Top Trade Ideas for the Week of November 12, 2012: The Rest
- Posted by Greg Harmon
- on November 11th, 2012
Here are the Rest of the Top 10:
Deere, Ticker: $DE
Deere, $DE, pulled back to support after testing the high from February. Friday it closed the open gap and printed a bullish engulfing candle. The Relative Strength Index (RSI) held in bullish territory on the pullback and the Moving Average Convergence Divergence indicator (MACD) stopped its negative growth. This is a potential reversal play.
F5 Networks, Ticker: $FFIV
F5 Networks, $FFIV, spent all of last week moving higher in a crappy market, building a bull flag to end the week. There are some topping tails so caution is warranted before an entry. The RSI is trending higher and the MACD is about to cross to positive, both supporting further upside.
Chart Industries, Ticker: $GTLS
Chart Industries, $GTLS, continued its move lower last week and is now near previous support from the summer months. The RSI is technically oversold and the volume is slowing as it eases into that support. A break of support lower triggers a potential short entry but with the oversold condition a tradeable bounce is possible as well. Look both ways.
Bank of the Ozarks, Ticker: $OZRK
Bank of the Ozarks, $OZRK, moved higher Friday off of previous support and the 200 day Simple Moving Average (SMA). The RSI may be turning higher again with a MACD that has started to improve. Watch for a move over the 50 day as a long entry.
Weight Watchers, Ticker: $WTW
Weight Watchers, $WTW, moved higher Friday to resistance and a triple top. Over resistance has a Measured Move to 62.50. The RSI is bullish and moving higher with a MACD that is positive and growing.
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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, as we shift focus from the election to the fiscal cliff sees the market revolting. Look for Gold to continue in its uptrend while Crude Oil consolidates with a bias lower. The US Dollar Index and US Treasuries are set to move higher. The Shanghai Composite and Emerging Markets look to consolidate, with the Shanghai Composite doing so in a downtrend. Volatility looks to remain low but slowly trending higher making a hard way for the equity index ETF’s SPY, IWM and QQQ, which all look better to the downside, despite some signs of possible reversals. Use this information as you prepare for the coming week and trade’m well.
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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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