Top Trade Ideas for the Week of October 21, 2013: The Rest

• Posted by Greg Harmon
• on October 20th, 2013

Here are the Rest of the Top 10:

Jazz Pharmaceuticals, Ticker: $JAZZ

Jazz Pharmaceuticals, $JAZZ, has found support at the 82.50 level and started higher Friday. The Relative Strength Index (RSI) has turned up and the MACD is level and ready to move higher.

Lions Gate Entertainment, Ticker: $LGF

Lions Gate Entertainment, $LGF, fell back to the 50 day Simple Moving Average (SMA) before finding support and leaping higher Friday. The RSI has moved into bullish territory and is rising and the MACD is also rising and has crossed to positive.

Allscripts Healthcare Solutions, Ticker: $MDRX

Allscripts Healthcare Solutions, $MDRX, has come up off of a bottom at 14 and is through the 50 day SMA. The RSI is pushing up through the mid-line and towards bullish territory with a MACD that is crossing to positive as it turns up.

Northern Trust, Ticker: $NTRS

Northern Trust, $NTRS, pushed through the 100 day SMA Friday, before pulling in to close just under it. The RSI is running higher and the MACD moving up also supports more upside.

Susser, Ticker: $SUSS

Susser, $SUSS, is back at resistance after printing an Adam and Eve bottom. The RSI is making a new higher high with a MACD that is moving higher and crossed positive. These support more upside. Short interest is high at over 22%.

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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 the next week, sees that the markets are behaving strongly but showed the first sign of being extended Friday. Look for Gold to continue to bounce in the downtrend while Crude Oil continues lower. The US Dollar Index is set up to continue lower while US Treasuries are poised to show if they really want to reverse higher at resistance. The Shanghai Composite looks to continue lower in the uptrend while Emerging Markets move higher. Volatility looks to remain low and possibly continue lower keeping the wind at the backs of the US Equity markets. The SPY, IWM and QQQ are all looking very strong on the intermediate timeframe but with Evening Stars to end the week may need to close the gaps lower before continuing to advance. Use this information as you prepare for the coming week and trad’em well.

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