Top Trade Ideas for the Week of February 13, 2012: The Rest

Here are the Rest of the Top 10:

Cameco, Ticker: $CCJ

Cameco, $CCJ, reported earnings last week but managed to continue in its bull flag with little reaction. The Relative Strength Index (RSI) is falling but bullish while the Moving Average Convergence Divergence (MACD) indicator is negative and growing more so. Both suggest further consolidation in the flag between 22.80 and 24, or a break lower. Two opportunities to play this name. See which one it gives you.

Cummins, Ticker: $CMI

Cummins, $CMI, is in a bull flag after a run higher from the last flag at 105. A break over 122 gives a Measured Move to 135. The RSI is a bit elevated at 75 but bullish, and the MACD is positive but starting to fade a little. Both support more upside but caution should be used. If the flag breaks lower, under 118, there is good downside opportunity as well.

EZCorp, Ticker: $EZPW

EZCorp, $EZPW, is building its own bull flag with a top at 30. The bullish RSI and the positive MACD, support more upside, despite the fade in the MACD like in many bull flags. A move over that flag has a Measured Move to 33, where it would close the window at 32.45 along the way.

JDS Unishpere, Ticker: $JDSU

JDS Unishpere, $JDSU, is moving higher out of the long base that ended the back half of 2011. It has a RSI that is rising and bullish and a MACD that is crossing positive to support further upside as it peeks through 14 and passes over the 200 day Simple Moving Average (SMA). Note the small gap at 16.19.

NYSE Euronext, Ticker: $NYX

NYSE Euronext, $NYX, broke above resistance after reporting earnings Friday morning before the open. Many other exchanges followed it higher as well. The RSI is rising and bullish while the MACD is positive and increasing, both supporting more upside. It is now in a space where there is a relative previous volume void until it reaches 32.50.

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The Best

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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 heading into next week finds Gold looking complicated consolidating in the intermediate term downtrend in the long term uptrend while Crude Oil looks to continue to move sideways in the broad range. US Treasuries are poised to move lower if they break their consolidation while the US Dollar Index is trying to break the downtrend higher. The Shanghai Composite and Emerging Markets are ready for more upside. Volatility seems to have bottomed and may move higher. These influencers create a mixed backdrop for the Equity Index ETF’s SPY, IWM and QQQ with Treasuries supporting the uptrend and the Dollar Index threatening it. A sharp move higher by the Shanghai Composite could break the tie to the upside. The ETF’s themselves reflect the mixed mood with the SPY and QQQ looking strong while the IWM is pulling back. All three are susceptible for a pullback, just the IWM is the weakest. Use this information as you prepare for the coming week and 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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