Top Trade Ideas for the Week of June 20, 2016: The Rest

• Posted by Greg Harmon
• on June 19th, 2016

Here are the Rest of the Top 10:

Blackrock, Ticker: $BLK

Blackrock, $BLK, had a strong run higher from a bottom in January. It peaked in April and pulled back to the 50 day SMA. From there it rebounded to that April high before a drop over the last two weeks. Last week saw a reversal Friday, confirming the Hammer higher. Look for continuation to participate to the upside.

Corning, Ticker: $GLW

Corning, $GLW, had a strong run higher from a January low. It pulled back hard in April but found support early May and reversed higher. It made a higher high in June and pulled back again. This time it has made a higher low. The RSI is turning back higher after touching the mid line and the MACD is falling. Look for continuation higher to participate in the upside.

Overstock, Ticker: $OSTK

Overstock, $OSTK, broke above a consolidation range in May. It rose to the November high, where it gapped down from. After closing the gap it pulled back in a bull flag until Friday when it started higher. The RSI has turned higher off of a touch at the mid line, while the MACD is leveling after a pullback. Look for continuation higher to participate to the upside.

Packaging Corporation of America, Ticker: $PKG

Packaging Corporation of America, $PKG, ran higher faster from a February low. It found resistance 2 weeks ago and has pulled back to a short term consolidation range at the 50 day SMA. The RSI is turning back higher and the MACD continues lower. Look for the break of the consolidation last week to the upside to participate higher.

State Street, Ticker: $STT

State Street, $STT, fell hard from December to a low in February. Since then it had trended higher until hitting the falling 200 day SMA in May. It has pulled back from there and may have found a bottom at a higher low. The RSI is turning back higher and the MACD is falling. Look for continuation higher to participate in the upside.

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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 saw following the June FOMC meeting and Options Expiration, the market got a shock to the downside, but not deep. Now it can look forward to the Brexit vote and then summer.

Elsewhere look for Gold to consolidate with an upward bias while Crude Oil moves higher after a digestive pullback. The US Dollar Index looks to consolidate sideways at the bottom of the range while US Treasuries are biased higher. The Shanghai Composite and Emerging Markets are running in place with the Chinese market biased to lean lower and Emerging Markets higher.

Volatility looks to remain near the top of the lower range keeping the bias lower for the equity index ETF’s SPY, IWM and QQQ, mildly. Their charts suggest intermediate term consolidation with a short term downward bias for the SPY and QQQ, but the IWM looking a bit stronger. Use this information as you prepare for the coming week and trad’em well.

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