Top Trade Ideas for the Week of September 3, 2013: The Rest
- Posted by Greg Harmon
- on September 2nd, 2013
Here are the Rest of the Top 10:
Broadcom, Ticker: $BRCM
Broadcom, $BRCM, printed a Spinning Top last Tuesday, signalling indecision. It followed it with a higher Spinning Top Wednesday and is continuing up. The Relative Strength Index (RSI) is turning back up and no longer technically oversold and the Moving Average Convergence Divergence indicator (MACD) has crossed up and is rising. This is a reversal play.
Home Bancshares, Ticker: $HOMB
Home Bancshares, $HOMB, was a Top 10 idea last week, but of r a long set up. It never triggered and now looks better as a short trade idea. The RSI has moved into bearish territory with a MACD that turned back lower supporting more downside.
National Oilwell Varco, Ticker: $NOV
National Oilwell Varco, $NOV, broke above 7 month resistance at 74 last week and consolidated that gain to end the week. The RSI is bullish and the MACD is crossed and rising.
Oshkosh, Ticker: $OSK
Oshkosh, $OSK, is testing support after a move higher that nearly completed to the target of the Diamond continuation. The RSI is falling and about to cross the mid line with a MACD that is heading lower as well.
STAAR Surgical, Ticker: $STAA
STAAR Surgical, $STAA, is making a new high with support for more upside from a rising RSI, perhaps a bit extended, and a MACD that is climbing.
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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 September begins, looks for Gold to continue to bounce in its downtrend while Crude Oil rises with a chance of consolidation. The US Dollar Index looks to be reversing higher while US Treasuries are biased higher in the short term in their downtrend. The Shanghai Composite looks to continue to consolidate with an upward bias as Emerging Markets are poised to move lower. Volatility looks to remain subdued but creeping higher keeping the wind at the backs of the equity index ETF’s SPY, IWM and QQQ, despite the moves lower this week. Their charts suggest that the downside is not over yet though with the SPY and IWM looking lower while the QQQ looks the strongest and most likely to just consolidate instead of falling. 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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