Top Trade Ideas for the Week of May 19, 2014: The Rest
- Posted by Greg Harmon
- on May 18th, 2014
Here are the Rest of the Top 10:
American Electric Power, Ticker: $AEP
American Electric Power, $AEP, has been moving higher since October. But the recent pullback since late April is finding support and gives a good reward to risk trade higher, The RSI is turning back up but with the MACD continuing lower.
Altera, Ticker: $ALTR
Altera, $ALTR, is a bottoming play. it is trying to reverse off of support at 31.50-32. The RSI is rising along with the MACD as price is finding support at the high volume bar.
BP, Ticker: $BP
BP, $BP, is a stock we have had a long position is for quite some time. Last week made a higher low and is breaking out higher. The RSI is bullish and the MACD reversing higher after a short fall off.
CIT Group, Ticker: $CIT
CIT Group, $CIT, is reversing up after fining support at 41.50. The RSI is rising and the MACD is rising and crossed up, supporting more upside. There is a large gap to fill to the upside.
Express Scripts, Ticker: $ESRX
Express Scripts, $ESRX, gapped lower following earnings, but has been rising ever since. The current consolidation at the 200 day SMA in a bull flag has support for a move higher from the rising RSI and MACD, which has also crossed up.
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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 Friday which, heading into Memorial Day Weekend, and the official start of ‘work 4 days and then head to the Hamptons’ the equity markets have recovered a bit but not turned around fully. Look for Gold to continue its consolidation while Crude Oil remains biased higher. The US Dollar Index and US Treasuries also look higher with Treasuries perhaps ready for another short term pullback. The Shanghai Composite looks to consolidate over 2000 and Emerging Markets are biased to the upside. Volatility looks to subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their individual charts tell a different story with all in consolidation including the SPY, but the QQQ’s biased higher while the IWM is biased lower. 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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