Top Trade Ideas for the Week of May 28, 2013: The Rest
- Posted by Greg Harmon
- on May 27th, 2013
Here are the Rest of the Top 10:
Atmel, Ticker: $ATML
Atmel, $ATML, is building a bull flag after a move higher off of the double bottom at the 200 day Simple Moving Average (SMA), out of the Diamond continuation. The Relative Strength Index (RSI) is bullish, but pulling back slightly, with a Moving Average Convergence Divergence indicator (MACD) that is rising, both supporting further upside price action.
Cabot Oil & Gas, Ticker: $COG
Cabot Oil & Gas, $COG, is consolidating in a bull flag after moving back up off of the 20 day SMA. The rising and bullish RSI and rising MACD support more upside price action.
Fastenal, Ticker: $FAST
Fastenal, $FAST, is also consolidating in a bull flag under 52. The RSI is bullish and rising and the MACD is rising as well, both supporting further upside action.
Home Bancshares, Ticker: $HOMB
Home Bancshares, $HOMB, has been in a strong trend higher after moving out of consolidation from November to March. It is currently in a small consolidation with the RSI is bullish and the MACD is drifting higher.
Northrop Grumman, Ticker: $NOC
Northrop Grumman, $NOC, is consolidating in a bull flag after moving higher since the sequester announcement in March. In you face Washington, huh? The RSI is technically overbought but holding in the low 70’s with a MACD that is rising. The volume profile is perfect for a bull flag. Look for a break higher to enter.
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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, heading into the shortened unofficial first week of Summer sees some nervous caution in the markets. Gold looks to consolidate with a downward bias while Crude Oil churns in the tightening range. The US Dollar Index seems ready for a pullback in the recent uptrend while US Treasuries are biased lower in their consolidation. The Shanghai Composite looks strong but Emerging Markets are biased to the downside. Volatility looks to remain benign keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite short term pullbacks and recent new highs. Their charts show more caution with a further pullback or consolidation likely. 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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