Top Trade Ideas January 31, 2011: The Rest

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

Here are the rest of the top 10 for the week.

Alaska Air Group, Ticker: ALK

Alaska Air Group printed a big red Bear engulfing candle Friday and has a falling Moving Average Convergence Divergence (MACD) and Relatives Strength Index (RSI) that broke through 50. it looks to head lower to support at 58 and then 56 and 54 below that, near the 100 day Simple Moving Average (SMA). A stop could be placed near 60.

Best Buy, Ticker: BBY

Best Buy also had a bad Friday and looks to continue lower. Its MACD is about to cross lower and the RSI is falling. look for support at 33 and then 31. A stop could be placed at 35.

Barnes and Noble, Ticker: BKS

Barnes and Noble has an RSI that just broke 50 and a MACD that just. crossed lower, after a big down day. if it can get through the SMA’s below 15.16 then the next support is at 14 followed by 13.40.

Comcast, Ticker: CMCSA

Comcast has a RSI that is heading down to 50 or lower and just printed a bearish MACD cross, after a big run lower. Look for support at 21.77 to fail with the next level down at 21 and then 19.75. A stop could be placed at 23.

Darden Restaurants, Ticker: DRI

Darden Restaurants also has an RSI moving lower, already under 50, and a MACD crossing lower. Look for this to head lower to support at 44 if it gets under 45. Below that there is support at 43 and then 42.

The First 5

These were selected and should be viewed in the context of the broad Market Macro picture reviewed Saturday which looks to be decision time for Gold, and a continuation higher for Crude Oil. The US Dollar Index looks to move higher this week and US Treasuries looking lower. The Shanghai Composite is also at a decision point but emerging markets look to move lower. Volatility looks to rise in the short term, making it easier for the equity index ETF’s to continue their recent down moves within the uptrend. Sector Analysis showed that the strongest sectors are Energy and Industrials and the weakest is Consumer Discretionary.

(As always you can see details of individual charts and more on my StockTwits feed and on chartly.)

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