Top Trade Ideas for the Week of September 26, 2011: The Rest

• Posted by Greg Harmon
• on September 25th, 2011

Here are the Rest of the Top 10:

Cepheid, Ticker: $CPHD

Cepheid is ring from a higher low toward resistance at 38.50. over that it has a Measured Move (MM) to 41.50 and resistance at the previous high near 41. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) support more upside. Short interest is high and may facilitate the upside.

Hawaiian Electric Industries, Ticker: $HE

Hawaiian Electric moved higher with a strong Marubozu candle to the resistance area between 24.60 and 24.70. Over that area it has a target on a MM to 26.60, near the previous high.

Marvell Technology Group, Ticker: $MRVL

Marvell Technology is in a bull flag near resistance at 15.50. Over that level it has resistance at 16.50 and then over the gap bottom at 17 a gap fill at 18. The RSI is rising but the MACD is diverging lower. Wait for a break of 15.50 to enter.

Superior Energy Services, Ticker: $SPN

Superior Energy fell out of a bear flag and has been running lower. Under 28.20 it has support at 27.24 and then a target of 25.80. The RSI and MACD support more downside.

STEC, Ticker: $STEC

STEC is in a ascending triangle with resistance at 10. Above that it has resistance at 10.40 and then 11, 12 and 13.65. Short interest is high at over 15% so it may get legs if it can break resistance higher.

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After reviewing over 900 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 Saturday which rolling into the last week of the third Quarter, looks for Gold and Oil to see more downside. The US Dollar Index and US Treasuries look to continue higher. The Shanghai Composite and Emerging Markets also look to continue their down moves. Volatility looks to remain elevated and possibly break higher. The equity Index ETF’s, SPY, IWM, and QQQ are all looking better to the downside. The QQQ again may be the key to holding the market together. If it loses support of the flag, the SPY and IWM could take the whole market lower. A spike in Volatility and continued moves higher in Treasuries and the Dollar Index should ensure it. Use this information as you prepare for the coming week and trade’m well.

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