Top Trade Ideas for the Week of June 30, 2014: The Rest
- Posted by Greg Harmon
- on June 29th, 2014
Here are the Rest of the Top 10:
8×8, Ticker: $EGHT
8×8, $EGHT, pulled back from a long consolidation during May. It found a bottom in June and has now bounced and consolidating. It has a RSI at the mid line after a run higher and a MACD rising. Both support more upside. Short interest is elevated at 7%.
Freeport-McMoRan Copper & Gold, Ticker: $FCX
Freeport-McMoRan Copper & Gold, $FCX, has moved higher in 2 ‘W’s since the pullback in January. The SMA’s are rising along with the RSI and MACD. Bullish. It is currently consolidating in a bull flag.
Illinois Tool Works, Ticker: $ITW
Illinois Tool Works, $ITW, has had a long trend higher, since April 2013. The last 4 weeks have seen consolidation under resistance, as it moves sideways. The RSI is holding the bullish range and the MACD is diverging lower.
KeyCorp, Ticker: $KEY
KeyCorp, $KEY, is back at resistance near 14.50 to 14.60 from a higher low. The SMA’s are trending higher and it has support for a break higher from the bullish RSI and a MACD that is avoiding a cross as it levels.
Northern Trust, Ticker: $NTRS
Northern Trust, $NTRS, has been moving higher in a stair step fashion, and is currently consolidating the last move. The RSI is bullish and the MACD rising, both supporting more upside.
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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, sees Monday closing the 2nd Quarter and then we head into July with the equity market still looking strong. Elsewhere look for Gold to continue in its uptrend while Crude Oil may continue to consolidate in its uptrend. The US Dollar Index is in another short term downtrend while US Treasuries are biased higher, but may need a very short pullback first. The Shanghai Composite continues to grind sideways with Emerging Markets pulling back or consolidating in their uptrend. Volatility looks to remain minuscule keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts show that the SPY and IWM gained some strength to end the week but are still in a range while the QQQ is rising and very strong. 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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