Top Trade Ideas for the Week of August 5, 2013: The Rest

• Posted by Greg Harmon
• on August 4th, 2013

Here are the Rest of the Top 10:

BioMarin Phamaceuticals, Ticker: $BMRN

BioMarin Phamaceuticals, $BMRN, is consolidating in a bull flag. it has support for a move higher from a bullish Relative Strength Index (RSI) and a rising Moving Average Convergence Divergence indicator (MACD).

Discover Financial, Ticker: $DFS

Discover Financial, $DFS, is back at resistance as the Bollinger bands expand higher. The RSI is also rising and the MACD is about to cross to positive, both supporting more upside.

Honeywell, Ticker: $HON

Honeywell, $HON, is at resistance after a pullback to support earlier int he month. it has support for more upside from a rising and bullish RSI and a MACD that is also rising and just crossed to positive.

Movado, Ticker: $MOV

Movado, $MOV, is moving back up in a bearish Deep Crab with a Potential Reversal Zone (PRZ) at 43.60. The RSI is turning higher after holding eh mid line and the MACD is leveling and about to turn higher.

Visa, Ticker: $V

Visa, $V,fell hard on earnings. Mastercard earnings. Recovering now from a touch at the 100 day Simple Moving Average (SMA) it is moving up through the 50 day SMA. The RSI is moving back up towards the mid line but the MACD is yet to turn. A bounce play.

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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, as August begins look for Gold to consolidate or bounce in its downtrend while Crude Oil works higher. The US Dollar Index may consolidate in the downtrend while US Treasuries are consolidating but biased lower. The Shanghai Composite and Emerging Markets are also consolidating a bounce but biased to the downside. Volatility looks to remain very low keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite the recent new highs. Use this information as you prepare for the coming week and trad’em well.

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