Top Trade Ideas for the Week of April 15, 2013: The Rest

• Posted by Greg Harmon
• on April 14th, 2013

Here are the Rest of the Top 10:

Ariad Pharmaceuticals, Ticker: $ARIA

Ariad Pharmaceuticals, $ARIA, is moving higher off of a bottom at 16.50. The long shadows on the candles from the previous week were a tell for a reversal. Now it is at resistance at 18.50 with a Relative Strength Index (RSI) that is rising and a Moving Average Convergence Divergence indicator (MACD), supporting further upside price action.

Cummins, Ticker: $CMI

Cummins, $CMI, is consolidating in a range between 110 and 120, just under the Potential Reversal Zone (PRZ) if the Bearish Bat but well below the Crab PRZ should it continue. The Measured Move higher out of the Consolidation would target 145.

Curis, Ticker: $CRIS

Curis, $CRIS, is at the top of an expanding wedge as it moved over the 100 day Simple Moving Average (SMA) last week. A break of the wedge higher carries a target of 3.80. The RSI is rising and bullish and the MACD has crossed up, both supporting further upside price movement.

Eaton Vance, Ticker: $EV

Eaton Vance, $EV, is approaching resistance from the previous high as it moved off of the 50 day SMA last week. A break to new highs carries a target of 45.20 out of a Cup and Handle pattern.

Krispy Kreme Donuts, Ticker: $KKD

Krispy Kreme Donuts, $KKD, is consolidating under resistance after a series of moves higher. I first noted it here last week to put on the radar. The RSI is moving higher and bullish with a MACD that is also turning up and supportive of more 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, as we move beyond the tax deadline sees Gold has broken major long term support and looks lower while Crude Oil continues lower. The US Dollar Index is biased to the downside while US Treasuries look higher. The Shanghai Composite and Emerging Markets are both biased to the downside, continuing their latest moves. Volatility looks to remain low keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite the continued moves higher. Of these the weakest is the IWM and the strongest remains the QQQ. All of the Equity Indexes look better on the weekly timeframe so a short term pullback is not out of the question in the uptrend. Use this information as you prepare for the coming week and trad’em well.

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