Top Trade Ideas for the Week of February 7, 2011: Bonus Idea

• Posted by Greg Harmon
• on February 6th, 2011

Here is your Bonus Idea and links to the rest of the top 10.

Hartford Financial Services, Ticker: HIG

Hartford Financial is moving higher out of a consolidation range topping at 28.75 with expanding Bollinger bands. The Moving Average Convergence Divergence (MACD) indicator is making a bullish cross higher and the Relative Strength Index (RSI) is solidly in bullish territory and currently pointing higher. If it can get through 29.60 then the next major resistance level is at 33 from 2008. That is where it gets interesting. Above 33 there is clear air all the way up to 50. Even if you do not like the risk reward now keep this on your radar for that meeting with 33.

The First 5

The Rest

After looking at over 700 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 Friday which looks for Gold to continue higher with Crude Oil to continue consolidating with a bias to the downside if it breaks. The US Dollar Index looks to continue higher with US Treasuries lower. The Shanghai Composite will start trading again mid week and looks to continue higher with emerging markets continuing their broad range consolidation with a bias to the upside. The Volatility Index should remain volatile but not so much that it dictates direction of the market. The equity index ETF’s look to continue their moves higher next week.

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

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