Top Trade Ideas for the Week of October 7, 2013: The Rest

• Posted by Greg Harmon
• on October 6th, 2013

Here are the Rest of the Top 10:

Acorda Therapeutics, Ticker: $ACOR

Acorda Therapeutics, $ACOR, has been moving in a symmetrical triangle since April. It is testing the top rail coming into this week with a Relative Strength Index (RSI) that is pushing into bullish territory and a MACD that has just crossed higher. Both support more upside.

FirstMerit, Ticker: $FMER

FirstMerit, $FMER, had a long run higher from November 2012 before topping out in a consolidation near 23 from mid July through mid August. Pulling back from there, it found support and is consolidating back above the 50 day Simple Moving Average (SMA). The RSI is bullish and rising with a MACD that crossed higher two weeks ago and has been rising since.

Fortinet, Ticker: $FTNT

Fortinet, $FTNT, has been a herky-jerky stock, moving in ranges before a gap. It is currently testing the top of the latest range with a RSI that is bullish and rising and a MACD that has crossed up and is positive to support a move higher.

National Oilwell Varco, Ticker: $NOV

National Oilwell Varco, $NOV, broke above resistance and a triple top in September and is now consolidating that move. A slight dip within the consolidation was bought last week and it is now near the top of the range with a RSI that is in bullish territory and a MACD that is falling but leveling as the Bollinger bands tighten.

NXP Semiconductors, Ticker: $NXPI.

NXP Semiconductors, $NXPI, has been stair stepping higher since finding a bottom just under the 200 day SMA in May. The latest digestion and pullback found support at 36.60 with the RSI holding over the mid line. It is now rising and bullish and the MACD is about to cross up and is positive.

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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 4th Quarter and earnings season begin provides no additional clarity in the equity markets. Look for Gold to continue lower while Crude Oil rises in the short pullback. The US Dollar Index looks to continue lower while US Treasuries consolidate with a downward short term bias. The Shanghai Composite is poised to move lower and Emerging Markets are biased to the upside now. Volatility looks to remain low but drift higher although still in an area that is beneficial for the equity index ETF’s SPY, IWM and QQQ. There charts show that the QQQ and IWM remain strong and consolidating in bull flags or channels, while the pullback in the SPY may be over. Use this information as you prepare for the coming week and trad’em well.

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