Top Trade Ideas for the Week of June 23, 2014: The Rest
- Posted by Greg Harmon
- on June 22nd, 2014
Here are the Rest of the Top 10:
Advanced Auto Parts, Ticker: $AAP
Advanced Auto Parts, $AAP, has been in a sideways consolidation since February, and rising the 100 day SMA higher as support. The RSI is in the bullish zone and the MACD is rising, both supporting a push higher.
Amerisource Bergen, Ticker: $ABC
Amerisource Bergen, $ABC, had a long run higher from September to December in 2013, but a slow pullback that lasted until May after that. The leap higher made a new high and pulled back slightly before the current reversal higher. Higher prices are supported by a rising and bullish RSI.
Abraxas Petroleum, Ticker: $AXAS
Abraxas Petroleum, $AXAS, is testing resistance at 5.60 after a pullback that formed a double bottom at 4.60. The move Friday on strong volume is bullish and has support from the rising RSI and MACD for more upside price movement.
NPS Pharmaceuticals, Ticker: $NPSP
NPS Pharmaceuticals, $NPSP, started a pullback in March that found support at prior lows and reversed higher to start June. It is consolidating that move in a bull flag with a bullish RSI and a MACD that is leveling after a small pullback.
WellPoint, Ticker: $WLP
WellPoint, $WLP, started a move higher in February that has had 2 legs. The recent consolidation now sees it testing resistance with a rising RSI and a MACD turning back higher and near a cross 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, as the last full week of June kicks off into Summer, sees the equity markets looking strong. Elsewhere look for Gold to continue higher while Crude Oil joins it to the upside. The US Dollar Index has a short term downward bias while US Treasuries consolidate but also are biased lower. The Shanghai Composite looks like it has more consolidation in store for it while Emerging Markets are biased to the upside with possible consolidation. Volatility looks to remain very low keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts are also biased to move higher on the longer timeframe with the shorter timeframe strongest in the IWM and with the SPY and QQQ looking like they could consolidate in the 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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