Top Trade Ideas for the Week of March 4, 2013: The Rest
- Posted by Greg Harmon
- on March 3rd, 2013
Here are the Rest of the Top 10:
BB&T, Ticker: $BBT
BB&T, $BBT, has been consolidating over the 200 day Simple Moving Average (SMA)since mid January. The Relative Strength Index (RSI) has held the mid line during this process. The Moving Average Convergence Divergence indicator (MACD) has pulled back and is now leveled and starting back higher. A break over 31 could run a bit.
Biogen Idec, Ticker: $BIIB
Biogen Idec, $BIIB, is reaching resistance at 169 after a pullback to the 20 day SMA last week, The RSI is bullish and heading higher with a MACD signal line turning back up and the histogram improving. The Measured Move higher takes it to 187.
Cray, Ticker: $CRAY
Cray, $CRAY, has had a steady move higher after breaking over resistance at 13.65 in November until consolidating between 18 and 19 for a month. The break higher pulled back to retest the breakout level and is moving back higher to resistance at 20. The rising and bullish RSI supports a push higher and the MACD is trying to curl higher and cross to positive to support it as well.
Estee Lauder, Ticker: $EL
Estee Lauder, $EL, is in a resistance zone that has held for over a year. It has been making higher lows since August against that resistance and a move over has a target of 79. In the latest movement around the top the RSI is bullish and now moving higher with a MACD that has leveled after pulling back and is rising again.
Vulcan Materials, Ticker: $VMC
Vulcan Materials, $VMC, fell from a high at 59 in January and started a bounce last week after passing below the 100 day SMA. The RSI hit technically oversold levels and ins reversing sharply with a MACD that is starting to curl higher. This is a speculative reversal play.
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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, moving full force into March sees Equities looking more like a Lamb and the Dollar Index the Lion. Elsewhere Gold and Crude Oil are set up to continue lower with a chance of Gold consolidating. US Treasuries are also consolidating within the short term downtrend. The Shanghai Composite is back moving higher while Emerging Markets are biased to the downside with a risk of consolidation continuing from late this week. Volatility looks to remain low keeping the wind at the back of the Equity Index ETF’s SPY, IWM and QQQ. Their charts continue to be biased to the upside but are adding topping candles on the weekly views. The Exception is the QQQ that is almost imperceptibly moving higher in the longer time frame. US Treasuries driving higher and joining a strong Dollar would be the most troublesome scenario for Equity bulls. Use this information as you prepare for the coming week and trad’em 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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