Top Trade Ideas for the Week of April 29, 2013: The Rest

• Posted by Greg Harmon
• on April 28th, 2013

Here are the Rest of the Top 10:

AFLAC, Ticker: $AFL

AFLAC, $AFL, is the latest insurance company stock to look good. Testing resistance again, it arrives with a rising Relative Strength Index (RSI) a rising Moving Average Convergence Divergence indicator (MACD), opening Bollinger bands, and fresh off of a touch at the 200 day Simple Moving Average (SMA).

Graco, Ticker: $GGG

Graco, $GGG, is also approaching resistance at the top of an expanding wedge. These can often be a top but it has two things going for it. The RSI is making a new high as the MACD has turned higher and also making a new higher high. The Tweezers Top is what puts a downside damper on it.

Marvell Technology, Ticker: $MRVL

Marvell Technology, $MRVL, is at prior resistance, but arrives with a RSI that is rising and a MACD that is turned up on the signal line and crossed for the first time since the top and cross down in mid March.

Salix Pharmaceuticals, Ticker: $SLXP

Salix Pharmaceuticals, $SLXP, is reaching prior resistance with a bullish and rising RSI and a MACD that has turned up and crossed to positive.

United Parcel Service, Ticker: $UPS

United Parcel Service, $UPS, is at prior resistance with a rising and bullish RSI and a MACD that has turned up and is positive.

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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 head into May and everyone tells you to sell and go away, looks for Gold to stall in the bounce while Crude Oil continues higher. The US Dollar Index seems content to move sideways again while US Treasuries are biased high but may also continue to consolidate. The Shanghai Composite is looking better to the downside with Emerging Markets looking to consolidate. Volatility looks to remain a no issue keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. The reversal candlestick patterns to end the week suggest a pullback for the coming week though. Longer term the uptrends remain with the QQQ looking the strongest. Use this information as you prepare for the coming week and trad’em well.

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