Top Trade Ideas for the Week of July 15, 2013: The Rest

• Posted by Greg Harmon
• on July 14th, 2013

Here are the Rest of the Top 10:

Amgen, Ticker: $AMGN

Amgen, $AMGN, is moving higher out of resistance with support of a rising and bullish Relative Strength Index (RSI) and a Moving Average Convergence Divergence indicator (MACD) that is also rising. These support further upward price action.

Boston Scientific, Ticker: $BSX

Boston Scientific, $BSX, is approaching the top of a consolidation channel, tightest between 8.92 and 9.45 but up to 9.75. The RSI is bullish and making a new high as it rises with a MACD that is about to cross to positive.

Diamond Offshore Drilling, Ticker: $DO

Diamond Offshore Drilling, $DO, is in a Deep Crab Harmonic, with a Potential Reversal Zone (PRZ) at 82.52. The RSI and the MACD are bullish and rising support further upward price action.

Movado, Ticker: $MOV

Movado, $MOV, is also rising in a Deep Crab pattern, with a PRZ to 43.60. It has a RSI that is bullish and verging on technically over bought with a MACD that is bullish and rising.

Nationstar Mortgage, Ticker: $NSM

Nationstar Mortgage, $NSM, is moving higher through the 50 day Simple Moving Average (SMA) and previous resistance. It has support for more upside form a bullish and rising RSI and MACD.

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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, heading into next week, sees the markets looking strong but maybe a bit extended. Look for Gold to continue higher in the downtrend while Crude Oil slows at resistance in the uptrend. The US Dollar Index looks to continue lower along with US Treasuries. The Shanghai Composite and Emerging Markets are biased to the upside in their downtrends and have potential to reverse those trends with continued strong moves. Volatility looks to remain low and drifting lower, keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. All are biased higher with the QQQ looking the strongest the IWM and SPY perhaps extended a little in their uptrends. Use this information as you prepare for the coming week and trad’em well.

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