Top Trade Ideas for the Week of May 6, 2013: The Rest
- Posted by Greg Harmon
- on May 5th, 2013
Here are the Rest of the Top 10:
Abbott Laboratories, Ticker: $ABT
Abbott Laboratories, $ABT, is growing a symmetrical triangle after a rising out of a consolidation zone. A break of the triangle targets a $1.5 move on the pattern and continuation to the upside carries a Measured Move higher to 41.
Huntington Bancshares, Ticker: $HBAN
Huntington Bancshares, $HBAN, is moving higher after falling back and finding support at the 100 day Simple Moving Average (SMA). The Relative Strength Index (RSI) is rising and the Moving Average Convergence Divergence (MACD) indicator is rising and just crossed to positive, both supporting further upside.
Intuitive Surgical, Ticker: $ISRG
Intuitive Surgical, $ISRG, is moving back higher, ending the week at the 50 day SMA. The RSI and MACD support continued upward price action.
Kansas City Southern, Ticker: $KSU
Kansas City Southern, $KSU, is hitting resistance at the previous high after consolidating along the 50 day SMA for some time. A continued move higher breaks a broad consolidation channel and targets a move higher to 137.50.
Wal-Mart, Ticker: $WMT
Wal-Mart, $WMT, is in a long Cup and Handle pattern and may be breaking out higher. The target on the pattern break is to 91.50. The RSI is turning higher with a MACD that may also be joining it higher.
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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 head into next week looks for Gold to continue its consolidation with a downside bias while Crude Oil works higher in the neutral zone. The US Dollar Index looks better lower while US Treasuries are biased lower within the longer uptrend. The Shanghai Composite is at support but looks better for a break lower while Emerging Markets are looking strong. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite their moves higher to new highs. Their charts agree and point higher, but look better on the weekly timeframe as the daily views show some signs of being extended with Friday’s moves. 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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