Top Trade Ideas for the Week of August 29, 2011: The Rest

Here are the Rest of the Top 10:

Boeing, Ticker: $BA

Boeing bounced off the bottom only to be rejected at 63 and is now re-approaching that level. As it arrives the Relative Strength Index (RSI) is rising through the mid line and the Moving Average Convergence Divergence (MACD) indicator has crossed positive. If it can get over 63 it has resistance at 64.50 followed by the are from 66.5-66.75 and then 68.42. Wait for the break and then use 62.00 as a stop.

CBOE Holdings, Ticker: $CBOE

CBOE Holdings broke above one previous resistance area at 24.25 Friday with a near Marubozu candle and is now approaching resistance at 25.09. As it heads higher the RSI and MACD are both supporting more upside. If it can get over 25.09, then it has resistance at 25.90 and 26.56 higher. Wait for the break over 25.09 and then place a stop just under it or if aggressive use a stop near 24 now.

Deere & Company, Ticker: $DE

Deere & Company is approaching the top of an ascending triangle with the top rail at 76.60. As it arrives the RSI is hovering over the mid line and the MACD is increasing, supporting more upside. If it can get over 76.60 it has resistance at 78 followed by 80.20 and then 82.30 and 83.40 before the pattern target and resistance at 87.20. Place a stop near 76 after entering on a break higher.

MBIA Inc, Ticker: $MBI

MBIA Inc has bounced off of a bottom near 6.00 and is heading higher to resistance at 7.25. The MACD has been in a trend higher and crossed positive and the RSI is rising and approaching the mid line as it nears resistance. If it can get over 7.25 then it has resistance at 7.80 next and smaller steps to 8.25, and 8.45. It also has short interest at over 10% so a short squeeze could ramp it higher quickly. Use the crossing of 7.25 as a stop.

Perrigo, Ticker: $PRGO

Perrigo is consolidating over support at 90. The MACD is increasing and the RSI is holding over the mid line after moving up, supporting more upside. If it can get over 94.30 then it has a Measured Move (MM) to 97. This can be taken as a long now with a stop at 89.

Up Next: Bonus Idea

The Best

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

After reviewing over 900 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 the unofficial last week of Summer for Gold to bounce around in its uptrend while Crude Oil slows at resistance and turns lower. The US Dollar Index seems content to move sideways while US Treasuries are biased lower. The Shanghai Composite and Emerging Markets are biased to the downside with risk of the Chinese market running a little higher first. Volatility looks to remain elevated keeping the bias lower for the equity index ETF’s SPY, IWM and QQQ, despite the moves higher, with the QQQ looking to have the best chance to break the bear flags higher. Use this information as you prepare for the coming week and 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.

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