Top Trade Ideas for the Week of July 28, 2014: The Rest
- Posted by Greg Harmon
- on July 27th, 2014
Here are the Rest of the Top 10:
Abbott Laboratories, Ticker: $ABT
Abbott Laboratories, $ABT, had a strong run higher from mid April so you may think it is due for a pullback. And it might do so. But the recent consolidation in a bull flag suggests another leg higher may be in the picture……
Comerica, Ticker: $CMA
Comerica, $CMA, made a high in March before pulling back to near the 200 day SMA in May. the bounce higher consolidated for a month before falling back to the cross of the 50 and 100 day SMA’s last week and then bouncing higher again. The RSI is turning back up and the MACD did as well and is near a positive cross……
CVS Caremark, Ticker: $CVS
CVS Caremark, $CVS, has had a strong trend higher since October 2013 with a pullback at the beginning of the year to refresh things. The price action since May has been mainly sideways with a small Cup and Handle……
Novo Nordisk, Ticker: $NVO
Novo Nordisk, $NVO, had a strong run higher from November until the top in February. A series of lower lows following that led to a jump higher in June and now consolidation. The RSI is bullish and the MACD flat and about to cross positive…..
PNC Financial, Ticker: $PNC
PNC Financial, $PNC, has been trending higher since last October. It has had several pullbacks to the 100 day SMA, including the breach following earnings 2 weeks ago. Now it is back at the 100 day SMA with a rising RSI and a MACD that has stopped falling and is starting to turn higher…..
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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 last days of July, sees the Equity Indexes again are mixed. Elsewhere look for Gold to continue lower in its consolidation while Crude Oil slowly climbs in its broad consolidation. The US Dollar Index is breaking higher and looks to continue in the short run while US Treasuries continue to look good to the upside. The Shanghai Composite and Emerging Markets are also biased to the upside now with the risk that Emerging Markets find resistance. Volatility looks to remain at low levels keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. There chart paint a mixed picture though with the QQQ looking strong and ready to continue higher while the SPY consolidated in the uptrend and the IWM pulls back in the consolidation range. 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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