Top Trade Ideas for the Week of August 19, 2013: The Rest

• Posted by Greg Harmon
• on August 18th, 2013

Here are the Rest of the Top 10:

Cray, Ticker: $CRAY

Cray, $CRAY, completed an AB=CD pattern last week and began a pullback. With the Relative Strength Index (RSI) moving lower and the Moving Average Convergence Divergence indicator (MACD) crossed down it looks like more downside in store.

DaVita, Ticker: $DVA

DaVita, $DVA, is testing support at 112 after a move lower from the double top over `130. The RSI is running lower, technically oversold but not extreme, and the MACD is turning back lower as the Bollinger bands open below.

Papa John’s International, Ticker: $PZZA

Papa John’s International, $PZZA, pulled back from the recent high. Printing an inverted hammer Thursday followed by a bullish engulfing candle Friday, it looks like pizza is back on the menu. The RSI has turned back higher with a MACD that has halted its pullback. Look at the trend in those Simple Moving Averages (SMA).

Toronto-Dominion Bank, Ticker: $TD

Toronto-Dominion Bank, $TD, is building an ascending triangle or possibly a bear flag. after moving lower from the high at 86.80. The RSI is holding in bullish territory and the MACD is improving on the histogram and beginning to level on the signal line.

Vertex Pharmaceuticals, Ticker: $VRTX

Vertex Pharmaceuticals, $VRTX, is back testing support over the gap at 75 with the 100 day SMA trying to provide support. But the RSI continues to move lower along with the MACD keeping the bias lower.

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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, starting the September options cycle sees the equity markets looking weak and heavy. Look for Gold to continue to rise in the downtrend while Crude Oil just chugs higher. The US Dollar Index seems poised to move lower along with US Treasuries. The Shanghai Composite and Emerging Markets are biased to continue to the downside with risk of the Emerging Markets consolidating first. Volatility looks to remain low keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, but their charts suggest more pullback. The QQQ is the strongest of the bunch and may just consolidate. Use this information as you prepare for the coming week and trad’em well.

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