Top Trade Ideas for the Week of August 1, 2011: Bonus Idea

• Posted by Greg Harmon
• on July 31st, 2011

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

Bank of the Ozarks, Ticker: $OZRK

Bank of the Ozarks is pulling back to the support at the 50.50 break out area from June. If it can hold over 50.50 then it can head back higher toward resistance at 53.6, followed by 54.30 and then a Measured Move (MM) to 58. The bullish engulfing candle Friday supports more upside as does the rising Relative Strength Index (RSI) with only the Moving Average Convergence Divergence (MACD) indicator diverging. A fall below the 50.50 level has support at 48.65 and the 46.8. Short interest at 12% is elevated and could create a tail wind to the upside but requires careful attention if you end up short.

The Best

The Rest

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

After reviewing over 800 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 looks for Gold and US Treasuries look to continue their moves higher in the coming week, with Crude Oil and the US Dollar Index continuing lower. The Shanghai composite looks to consolidate further in the middle of its range while Emerging Markets do the same at the upper end of their range. Volatility looks biased to the upside contributing to the view that Equity Indexes, SPY IWM and QQQ will continue lower. All look to remain within their ranges with the QQQ remaining the strongest much higher in its range. News driven breaks to the upside should be contained in the range with the possible exception of the QQQ’s. 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.

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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.

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