Top Trade Ideas for the Week of October 28, 2013: The Rest

• Posted by Greg Harmon
• on October 27th, 2013

Here are the Rest of the Top 10:

Honeywell, Ticker: $HON

Honeywell, $HON, is continuing to trend higher and testing resistance from a higher low. The Relative Strength Index (RSI) is rising and the MACD is moving higher, both supporting a continued move higher through resistance.

Methode Electronics, Ticker: $MEI

Methode Electronics, $MEI, gapped higher on their last earnings report at the end of August and has not looked back. Friday saw it pushing through resistance with a MACD that is about to cross up and a RSI that is bullish and strong.

Monster Beverage, Ticker: $MNST

Monster Beverage, $MNST, is testing resistance from September and the 100 day Simple Moving Average (SMA). With support from a rising and bullish RSI and a MACD that is moving higher, it has a Measured Move to 63.50 on a break higher.

Prudential Financial, Ticker: $PRU

Prudential Financial, $PRU, is back testing trend resistance that has been in place since August. Arriving with a third consecutive higher low it has support for more upside from a rising RSI. The MACD has been rising but is level and still supports the upside as long as it does not start to fall.

J.M. Smucker, Ticker: $SJM

J.M. Smucker, $SJM, is pushing higher off of a double bottom with a RSI that is bullish and rising and a MACD that is driving 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, moving into the Halloween week and ending the seasonally scary October sees the markets looking strong. Specifically look for Gold to continue higher while Crude Oil maybe ready for a bounce after a downtrend. The US Dollar Index remains in a downtrend but at support so a reversal is possible, while US Treasuries are poised to continue higher. The Shanghai Composite looks weak and ready to continue lower while Emerging Markets may consolidate in the pullback in the uptrend. Volatility looks to remain low and unimportant keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts are showing that the SPY is strong and ready to move higher while the IWM and QQQ are consolidating. This could be the start of another round of rotation from the IWM and QQQ into the large cap stock in the SPY and Dow Jones Industrials. Use this information as you prepare for the coming week and trad’em well.

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