Top Trade Ideas for the Week of July 7, 2014: The Rest
- Posted by Greg Harmon
- on July 6th, 2014
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Here are the Rest of the Top 10:
Agilent Technologies, Ticker: $A
Agilent Technologies, $A, had a shallow pullback after peaking at 60.93 in January. It confirmed a move higher out of support in June and is testing resistance of a bull flag now with a RSI that is rising and bullish and a MACD leveled after a short pullback.
AFLAC, Ticker: $AFL
AFLAC, $AFL, has been tightening against resistance since mid April. Since the beginning of June it has stayed above the 20 day SMA and the RSI over the mid line while the MACD moves sideways. With the Bollinger band Squeeze this could foretell a move coming.
Broadwind Energy, Ticker: $BWEN
Broadwind Energy, $BWEN, fell back from a double top peak at about 13.50 in April and May. It consolidated at the 100 day SMA for a while before falling again, through the 200 day SMA. Now turning back higher the RSI is rebounding and the MACD about to cross higher.
Eaton Vance, Ticker: $EV
Eaton Vance, $EV, is testing resistance at the 200 day SMA, which it has been below since late January. Short term higher lows and higher highs support the upside as does the rising RSI and MACD.
Varian Medical Systems, Ticker: $VAR
Varian Medical Systems, $VAR, is moving higher to test resistance at the March and April highs. It has a bullish RSI and a MACD that averted a cross down and is positive. The series of higher highs and higher lows also support continued upward price action.
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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 Thursday which, as July gets in full swing sees the equity markets looking very strong. Elsewhere look for Gold to continue in its uptrend while Crude Oil continues lower in a pullback in the uptrend. The US Dollar Index looks to move sideways while US Treasuries consolidate but are biased lower. The Shanghai Composite and Emerging Markets are biased to the upside. Volatility looks to remain unusually low and actually biased lower keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts show strength but with the QQQ possibly getting extended and the IWM near prior resistance. 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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