Top Trade Ideas for the Week of January 7, 2013: The Rest
- Posted by Greg Harmon
- on January 6th, 2013
Here are the Rest of the Top 10:
BP, Ticker: $BP
BP, $BP, broke the consolidation between 41 and 42 and jumped higher last week to resistance at 44. The Relative Strength Index (RSI) is bullish and the Moving Average Convergence Divergence indicator (MACD) is positive, both supporting more upside price movement.
Gilead Sciences, Ticker: $GILD
Gilead Sciences, $GILD, leaked out of its consolidation zone and found support at the 50 day Simple Moving Average (SMA) before rising back tot eh top of that zone. With a RSI that is bullish but rest a little lower and a MACD that is about to cross to positive it is set up to break he consolidation zone higher.
M&T Bank, Ticker: $MTB
M&T Bank, $MTB, is moving higher and is is one of the few bank stocks that does not yet look overbought. It has an RSI that is bullish and rising with a MACD that is positive and growing. Above the previous high it has a Measured Move to 123.
Prudential Financial, Ticker: $PRU
Prudential Financial, $PRU, is moving into a previous resistance zone between 56.50 and the previous high in October. Above that it as room. The RSI is bullish and rising and the MACD is positive and growing, both supporting further upside movement.
Phillips-Van Heusen, Ticker: $PVH
Phillips-Van Heusen, $PVH, has been consolidating in a box since the beginning of November. Several signs suggest it may be ready to break it higher. The RSI is bullish and rising with a MACD that is positive and increasing with expanding Bollinger bands as it rises to the top of the box.
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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 the financial markets get back to full strength, look for Gold to continue lower while Crude Oil continues higher. The US Dollar Index seems ready to continue higher while US Treasuries head lower, both with a chance that each may consolidate. The Shanghai Composite and Emerging Markets are biased to the upside with the possibility that each may also rest. Volatility looks to remain low and may continue lower keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite the big moves higher this week. Their charts all look higher as well with the IWM the strongest followed by the SPY and the QQQ pulling back or possibly consolidating. 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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