Top Trade Ideas for the Week of June 2, 2014: The Rest

• Posted by Greg Harmon
• on June 1st, 2014

Here are the Rest of the Top 10:

Abbott Labs, Ticker: $ABT

Abbott Labs, $ABT, was a Top 10 pick a few weeks back but did not trigger. It is back at resistance with a RSI and MACD that are both rising in support of more upside price action.

Amgen, Ticker: $AMGN

Amgen, $AMGN, found support near 110 from late April into early May and started back higher. Now it is above the 50 day SMA and has support for more upside from a rising and bullish RSI and MACD as it consolidates near 116.

Blackrock, Ticker: $BLK

Blackrock, $BLK, has been in a consolidation zone between 295 and 305 since last October. It has had a wider range at some times and tighter others. It now is at the top of the range with expanding Bollinger bands and support for more upside from a rising RSI and MACD.

Carnival, Ticker: $CCL

Carnival, $CCL, is at resistance that has stalled it since February. As it sits here the RSI is bullish and the MACD is rising, both supporting more upside price action. The Bollinger bands are also opening to the upside.

Halliburton, Ticker: $HAL

Halliburton, $HAL, has been consolidating a move higher since mid April. With Bollinger bands that have tightened and a rising RSI it may be ready to move as it hits the top of the consolidation range again. The MACD is leveling and could be the final piece of the puzzle.

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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, as May ends and June begins sees the equity markets looking very bullish. Elsewhere look for Gold to continue lower while Crude Oil has an upward bias. The US Dollar Index is biased to pullback in the uptrend while US Treasuries may consolidate or pullback in their stronger uptrend. The Shanghai Composite looks headed lower again while Emerging Markets are pulling back in the uptrend. Volatility looks to remain subdued and biased to the downside keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts show the SPY and QQQ in good uptrends while the IWM is consolidating with an upward bias. It may have the best potential. Gold moving lower and the potential for the Dollar to pullback and maybe Treasuries is a better scenario for equities. Use this information as you prepare for the coming week and trad’em well.

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