Top Trade Ideas for the Week of July 9, 2012: The Rest

Here are the Rest of the Top 10:

Calumet Specialty Partners, Ticker: $CLMT

Calumet Specialty Partners, $CLMT, is back at the gap down level, recovering from a nearly 25% pullbakc touching the 200 day Simple Moving Average (SMA). It has support for further upside into the gap from a rising and bullish Relative Strength Index (RSI) and a Moving Average Convergence Divergence indicator (MACD) that is positive and trending higher. The gap fill higher is at 26.50, a 7% move.

Ingredion, Ticker: $INGR

Ingredion, $INGR, has to be the worst corporate decision on a name change ever (formerly Corn Products) and the stock price seems to agree. After falling out of a channel consolidation it has been testing support at 47.60, a historically important level. Currently is sits there with a falling and bearish RSI and a MACD that is about to cross negative. Both support more downside. A break below has a gap fill to 45.38.

Mentor Graphics, Ticker: $MENT

Mentor Graphics, $MENT, is back at resistance from a higher low. Looking left you can see an Inverse Head and Shoulders with the current resistance as the neckline. The price objective on a break higher is at least 23. The rising and bullish RSI and MACD that is positive and increasing support a push higher.

Old Republic, Ticker: $ORI

Old Republic, $ORI, is a potential reversal play. With a series of tight range candles holding over the gap from December it also has a RSI that is starting to bottom and a MACD that is already trending higher. It also very extended from its SMA’s.

Wellpoint, Ticker: $WLP

Wellpoint, $WLP, another insurance play, does not show signs of a bottom. Breaking the Ascending triangle lower it has a pattern target to 52 measured conservatively. A good deal lower than the current price. The RSI is a bit oversold but the MACD is still growing more negative.

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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 Saturday which, as the holiday week ends and many get back to work looks for Gold to continue in a broad range with a downside bias while Crude Oil looks higher with a possibility of consolidation. The US Dollar Index and US Treasuries are set to move higher with the possibility that Treasuries continue to be stuck in their range. The Shanghai Composite is biding time before falling and Emerging Markets are biased to the upside. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts agree on the longer timeframe with pullbacks or consolidation a possibility in the short run. Continue to watch Treasuries and the Dollar Index for reversals that will impact the Equity markets. Use this information as you prepare for the coming week and trade’m well.

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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.

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