Top Trade Ideas for the Week of February 19, 2013: The Rest
- Posted by Greg Harmon
- on February 18th, 2013
Here are the Rest of the Top 10:
Allergan, Ticker: $AGN
Allergan, $AGN, is in a rough consolidation, slightly upward sloping, after a move higher from the jumble of Simple Moving Averages (SMA) at the end of 2012. It has a bullish Relative Strength Index (RSI) that has worked off a technically overbought condition and is moving back higher with a a Moving Average Convergence Divergence indicator (MACD) that is stable on the histogram and pulling back on the signal line.
CIT Group, Ticker: $CIT
CIT Group, $CIT, is consolidating under 43 after a continued move higher since early December. It is approaching the 20 SMA, a launching point during this upward move with support for more upside from a bullish RSI and a MACD that is holding on the signal line and flat on the histogram. The Measured Move higher out of the consolidation takes it to 44.70.
Johnson Controls, Ticker: $JCI
Johnson Controls, $JCI, is moving higher in a Deep Crab harmonic pattern. I wrote about it last week here. It is now testing resistance from the January highs and has support for more upside from a rising and bullish RSI and a MACD about to cross to positive.
Steelcase, Ticker: $SCS
Steelcase, $SCS, has been in a loose consolidation between 13.15 and 13.90. The RSI is bullish and moving higher and the MACD signal line is holding after a dip while the histogram is improving towards a cross to positive. The Measured Move higher takes it to 14.80.
Wyndham Worldwide, Ticker: $WYN
Wyndham Worldwide, $WYN, is in a bull flag after moving higher from the recent basing around 56. The Measured move higher on a break of consolidation takes it to 63. The bullish RSI and positive MACD support a move higher.
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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 heading into the Presidents Day shortened week sees Gold looks to continue lower toward the bottom of the long term channel as Crude Oil consolidates in the move higher. The US Dollar Index continues towards a test of the top of a broad consolidation with US Treasuries consolidating but biased lower. The Shanghai Composite is biased to the upside and Emerging Markets are biased to the downside short term in their rising trend. Volatility continues to be a no factor creating an environment for the equity index ETF’s SPY, IWM and QQQ, to move higher. Their charts agree, all with a bias higher, with the IWM strongest followed by the SPY and then the QQQ. A hard reversal on Treasuries on major move higher from the US Dollar seem to be the only outside influencers that could derail the equity move higher. Use this information as you prepare for the coming week and trad’em well.
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Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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