summer Solstice there are a lot of markets at critical points. Gold seems poised to move higher in the intermediate downtrend testing breakout levels while Crude Oil consolidates ahead of the next move, likely lower. The US Dollar Index looks to continue to pullback while US Treasuries are set t move higher. The Shanghai Composite and Emerging Markets are consolidating with Chinese Markets biased to the downside and Emerging Markets higher. Volatility looks to remain elevated but biased lower, making for an environment where the equity index ETF’s SPY, IWM and QQQ favor the downside. But their charts disagree, with the indicators pointing toward the consolidation breaking higher. It is unlikely that both US Equities and Treasuries both move higher, although not unprecedented. A strong move by one will likely push the other in the opposite direction. Keep a close watch. 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.

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