Top Trade Ideas for the Week of November 3, 2014: The Rest

• Posted by Greg Harmon
• on November 2nd, 2014

Here are the Rest of the Top 10:

Copa Holdings, Ticker: $CPA

Copa Holdings, $CPA, had been in a falling trend, making lower lows since the end of July. The market low in October may have set a bottom for it though as this week it made its first higher high. On top of that the RSI has moved into the bullish zone and the MACD is rising, both supporting more upside.

Intercontinental Exchange, Ticker: $ICE

Intercontinental Exchange, $ICE, has made a long rounded bottom throughout 2014. The rise has been apparent since early September with only a moderate pullback when the market went lower. Both the RSI and MACD remain as bullish support.

Kansas City Southern, Ticker: $KSU

Kansas City Southern, $KSU, is approaching year long resistance at 123.25. As it arrives from a higher low the RSI and MACD are both giving bullish signals. Look for a break above to enter.

Royal Bank of Canada, Ticker: $RY

Royal Bank of Canada, $RY, had a long run higher in early 2014. September ended that with a pullback that climaxed with the market bottom in mid October and a strong bounce, shown by the long red candle followed by a Piercing Line. Now at consolidation it has support for more upside from a rising RSI crossing the mid line and a rising MACD.

Vertex Pharmaceuticals, Ticker: $VTRX

Vertex Pharmaceuticals, $VTRX, is approaching prior resistance at 115 from a higher low. As it arrives the RSI is in the bullish zone and turning back higher with a MACD that crossed up last week and is rising. Both support further upside.

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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, as the calendar turns to November, sees the equity markets are looking higher. Elsewhere look for Gold to continue lower while Crude Oil consolidates, watching for a reversal. The US Dollar Index looks to continue higher to new multi-year highs while US Treasuries are biased lower in consolidation. The Shanghai Composite and Emerging Markets are biased to the upside with China looking very strong. Volatility looks to remain subdued after the pullback keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts show great strength ion the weekly timeframe with some potential exhaustion signals in the short run. 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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