Top Trade Ideas for the Week of June 25, 2012: The Rest

Here are the Rest of the Top 10:

Home Bancshares, Ticker: $HOMB

Home Bancshares, $HOMB, is approaching a triple top at 29.60. As it sits here the Relative Strength Index (RSI) is bullish and moving back higher with a Moving Average Convergence Divergence (MACD) indicator that is positive and growing again. The 50 day Simple Moving Average (SMA) is helping to float it higher and it has short interest of 6%. A break over the triple top carries a Measured Move to 32.50.

Immunogen, Ticker: $IMGN

Immunogen, $IMGN, is breaking a triple top at 15.80. It has a bullish and rising RSI and a positive MACD to support more upside as well. A continued hold above the breakout has a Measured Move higher to 21.50, and short interest of near 15% will help fuel the fire.

Michael Kors Holdings, Ticker: $KORS

Michael Kors Holdings, $KORS, is moving up through resistance after retracing 50% of its initial run higher. It has a rising RSI about to turn bullish and a MACD that is positive and rising to support further upside.

Polypore International, Ticker: $PPO

Polypore International, $PPO, is forming a bull flag at resistance and a triple top at 39.50. It has a Measured Move over the flag to 44. The RSI is making new highs and on the edge of turning bullish with a MACD that is positive and increasing, both supporting further upside. Short interest of over 20% could also fuel a move higher.

Western Refining, Ticker: $WNR

Western Refining, $WNR, broke above resistance and has consolidate, holding the breakout. It has a RSI that is bullish and trending higher with a MACD that is positive and increasing again, to support further upside. The Measured Move from the breakout takes it to 23.50 and the over 20% short interest may help it get there.

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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 last week of the second Quarter, look for Gold and Crude Oil to continue lower. The US Dollar Index is poised to move higher with US Treasuries continuing to consolidate with a slight downside bias in the short term. The Shanghai Composite looks headed lower while Emerging Markets continue the bear flag in the broad consolidation. Volatility looks to remain low keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. The view on Crude Oil contradicts this as Oil and Equities have been correlated, and a move higher by the US Dollar Index or especially Treasuries would likely bring Equities lower. Despite this the charts for the SPY, IWM and QQQ all show a short term upside bias within consolidation on the weekly view. Use this information as you prepare for the coming week and trade’m 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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