Top Trade Ideas for the Week of September 30, 2013: The Rest

Here are the Rest of the Top 10:

Alexion Pharmaceuticals, Ticker: $ALXN
alxn

Alexion Pharmaceuticals, $ALXN, is approaching resistance at 117.50 after a shallow pullback. The Relative Strength Index (RSI) is bullish and rising and the Moving Average Convergence Divergence indicator (MACD) crossing positive but flat prepping for another move higher.

CIT Group, Ticker: $CIT
cit

CIT Group, $CIT, is moving higher, over the rising 100 day Simple Moving Average (SMA) after a sharp 3 day move lower. The RSI is testing the mid line as it rises and the MACD is turning back up.

Graco, Ticker: $GGG
ggg

Graco, $GGG, is consolidating under resistance at 74.50 after testing the 50 day SMA below and holding. It has a RSI that is bullish and a MACD that is rising to support more upside price action.

GNC Holdings, Ticker: $GNC
gnc

GNC Holdings, $GNC, is testing resistance from earlier in September and August, this time from a higher low. The RSI is bullish and rising and the MACD is also trending slightly higher.

Organovo, Ticker: $ONVO
onvo

Organovo, $ONVO, is testing the top of an ascending triangle after a shallow pullback, creating a higher low. The RSI is on the verge of a move into bullish territory with a MACD that is rising.

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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 the 3rd Quarter comes to a close sees the markets looking positive but softer on a short term basis. Next week look for Gold consolidate or move higher while Crude Oil continues lower. The US Dollar Index looks to continue its downward action while US Treasuries are biased higher near resistance. The Shanghai Composite and Emerging Markets are moving together and continue to look best to the downside. Volatility looks to remain subdued but with a drift higher keeping the bias neutral to higher for the equity index ETF’s SPY, IWM and QQQ. The SPY looks the weakest of the bunch and better lower while the IWM and QQQ consolidate in their uptrends. 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.

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