Top Trade Ideas for the Week of June 9, 2014: The Rest
- Posted by Greg Harmon
- on June 8th, 2014
Here are the Rest of the Top 10:
Atwood Oceanics, Ticker: $ATW
Atwood Oceanics, $ATW, is pressing against resistance for the third time after making a higher low. It is over the 100 day SMA this time and has expanding Bollinger bands, along with the RSI and MACD both rising to support more upside.
Baker Hughes, Ticker: $BHI
Baker Hughes, $BHI, is breaking 6 week consolidation higher. The RSI is bullish and rising and the MACD is about to cross up, adding to the bullish case.
Hudson City Bancorp, Ticker: $HCBK
Hudson City Bancorp, $HCBK, went through a long consolidation the later half of 2013 and then moved up to a higher consolidation zone. It is testing the top of that zone now with a rising RSI and MACD.
Suncor Energy, Ticker: $SU
Suncor Energy, $SU, had a big move higher from late March into early May. It has pulled back in a bull flag since then and is now breaking that flag higher. The RSI is bullish and rising and the MACD about to cross up to join the party.
Vertex Pharmaceuticals, Ticker: $VRTX
Vertex Pharmaceuticals, $VRTX, pulled back from a February high to a base between 63 and 68 in mid May. Breaking that higher, is it now consolidating the move and at the confluence f the 100 and 200 day SMA’s. The RSI is on the cusp of a move into the bullish range and the MACD 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 Friday which, heading into the first full week of June sees the Equity markets had a good week but may need a pause or pullback before continuing, as they are overbought on some measures. Elsewhere look for Gold to consolidate with a downward bias while Crude Oil consolidates with an upward bias. The US Dollar Index seems content to move sideways on the long term consolidation but with a short term upward bias while US Treasuries are biased lower in the short term. The Shanghai Composite looks to be stuck in a rut, moving sideways, and Emerging Markets are biased to the upside. Volatility looks to remain subdued keeping the bias lower for the equity index ETF’s SPY, IWM and QQQ, despite the moves higher, although the VIX is near historic lows. The Equity Index charts themselves all look good for more upside, but are becoming overbought on the shorter timeframe. On the weekly charts they look strong, so perhaps some sideways or a pullback before more upside. Of course they can just keep rising and get more overbought short term. 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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