Top Trade Ideas for the Week of October 27, 2014: The Rest

• Posted by Greg Harmon
• on October 26th, 2014

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Here are the Rest of the Top 10:

Baker Hughes, Ticker: $BHI

Baker Hughes, $BHI, rolled over and had a hard fall. October 16th saw a bottom with a Hollow Red candle on huge volume and it has consolidated since. The RSI is still oversold but rising and the MACD is about to cross up as it sits very extended from the SMA’s above.

Capital One Financial, Ticker: $COF

Capital One Financial, $COF, also bottomed on large volume two weeks ago. It has pushed up over the 200 day SMA and started a break of consolidation Friday to the upside. The RSI is rising and the MACD about to cross up to support more upside.

Cognizant Technology, Ticker: $CTSH

Cognizant Technology, $CTSH, fell from a consolidation at the highs and started a new consolidation. Since mid September it has been making a rounded bottom and is now pushing through the 20 day SMA to the upside. It has support for a move up from the rising RSI and MACD.

Perrigo, Ticker: $PRGO

Perrigo, $PRGO, is pressing against the top of a symmetrical triangle that started in July. The RSI is rising and bullish and the MACD crossed up to support a push through to the upside.

Constellation Brands, Ticker: $STZ

Constellation Brands, $STZ, had been consolidating under 88.25 until it dropped to visit the 200 day SMA 2 weeks ago. The rebound now sees it back at resistance with a RSI that is making a new 3 month high and a MACD that is rising to support more upward price action.

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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 Friday which, heading into the last week of October sees the equity markets have nearly fully recovered from the Droptoberfest™ selloff. Elsewhere look for Gold to resume its downtrend while Crude Oil consolidates with a bias to turns lower. The US Dollar Index remains strong but digesting its recent gains while US Treasuries are biased lower. The Shanghai Composite seems to be in short term pullback mode while Emerging Markets consolidate in the downturn with signs of a possible reversal higher. Volatility looks to to have settled back into the lower range putting the wind at the back of the equity index ETF’s SPY, IWM and QQQ. Their charts showed great strength last week and no reason for it to stop next week. Use this information as you prepare for the coming week and trad’em 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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