Top Trade Ideas for the Week of November 5, 2012: The Rest

• Posted by Greg Harmon
• on November 4th, 2012

Here are the Rest of the Top 10:

Catamaran, Ticker: $CTRX

Catamaran, $CTRX, tested the triple top at 52.50 Friday back at the Fibonacci Fan line before pulling back with the market. It has a Relative Strength Index (RSI) that held in bullish territory with a Moving Average Convergence Divergence indicator (MACD) that is improving towards a bullish cross. If it can get over the top it has a Measured move higher to 56.50. Watch the Simple Moving Average (SMA) cluster lower as support.

Hanes Brands, Ticker: $HBI

Hanes Brands, $HBI, is moving higher out of a quasi-diamond continuation pasttern following the ascending triangle break out. The target from the triangle remains at 36.25 with the diamond break re-enforcing that target. With the RSI bullish and making new highs and the MACD positive and rising, it is on its way.

Manulife Financial, Ticker: $MFC

Manulife Financial, $MFC, is testing the top of a symmetrical triangle with a RSI that is holding bullish and a MACD that is about to cross to positive. A break of the triangle higher carries a Measured Move to 13.90, near the highs from earlier in the year.

Mindspeed Technologies, Ticker: $MSPD

Mindspeed Technologies, $MSPD, is pushing above the consolidation box. It has support for a a continued move higher from the bullish and rising RSI and the MACD about to cross to positive. A Measured Move higher takes it to 4.40. This name reports after the close Monday.

Ross Stores, Ticker: $ROST

Ross Stores, $ROST, has been beaten up after reaching a top over the summer. Falling a bit faster than it rose, the RSI is now technically oversold but the MACD is negative and growing, supporting more downside. This may consolidate for a day or two but then has a look both ways feel to it. A move under 56.50 has a Measured move to 50 and a bounce back over 58 has room to the 200 day SMA.

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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, sees continued weakness heading into next week. Gold and Crude Oil look better to the downside while the US Dollar Index seems to be turning up and US Treasuries are biased lower within the Uptrend. The Shanghai Composite and Emerging Markets are poised to continue consolidation, Chinese markets within the downtrend. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite the Dollar Index and Treasuries undercutting it. The Indexes themselves all look biased to the downside with a chance of consolidation within the longer term uptrends. Use this information as you prepare for the coming week and trade’m well.

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