Top Trade Ideas for the Week of March 19, 2012: The Rest

• Posted by Greg Harmon
• on March 18th, 2012

Here are the Rest of the Top 10:

American Capital, Ticker: $ACAS

American Capital, $ACAS, is back near resistance at 9.23 after a brief pullback to the lower Bollinger band, It has a bullish Relative Strength Index (RSI) but a Moving Average Convergence Divergence (MACD) indicator that has been improving, but looks like it may glance off the zero line instead of crossing. Regardless the trend is higher. A move over resistance sets it off toward the July highs.

Broadcom, Ticker: $BRCM

Broadcom, $BRCM, is approaching the 38.25 resistance area after a bounce off of the 100 and 200 day Simple Moving Averages (SMA). A break over resistance would also complete an Inverse Head and Shoulders Pattern with a target of 49.00. The rising RSI and MACD that has crossed positive support further upside.

Cree, Ticker: $CREE

Cree, $CREE, is also approaching resistance that would complete an Inverse Head and Shoulders pattern and trigger a target of 42.25. The RSI is bullish and the MACD is about to cross positive, both supporting more upside. 11% Short interest could fuel the fire higher if it gets going.

Peet’s Coffee & Tea, Ticker: $PEET

Peet’s Coffee & Tea, $PEET, is consolidating in a bull flag at resistance after retesting the gap from February. A move out of the flag higher establishes a target of 76.00 on a Measured Move.

Teva Pharmaceuticals, Ticker: $TEVA

Teva Pharmaceuticals,$TEVA, is testing support at 43, just above the 100/200 day SMA cross. The RSI is bearish and pointing lower while the MACD is negative and growing more so. Both support further downside.

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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 heading into next week seems the market has provided some clarity. Gold looks to continue lower while Crude Oil consolidates with an upward bias. The US Dollar Index looks better to the upside but Treasuries now are solidly biased lower. The Shanghai Composite look lower while Emerging Markets are poised to break higher out of a consolidation zone. The Volatility Index added some spice to the part and does not look to move markedly higher some. These influencers build a backdrop for the US Equity Index ETF’s SPY, IWM and QQQ to continue higher. An acceleration of Treasuries lower will only reinforce this. The charts of those Index ETF’s agree with the SPY and QQQ looking the strongest and the IWM still working off some previous price history. Use this information as you prepare for the coming week and trade’m well.

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