Top Trade Ideas for the Week of September 23, 2013: The Rest
- Posted by Greg Harmon
- on September 22nd, 2013
These picks were given to Premium Users earlier with more analysis, triggers, stops, targets and adjustments and more detailed charts.
Here are the Rest of the Top 10:
AcelRx Pharmaceuticals, Ticker: $ACRX
AcelRx Pharmaceuticals, $ACRX, has been building energy as it consolidates under the 50 day Simple Moving Average (SMA). The Relative Strength Index (RSI) is moving higher and about to head into bullish territory with a Moving Average Convergence Divergence indicator (MACD) that is pausing at zero after a rise from the lows.
Allergan, Ticker: $AGN
Allergan, $AGN, is up at resistance and near the 100 day SMA. It has support for more upside price action from a bullish and rising RSI and a MACD moving higher.
Generac, Ticker: $GNRC
Generac, $GNRC, printed a bullish Marubozu candle Friday, taking it back near resistance of the July highs. The RSI is bullish and rising and the MACD crossed up and rising, both supporting more upward price action.
Old Dominion Freight Line, Ticker: $ODFL
Old Dominion Freight Line, $ODFL, has been rising the 50 day SMA higher with support for more from the rising RSI and MACD.
The Bancorp, Ticker: $TBBK
The Bancorp, $TBBK, is testing the top of a consolidation zone after a strong move higher. The RSI is a bit into technically overbought territory and the MACD leveling at new highs. Look both ways.
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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 last full week of the Quarter sees the equity markets looking ready to absorb their latest highs. Look for Gold to continue lower while Crude Oil continues to consolidate with a downward bias. The US Dollar Index is pushing lower while US Treasuries look to continue to consolidate in the downtrend with a short term bias higher. The Shanghai Composite and Emerging Markets are poised to continue to the downside in their uptrends and the Volatility Index looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts are suggesting they need to consolidate or pullback from the new highs first though. Use this information as you prepare for the coming week and trad’em well.
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
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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