Top Trade Ideas for the Week of June 3, 2013: The Rest

Here are the Rest of the Top 10:

Apache, Ticker: $APA
apa

Apache, $APA, is making a possible Double Top at 85.40 after a long pullback to 68. The Relative Strength Index (RSI) is in bullish territory but retreating and the Moving Average Convergence Divergence indicator(MACD) is turning lower, adding credence to a downturn.

Con-way, Ticker: $CNW
cnw

Con-way, $CNW, has confirmed a bearish Shark Pattern as it pulls back from 39. The RSI is moving lower and the MACD is rolling over, giving added weight to a possible pullback.

Cray, Ticker: $CRAY
cray

Cray, $CRAY, is moving back higher after finding support between 16 and 17 just over the 200 day Simple Moving Average (SMA). Both the RSI and MACD are rising, with the RSI about to breach the mid line.

Gap Stores, Ticker: $GPS
gps

Gap Stores, $GPS, filled the gap below last week and then started back higher filling the upper gap Friday before the craziness happened. The RSI held at the mid line and turned back up while the MACD is pulling back on the signal line but the histogram is leveling.

Interactive Brokers, Ticker: $IBKR
ibkr

Interactive Brokers, $IBKR, has been consolidating in a range between 15.40 and 15.80 for a month. Friday it tried to move higher in a strong Marubozu candle but met the upper Bollinger band. The RSI has turned back higher in bullish territory and the MACD is leveling and beginning to improve on the histogram.

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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 June sees the markets ready to take a breather and perhaps pullback. Gold though is biased higher in the short term in its downtrend while Crude Oil heads toward the bottom of its range. The US Dollar Index and US Treasuries both look to continue lower. The Shanghai Composite maintains an upward bias but may consolidate first while Emerging Markets continue biased to the downside. Volatility looks to low but drifting higher keeping the long term bias higher for the equity index ETF’s SPY, IWM and QQQ, but maybe a drag in the short run. The index ETF’s themselves appear to be weakening in their uptrends with the SPY the weakest followed by the IWM and the QQQ still showing some strength in longer charts., Use this information as you prepare for the coming week and trad’em well.

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