Top Trade Ideas for the Week of October 31, 2011: The Rest

• Posted by Greg Harmon
• on October 30th, 2011

Here are the Rest of the Top 10:

Domino’s Pizza, Ticker: $DPZ

Domino’s Pizza, $DPZ, is in a bull flag after breaking above the ascending wedge. As it sits there the Relative Strength Index (RSI) remains bullish and the Moving Average Convergence Divergence (MACD) is fading with the volume, typical of a flag. On a move above 33 the target on a Measured Move (MM) is 36.15.

Exact Sciences, Ticker: $EXAS

Exact Sciences, $EXAS, is in a bull flag between 7.75 and 8.25 after a move higher off of a bottom at 6.06. A break of the flag higher has a MM higher to 10.30. The RSI is holding bullish over the mid line but the MACD is fading. Support is tight under flag at 7.50 and then 7.00. Short interest is high at over 13% and it reports earnings Thursday before the open.

Gilead Sciences, Ticker: $GILD

Gilead Sciences, $GILD, is moving up to resistance at the 43.10 area after reporting earnings last week. The RSI is trending higher and the MACD is positive as it reaches it. Over the resistance the center of the previous symmetrical triangle at 46 is the target.

Jabil Circuit, Ticker: $JBL

Jabil Circuit, $JBL, is moving back up to previous resistance at 22. As it hits that resistance the RSI is trending higher and the MACD is starting to rise. If it can get over 22 then there is resistance at 23 and then a target of 26 from the previous consolidation range.

Mechel OAO, Ticker: $MTL

Mechel OAO, $MTL, has been moving higher and looks strong. The RSI is rising strongly and the MACD is increasing as it goes higher. On a move over 14.50 it is a stair step up to 20 or higher. Hop on board.

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After reviewing over 900 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 as we head into the last 2 months of the year looked for Gold and Crude Oil ready to continue higher with a chance that Gold consolidates the recent gains. On the other hand the US Dollar and US Treasuries are set up to continue lower. The Shanghai Composite is showing signs of a reversal higher while Emerging Markets also look higher, but since they are at resistance may consolidate. Volatility looks to continue lower supporting further upside for the US Equity Index ETF’s SPY, IWM and QQQ. US Markets all had a good run last week and it would not be a surprise to see a pullback to consolidate the gains. The QQQ looks the strongest with a steady trend higher while the IWM exhibiting topping tails and largest move for the week the most vulnerable. Despite that they all have confirmed the trend higher. Continue to watch the US Dollar and US Treasuries for signs of a reversal that could halt the Equity run higher. Use this information as you prepare for the coming week and trade’m well.

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