Top Trade Ideas for the Week of May 27, 2014: The Rest
- Posted by Greg Harmon
- on May 26th, 2014
Here are the Rest of the Top 10:
Autodesk, Ticker: $ADSK
Autodesk, $ADSK, ran higher from August 2013 until peaking in late February. The pullback from there ended near the 200 day SMA and it is just moving out of a base higher. The RSI is bullish and the MACD is bullish and rising.
Aetna, Ticker: $AET
Aetna, $AET, has been on a large scale trend higher for more than a year. The last dip back near the 200 day SMA was a buying opportunity but it offers another now as it peeks through resistance. The RSI is bullish and the MACD rising, both supporting more upside.
Dow Chemical, Ticker: $DOW
Dow Chemical, $DOW, had a run higher after leaving a Diamond in late November. It started a base in early March and is now peeking above resistance with support for more upside from a rising and bullish RSI and a MACD moving higher.
Landstar Systems, Ticker: $LSTR
Landstar Systems, $LSTR, has been moving higher since December with some fits and starts. It is at resistance now and has support to continue higher from a bullish RSI and a MACD breaking higher.
Rockwell Automation, Ticker: $ROK
Rockwell Automation, $ROK, had a small pullback to end April and has been pushing on the 50 day SMA since then from progressively higher support. The RSI is tapping on the mid line and the MACD has turned up and is rising after a positive cross.
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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, as we kick off summer and head into the shortened Holiday week sees the equity markets looking solid and positive. Elsewhere Gold looks stuck in a holding pattern while Crude Oil continues to rise. The US Dollar Index and US Treasuries are both biased higher. The Shanghai Composite is doing a good job of holding support but showing no signs of strength while the Emerging Markets are biased to the upside. Volatility looks to remain subdued and biased lower keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts agree with the SPY and QQQ looking strong on both timeframes while the IWM lags on the weekly timeframe. The Dollar, Treasuries and Oil moving higher will cause many to raise caution on equities as they do not all move together in theory. But they can advance for long period before any change. Stick to what the price action is saying. 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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