Top Trade Ideas for the Week of April 11, 2011: Monday Morning Bonus

• Posted by Greg Harmon
• on April 11th, 2011

Here is your Bonus Idea with links to the full Top 10:

Tempur-Pedic, Ticker:$TPX

Tempur-Pedic had a gap up move higher on Friday printing a shooting star. This indicates that there was selling after the initial move which can be seen on the 3 day 5 minute chart below. In fact it finished at the low of the day, if you exclude the first 5 minutes of trading. If the shooting star is confirmed lower, possibly to be in the pre-market trading, then there is an opportunity for a very quick short trade looking for a move to at least 55.26, a 50% retracement of the upward move and potential to ride it all the way to the 52.18 area, roughly the 5 day Simple Moving Average. Beware that there was strong buy volume at the close Friday so if it does not trade under 57 in the premarket or at the open you must wait. It may continue higher.

Tempur-Pedic, Ticker:$TPX – 5 minute

The First 5

The Rest

Bonus Idea

(As always you can see details of individual charts and more on my StockTwits feed and on chartly.)

After reviewing over 700 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 looks for continued moves higher in Gold and Crude Oil as well as continuations lower for both the US Dollar Index and US Treasuries. The Shanghai Composite should continue its run higher but the Emerging Markets may need to consolidate before further upside. The Volatility Index should remain tame. The Equity Index ETF’s all show signs of a potential pullback or consolidation with the QQQ looking the strongest and the IWM the weakest. Use this information to understand the major trend and how it may be influenced as you prepare for the coming week ahead. Trade’m well.

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

blog comments powered by Disqus