Top Trade Ideas for the Week of September 9, 2013: The Rest
- Posted by Greg Harmon
- on September 8th, 2013
Here are the Rest of the Top 10:
ARM Holdings, Ticker: $ARMH
ARM Holdings, $ARMH, has been consolidating under resistance all of August. The Relative Strength Index (RSI) is moving higher and the Moving Average Convergence Divergence indicator (MACD) has crossed positive.
Boeing, Ticker: $BA
Boeing, $BA, moved into a consolidation pattern in August and is approaching resistance now. It has support for more upside from a MACD that is crossed higher and a RSI that is making a higher high and over the mid line.
Lazard, Ticker: $LAZ
Lazard, $LAZ, is back at what could become a triple top from a higher low. The RSI is bullish and rising and the MACD has just crossed to positive.
Magna International, Ticker: $MGA
Magna International, $MGA, is back at resistance after pulling back to the 50 day Simple Moving Average (SMA). The RSI is bullish and rising with a MACD that is about to cross to positive, both supporting further upside.
Navistar International, Ticker: $NAV
Navistar International, $NAV, has been in a downtrending channel but is now testing resistance at the top of it. It has a rising RSI and a MACD that is hovering near a cross to positive.
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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, back to a full week after the holidays sees Gold looking to continue lower in the short term uptrend while Crude Oil marches higher. The US Dollar Index is biased higher in the long consolidation while US Treasuries are poised to continue lower. The Shanghai Composite looks to continue higher while Emerging Markets join it after a strong reversal. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. The charts themselves show that the QQQ is very strong looking for new highs while the IWM is next and the SPY the weakest of the bunch. 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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