Top Trade Ideas for the Week of July 14, 2014: The Rest
- Posted by Greg Harmon
- on July 13th, 2014
Here are the Rest of the Top 10:
Fiserv, Ticker: $FISV
Fiserv, $FISV, has been consolidating in a tightening range over the 50 day SMA since the move higher at the end of April. The RSI is in the bullish zone and creeping higher along with the MACD, supporting the upside.
General Motors, Ticker: $GM
General Motors, $GM, is consolidating at 38 after a couple of steps higher. As it churns, the RSI is holding in the bullish zone and the MACD moving sideways and positive, both continuing to to support upward price action.
Eli Lilly, Ticker: $LLY
Eli Lilly, $LLY, moved out of a consolidation pattern higher and has now spent the last 3 weeks consolidating again. The RSI continues in the bullish zone with the MACD avoiding a cross down. The consolidation is now very close to the rising 20 day SMA again.
Microsoft, Ticker: $MSFT
Microsoft, $MSFT, has consolidated in a tight range over the last 5 weeks after a move higher that began in early May. Friday it tried to push out of the consolidation higher and it has support from the bullish RSI and it has a MACD that is leveling after a short pullback.
Valero Energy, Ticker: $VLO
Valero Energy, $VLO, is a possible bottoming and reversal play as it bounce off of the 200 day SMA. The RSI is trying to move back higher and the MACD leveling and approaching the signal line.
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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 July Options Expiration Week sees the Equity markets as mixed. Elsewhere look for Gold to continue in its uptrend while Crude Oil continues lower. The US Dollar Index seems content to move sideways while US Treasuries are biased higher but may consolidate. The Shanghai Composite is stuck in sideways consolidation while Emerging Markets are biased to the upside while they consolidate. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. The QQQ looks the strongest of the bunch reversing higher followed by the SPY but with the IWM looking weak. 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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