Top Trade Ideas for the Week of August 12, 2013: The Rest

• Posted by Greg Harmon
• on August 11th, 2013

Here are the Rest of the Top 10:

Allergan, Ticker: $AGN

Allergan, $AGN, is consolidating in a tight bull flag after a move up off of the base at 84. The Relative Strength Index (RSI) is holding just under the mid-line with the Moving Average Convergence Divergence indicator (MACD) rising. Look for a break of the flag higher to enter.

Caterpillar, Ticker: $CAT

Caterpillar, $CAT, is testing resistance at 85 and moving in both a bearish Bat (pink) and a bearish Gartley (green). The RSI held bullish on the pullback and is rising with a MACD that is about to cross higher.

CBOE, Ticker: $CBOE

CBOE, $CBOE, is moving back higher after a pullback to the bottom Bollinger band. the RSI held at the mid-line and is rising with a MACD that is starting to improve on the histogram but still moving lower on the signal line.

NCR, Ticker: $NCR

NCR, $NCR, is moving back to resistance after a quick pullback to support at the 20 day Simple moving Average (SMA). The RSI is in bullish territory and rising with a MACD that is flat but improving on the histogram.

Yum Brands, Ticker: $YUM

Yum Brands, $YUM, is testing resistance in a bull flag. It has support for a move higher from a bullish RSI but the MACD is leveling. Look for a break out higher to enter.

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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 Saturday which, heading into the dog days of August sees the market trend is firmly higher but consolidation is reigning. Look for Gold to continue to bounce in its downtrend while Crude Oil consolidates in its breakout higher. The US Dollar Index looks set to continue lower while US Treasuries bounce in the downtrend. The Shanghai Composite and Emerging Markets are poised to consolidate in their bounces in the downtrend with Volatility looking to remain low. This keeps the bias higher for the equity index ETF’s SPY, IWM and QQQ, but their charts suggest consolidation may continue. Use this information as you prepare for the coming week and trad’em well.

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