Top Trade Ideas for the Week of August 4, 2014: The Rest
- Posted by Greg Harmon
- on August 3rd, 2014
Here are the Rest of the Top 10:
Akamai Technologies, Ticker: $AKAM
Akamai Technologies, $AKAM, made a double top at 62.50 in June and has been pulling back. The move down Friday took it under the 100 day SMA and made a new lower low in the RSI, as it moved into the bearish zone. The MACD avoided a cross up last week and is falling again. Short interest is under 3%.
Apache, Ticker: $APA
Apache, $APA, gapped higher July 22nd and stalled. Last week it printed a Spinning Top candle Thursday and confirmed it lower Friday, looking for more downside. There is a gap below to fill and the 50 and 100 day SMA’s are below that. The RSI is approaching the mid line from above with a MACD that crossed down Friday.
Cigna, Ticker: $CI
Cigna, $CI, made a top near 97 two weeks ago and has pulled back. The Spinning Top Thursday was confirmed higher Friday as the price moved back within the Bollinger bands. The RSI kinked back higher, although the MACD is still running down. This sets up well to look both up and down.
McKesson, Ticker: $MCK
McKesson, $MCK, had tested and failed on a break out a couple of times before holding higher Friday after earnings on strong volume. The RSI is in the bullish zone and has a lot of room higher with a MACD that has just crossed up.
Northern Trust, Ticker: $NTRS
Northern Trust, $NTRS, a former favorite from the long side, is pulling back from a top at 68. The two long strong red candles to close the week suggest more downside with a RSI running lower and a MACD about to cross down.
Up Next: Bonus Idea
If you like what you see sign up for the rest of the ideas above and deeper analysis using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits feed and on chartly.
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 dog days of August sees the equity markets as mixed but with some weakness. Elsewhere look for Gold to continue lower in its band around 1300 while Crude Oil heads lower, unless the Hammer confirms Monday. The US Dollar Index looks to continue to eh upside but may consolidate first while US Treasuries are biased higher. The Shanghai Composite and Emerging Markets are both biased to the upside with the risk of Emerging Markets consolidating or pulling back first. Volatility looks to remain in the low range but biased to the upside keeping the bias neutral to higher for the equity index ETF’s SPY, IWM and QQQ. The indexes themselves continue to be mixed with the IWM still the weakest and falling, while the SPY also looks better to the downside in the short run, and the QQQ the strongest but still with a possibility of more downside. Use this information as you prepare for the coming week and trad’em well.
Get my book, Trading Options: Using Technical Analysis to Design Winning Options Trades.
Want to learn more about Dragonfly Capital Views?
Dragonfly Capital Views Performance Through July 2014 Expiry and sign up here
If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
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)
- SPY Trends and Influencers April 18, 2015
- Macro Week in Review/Preview April 17, 2015
- Dragonfly Capital Views Performance through April 2015 Expiry
- Unlocked: Premium Earnings Trades for Morgan Stanley and Hasbro
- Premium Earnings 4-17-15
- Revisiting the oil to bond ratio (spoiler: its not too late)
- Unlocked: Schlumberger and General Electric Earnings Trades
- Release the brakes & hit the gas in Wabtec
- Premium Earnings 4-16-15
- About that US Dollar strength….