Top Trade Ideas for the Week of May 5, 2014: The Rest

• Posted by Greg Harmon
• on May 4th, 2014

Here are the Rest of the Top 10:

Bank of NY Mellon, Ticker: $BK

Bank of NY Mellon, $BK, found support at the 200 day SMA and moved to a new high before falling back. The pullback made a higher low and it is now testing a resistance area. It has support for more upside from the rising RSI that remains in the bullish range and the MACD about to cross up.

Celgene, Ticker: $CELG

Celgene, $CELG, pulled back in a rounding top, finding support at 135. It has bumped up against the 147-149 a couple of times and is building support from the rising RSI and MACD.

L-3 Communications Holdings, Ticker: $LLL

L-3 Communications Holdings, $LLL, moved higher from a January low through to early April. Along the way support has kept it moving mostly sideways since mid February, although making higher highs. until mid April when it made a lower high. The RSI and MACD are both falling with the former tapping on the bearish range.

Skyworks Solutions, Ticker: $SWKS

Skyworks Solutions, SWKS, has had a great move higher over the last 6 months with a recent pullback to the 50 day SMA. The jump higher is consolidating with a bullish RSI and rising MACD.

Target, Ticker: $TGT

Target, $TGT, is testing the 200 day SMA and the top of a consolidation range. It has a RSI that is bullish and a MACD that is rising, to support a push 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, heading into the ‘Sell in May and Go Away’ season sees the equity markets looking better. Elsewhere look for Gold to consolidate in its uptrend with a bias higher while Crude Oil continues lower. The US Dollar Index seems biased lower while US Treasuries are biased higher. The Shanghai Composite and Emerging Markets are both biased to the upside. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. The indexes themselves all look better to the upside in the short term with the SPY strongest followed by QQQ and then IWM. Use this information as you prepare for the coming week and trad’em well.

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