Top Trade Ideas for the Week of February 22, 2011: The Rest

• Posted by Greg Harmon
• on February 20th, 2011

Here are the rest of the top 10:

Manulife Financial, Ticker: MFC

Manulife is testing resistance at 19.50. if it can get through then it has a target of 22 on a measured move. There is support at 19.

Valeant Pharmaceuticals, Ticker: VRX

Valeant is consolidating higher after it’s last move up. If it can get over 41.30 it has target of 46.80. If it loses support at 40.30 then there is support lower at 39.10 followed by a gap fill to 37.15 and then 35.62. The Moving Average Convergence Divergence (MACD) indicator and the Relative Strength Index (RSI) are pointing to a move lower.

Rockwell Collins, Ticker: COL

Rockwell Collins is moving higher after a pullback. If it can get over 67 it has a target of 74.70 on a measured move.

Citrix Systems, Ticker: CTXS

Citrix is in a bull flag after making new highs. If it can break the flag higher then it has a target of 80 on a measured move. Support can be found at 71.80.

ON Semiconductor, Ticker: ONNN

ON is in an ascending triangle with a ceiling at 11.75. If it can break out higher then it has a target of 12.75. If it rejects there is support at 11.25.

The First 5

After reviewing over 700 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 to continue higher and crude Oil to decide it it wants 100 with a break of 88.50. The US Dollar Index will look for support and US Treasuries to maintain support both to avert disaster. The Chinese market looks higher with Emerging Markets continuing to consolidate with a bias higher if they finally break the range. Volatility looks to continue to be muted facilitating a continuation of the trend higher in the US equity ETF’s.

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