Top Trade Ideas for the Week of June 17, 2013: The Rest

• Posted by Greg Harmon
• on June 16th, 2013

Here are the Rest of the Top 10:

Cincinnati Financial, Ticker: $CINF

Cincinnati Financial, $CINF, has pulled back from a top at 50, and has been consolidating under the 100 day Simple Moving Average (SMA). The Relative Strength Index (RSI) is starting to improve and making a higher high while the Moving Average Convergence Divergence indicator (MACD) is turning back higher on the signal line and near a positive cross on the histogram. This is a bottoming play candidate.

Ellie Mae, Ticker: $ELLI

Ellie Mae, $ELLI, is building a bull flag at the 50 day SMA and just under the 200 day SMA. As it build energy for a move it has a RSI that is trending higher and on the verge of a move into bullish territory with a MACD that is moving up, both supporting more upward price action.

Gentiva Health Services, Ticker: $GTIV

Gentiva Health Services, $GTIV, is consolidating the breakout of two different ascending triangles. It has a rising and bullish RSI and a MACD that is moving higher, also bullish.

Illinois ToolWorks, Ticker: $ITW

Illinois ToolWorks, $ITW, is building a bull flag as it consolidates the latest move higher, sitting on the lower Bollinger band. The RSI has pulled back to the mid line and is holding as the MACD pulls back but shows signs of leveling in the histogram.

Rockwood, Ticker: $ROC

Rockwood, $ROC, has meandered after reaching the Potential Reversal Zone (PRZ) of the bearish Butterfly. The last few days it has found support at the 50 day SMA and and is moving over the 20 day SMA in two strong bullish candles and on good volume Friday. The RSI is rising and has remained bullish throughout with the MACD turning back higher.

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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 looks for Gold to consolidate with a downward bias while Crude Oil moves higher. The US Dollar Index and US Treasuries look to continue lower. The Shanghai Composite and Emerging Markets are also biased to the downside. Volatility looks to remain low but slowly trending higher making the bias lower for the equity index ETF’s SPY, IWM and QQQ, in the short run. Their charts also show signs of a pullback with than SPY and QQQ both weaker than the IWM. Use this information as you prepare for the coming week and trad’em well and have a great Father’s Day!

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