Top Trade Ideas for the Week of March 2, 2015: The Rest

• Posted by Greg Harmon
• on March 1st, 2015

Here are the Rest of the Top 10:

Bloomin’ Brands, Ticker: $BLMN

Bloomin’ Brands, $BLMN, has had a strong run higher off of the bottom in August 2014. Since the calendar rolled to 2015 it has been consolidating under resistance and recently got reacquainted with its 50 day SMA. Friday it tried to break higher but the weak market pulled it back down. The RSI is rising and in the bullish zone while the MACD is also rising, supporting more upside.

Broadcom, Ticker: $BRCM

Broadcom, $BRCM, has trended higher since June 2014 with a short set back in October, when the market pulled back. To start January it consolidated and gained strength rising off of the 100 day SMA and now is consolidating at resistance. The RSI is bullish and the MACD is avoiding a cross down.

Infosys, Ticker: $INFY

Infosys, $INFY, trended higher with the market since June with a hiccup in December. The last two weeks have seen consolidation in that move at the 20 day SMA. The RSI is in the bullish zone while the MACD has crossed down during the consolidation. This offers a possible trade in both directions.

Varian Medical Systems, Ticker: $VAR

Varian Medical Systems, $VAR, moved up off of the October low and consolidated for two months before rising to the latest consolidation zone. With the Bollinger Bands® squeezing a move may be imminent. The RSI is in the bullish zone but the MACD has crossed down. Be ready for it to break either way.

Zions Bancorporation, Ticker: $ZION

Zions Bancorp, $ZION, bounced at the end of January as the RSI bottomed and started higher from the oversold zone and the MACD made a new low and reversed. For the last month it has consolidated that bounce under resistance but Friday saw a test to break it higher. The RSI and MACD are rising now to support a push up and the Bollinger Bands leave some room to start.

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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 March the strength that was anticipated to close February did not appear, but weakness did not show up either.

Elsewhere look for Gold to continue the short term bounce higher while Crude Oil churns in the consolidation of the downward move. The US Dollar Index seems ready to move higher again while US Treasuries are biased higher short term in the pullback. The Shanghai Composite is on the cusp of another leg higher and Emerging Markets are stalled at resistance but not showing any bias.

Volatility looks to remain subdued and may drift lower keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts are not as strong with consolidation or a pullback looking more likely in them, especially the SPY with the IWM next and QQQ strongest, holding level. Use this information as you prepare for the coming week and trad’em well.

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