Top Trade Ideas for the Week of September 10, 2012: The Rest
- Posted by Greg Harmon
- on September 9th, 2012
Here are the Rest of the Top 10:
Abbott Labs, Ticker: $ABT
Abbott Labs, $ABT, is moving higher and at resistance after consolidating at the 50 day Simple Moving Average (SMA). The Relative Strength Index (RSI) is bullish and rising with a Moving Average Convergence Divergence indicator (MACD) that has crossed to positive, and SMA’s all pointing higher. The Measured Move higher takes it to 68, but the 3-box reversal Point and Figure chart (PnF) has a price objective of 94, well above that.
BB&T, Ticker: $BBT
BB&T, $BBT, is breaking the triple top at 32.60 with a RSI that is bullish and rising and a MACD that at is positive to support further upside price movement. It has a target on a Measured Move higher to 37.30 and a PnF price objective at 57.50 above that.
DSW, Ticker: $DSW
DSW, $DSW, moved above a double top two weeks ago and has been consolidating in a bull flag since. It has a RSI that is bullish and a MACD that is negative, but shallow and not unexpected in a bull flag. A move over the top of the flag carries a Measured Move to 70.25 with the PnF price objective at 92 above that. Elevated short interest near 8% could also fuel a move higher.
FirstMerit, Ticker: $FMER
FirstMerit, $FMER, broke above a triple top at 16.70 Friday and is near resistance from March at 17.15. Above that brings a wide angle target of 23 on a weekly timeframe Measured Move. The PnF price objective is above that even at 25.50. The rising and bullish RSI and positive MACD support further upside as well.
iRobot, Ticker: $IRBT
iRobot, $IRBT,is moving up near resistance at 26.40 and now over the 200 day SMA. Through resistance higher carries a Measured Move to 30.40 and the PnF sees it even higher with a price objective of 39. The RSI is bullish and the MACD, although negative, is improving, to support a move higher. The short interest near 9% could help it higher as well.
Up Next: Bonus Idea
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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, with the full workforce returning from vacation the markets are looking very bullish. Gold looks to continue its uptrend while Crude Oil may consolidate with in the current uptrend. The US Dollar Index is wounded and heading lower and US Treasuries look to follow it lower as well. The Shanghai Composite is ready for a continued bounce in the downtrend and Emerging Markets are looking higher in the broad range. Volatility looks to remain very low making for an environment for the equity index ETF’s SPY, IWM and QQQ, to continue higher. And all three charts on both the daily and weekly timeframes are set up to comply. 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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