Top Trade Ideas for the Week of April 8, 2013: The Rest

• Posted by Greg Harmon
• on April 7th, 2013

Here are the Rest of the Top 10:

Cigna, Ticker: $CI

Cigna, $CI, jumped higher last Tuesday with the news of reimbursements moving up, but printed a Shooting Star, possible reversal candle. Despite confirming Wednesday the action the rest of the week was showing strength, perhaps closing the gap was enough. The Relative Strength Index (RSI) is moving higher and the Moving Average Convergence Divergence indicator (MACD) continues to rise. A Measured Move higher now would take it to 68.50.

CVS Caremark, Ticker: $CVS

CVS Caremark, $CVS, had a strong run higher from late February until the peak at 56. Pulling back in a bull flag, last week it showed reversal signs with an expanding wedge and moved out higher Friday. The Measured Move higher takes it to 59.50 and a run higher is supported by a rising RSI and a MACD that is turing after pulling back.

Ellie Mae, Ticker: $ELLI

Ellie Mae, $ELLI, is moving higher at the intersection of the Simple Moving Averages (SMA) after printing a second (maybe third) higher low following a higher high. The RSI is moving up and bullish with a MACD that is leveling but at low levels. The Measured Move higher takes it to 25.80.

Regeneron Pharmaceuticals, Ticker: $REGN

Regeneron Pharmaceuticals, $REGN, is building a bull flag in consolidation at the previous resistance level at 187. It has support for higher price action from a bullish and rising RSI and a rising MACD. The Measured Move higher takes it to 202.

Tractor Supply, Ticker: $TSCO

Tractor Supply, $TSCO, started a break out of a 2 month long consolidation Friday. The Measured Move higher takes it to 124. The RSI is bullish and rising and the MACD is starting to curl up, both supporting further upside price action.

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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 next week sees the markets decidedly weaker but not giving up yet. Look for Gold to continue to bounce toward 1600 while Crude Oil moves higher in its triangle consolidation. The US Dollar Index looks to pullback in the uptrend while US Treasuries are back in the consolidation zone and biased higher. The Shanghai Composite and Emerging Markets remain biased to the downside. Volatility looks to remain contained keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, but all look better to the downside on a very short term basis, with the QQQ strongest on the weekly timeframe. Use this information as you prepare for the coming week and trad’em well.

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