Top Trade Ideas for the Week of February 24, 2014: The Rest

• Posted by Greg Harmon
• on February 23rd, 2014

Here are the Rest of the Top 10:

AmerisourceBergen, Ticker: $ABC

AmerisourceBergen, $ABC, had a long run higher from September to a consolidation in December before the recent pullback. The bounce higher is consolidating at the 50 day Simple Moving Average (SMA) with a Relative Strength Index (RSI) that is stalled over the mid line and a MACD that is rising.

BroadSoft, Ticker: $BSFT

BroadSoft, $BSFT, has been stair stepping higher but recently found resistance at 31. Tightening the pullbacks against that, it has a RSI that is bullish and a MACD that is flat as it sits on top of the 100 and 200 day SMA’s.

Monsanto, Ticker: $MON

Monsanto, $MON, is in the second leg of a move higher with expanding Bollinger bands, a bullish RSI and rising MACD supporting more upside price action.

Tractor Supply, Ticker: $TSCO

Tractor Supply, $TSCO, had a long run higher before pulling back with the market in January. Now moving back higher it is consolidating the first move at 66.40 with a rising RSI and MACD.

Vertex Pharmaceuticals, Ticker: $VRTX

Vertex Pharmaceuticals, $VRTX, is back at resistance at 85, this time after a shallower pullback. The RSI is rising and bullish and the MACD may be ready to cross up.

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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 Friday which, heading into the last week of February sees the equity markets have recovered but need to make new highs to resume the path higher. Look for Gold and Crude Oil to continue higher next week. The US Dollar Index and US Treasuries look more neutral with the Dollar leaning lower. The Shanghai Composite may rest in the recent uptrend or even pullback while Emerging Markets look neutral in their short term uptrend. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts share an upward bias but more decidedly so in the IWM, possibly the next leader in the rotation, with the SPY and QQQ a bit more cautious and consolidating. Use this information as you prepare for the coming week and trad’em well.

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