Top Trade Ideas for the Week of July 22, 2013: The Rest

• Posted by Greg Harmon
• on July 21st, 2013

Here are the Rest of the Top 10:

Agilent, Ticker: $A

Agilent, $A, is consolidating after a strong move higher. The Relative Strength Index (RSI) is bullish and rising with a Moving Average Convergence Divergence indicator (MACD) that is moving higher. Both support higher prices.

Onyx Pharmaceuticals, Ticker: $ONXX

Onyx Pharmaceuticals, $ONXX, gapped higher to 135 and is now pulling back. The RSI has moved from being technically overbought to back under 70 and is falling with a MACD that is rolling lower and a bout to cross down. Short interest is elevated at 9% so be careful.

PC Connection, Ticker: $PCCC

PC Connection, $PCCC, is moving up to resistance from a higher low, in an ascending triangle. It also has a rising RSI and MACD to support further upward price action.

Progressive, Ticker: $PGR

Progressive, $PGR, is heading toward resistance in an expanding wedge. It is back there from a higher low making a bullish push with the 50 and 100 day Simple Moving Averages (SMA) below it. The RSI is rising and bullish as is the MACD after a small hiccup lower last week.

TransGlobe Energy, Ticker: $TGA

TransGlobe Energy, $TGA, is moving higher and expanding the Bollinger bands as it decides to go for either the bearish Bat Potential Reversal Zone (PRZ) at 6.83 or the Crab PRZ at 7.91. The rising and bullish RSI and MACD support a move higher in price.

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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, closing the books on the July options cycle and moving in to August the markets are making new highs but looking a bit overdone. Look for Gold to continue the bounce in its downtrend while Crude Oil continues higher. The US Dollar Index looks lower or may consolidate while US Treasuries are bouncing in their downtrend. The Shanghai Composite looks weak again and headed lower as Emerging Markets are biased to the downside in their bounce in the downtrend. Volatility looks to remain low and biased lower keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite the moves higher last week. Their charts are also biased to the upside in the mid term with the QQQ looking lower in the short term while the SPY and IWM could stand to consolidate their moves. Use this information as you prepare for the coming week and trad’em well.

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