Top Trade Ideas for the Week of April 13, 2015: The Rest

• Posted by Greg Harmon
• on April 12th, 2015

Here are the Rest of the Top 10:

TD Ameritrade, Ticker: $AMTD

TD Ameritrade, $AMTD, continues to trend higher, making a series of higher lows. As it sets up at resistance, it has support for a break through to the upside from a rising and bullish RSI and a MACD that is about to cross up.

Baker Hughes, Ticker: $BHI

Baker Hughes, $BHI, broke a downtrending resistance line to start last week. it retested the break out and held, moving higher to end the week. Now it is at the November high and looking good with a Golden Cross to print Monday. The RSI is bullish and rising while the MACD is also moving higher, both supporting the upside.

Bristol-Myers Squibb, Ticker: $BMY

Bristol-Myers Squibb, $BMY, ran to a new all-time high in late March before a pullback. The stock consolidated at support until it started back higher on Friday. The RSI is moving back higher after a pullback. That pullback held in the bullish zone, while the MACD is about to turn back higher.

Red Hat, Ticker: $RHT

Red Hat, $RHT, broke above a symmetrical triangle after reporting earnings. The peak was nearly a perfect move out of the triangle, and it is now consolidating over support. The RSI is strong in the bullish zone while the MACD has pulled back a bit from the high. After 6 narrow range days Friday was a bit wider and to the upside.

Yum! Brands, Ticker: $YUM

Yum! Brands, $YUM, had a strong run higher through February filling the gap from last July. It pulled back after that but has bounced back in mid March. Now it has touched and reversed under 81 twice but is rising toward it again. All through this the RSI has held in the bullish zone, and is pointing higher now, while the MACD has pulled back, but is turning toward a possible 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 April Options Expiration, sees the equity markets have gained some strength.

Elsewhere look for Gold to continue higher in the short term while Crude Oil moves in its consolidation zone. The US Dollar Index is moving higher again while US Treasuries are biased lower in the short term. The Shanghai Composite and Emerging Markets are both biased to the upside with the Chinese market looking overheated again.

Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite the moves higher this week. Their charts also look good for more upside with the IWM steady and the QQQ and SPY with some short term hurdles to overcome. Use this information as you prepare for the coming week and trad’em well.

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