Top Trade Ideas for the Week of April 22, 2013: The Rest

• Posted by Greg Harmon
• on April 21st, 2013

Here are the Rest of the Top 10:

Chart Industries, Ticker: $GTLS

Chart Industries, $GTLS, is testing support at 74 for the second time in short order. It has a falling Relative Strength Index (RSI) that is making a new low, but not yet moving into bearish territory, with a Moving Average Convergence Divergence indicator (MACD) that is continuing to fall. These support more downside price action. Short interest is a bit elevated but not extreme at about 10%. This reports Thursday before the open.

McGraw-Hill, Ticker: $MHP

McGraw-Hill, $MHP, is building a bull flag as it consolidates after reversing in the bullish Shark pattern and achieving the Initial Price Objective at 51.32. It has a bullish RSI but that is drifting lower, and a MACD that is rolling over. These can happen in consolidation but could signal a breakdown coming as well. See which it gives you.

State Street, Ticker: $STT

State Street, $STT, put in a long handled Hammer reversal candle Friday after reporting earnings. This was at support at 56 and on high volume. A move higher Monday confirms a reversal. The RSI held over 40 in bullish territory but the MACD continues to point lower.

Telephone & Data Systems, Ticker: $TDS

Telephone & Data Systems, $TDS, is consolidating the move off of the bottom at 20.75. It has a rising RSI at the mid line and a MACD that is moving higher to support a continued push up.

Visa, Ticker: $V

Visa, $V, pulled back to retest the breakout area and the 50 day Simple Moving Average (SMA) and has been holding. The RSI has held over the mid line and may be turning higher with a MACD that is improving on the histogram and may be turning on the signal line.

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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, moving beyond the April Expiry for options the markets are a bit more damaged and showing more mixed signs of strength and weakness. Gold looks to continue to bounce in a bear flag while Crude Oil sits at long term support/resistance but looks better lower. The US Dollar Index is again showing signs of strength while US Treasuries continue higher. The Shanghai Composite and Emerging Markets remain biased to the downside with the Chinese market potentially ready to reverse that trend. Volatility looks to remain subdues and may have given a key signal on its spike keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts are mixed though with the QQQ the strongest and the IWM the weakest. Use this information as you prepare for the coming week and trad’em well.

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