Top Trade Ideas for the Week of February 4, 2013: The Rest

• Posted by Greg Harmon
• on February 3rd, 2013

Here are the Rest of the Top 10:

Alexion Pharmaceuticals, Ticker: $ALXN

Alexion Pharmaceuticals, $ALXN, has been drifting higher in a broadening wedge. Now at the 200 day Simple Moving Average (SMA) it has support for more upside from the rising Relative Strength Index (RSI) and a Moving Average Convergence Divergence indicator (MACD) that is about to cross to positive.

Apache, Ticker: $APA

Apache, $APA, is consolidating after a continued move higher out of a basing at 76. It has support for more upside from a rising and bullish RSI and a MACD that is positive. The Measured Move higher out of the consolidation takes it to 90.

BB&T, Ticker: $BBT

BB&T, $BBT, is also consolidating after a series of steps higher from the bottom made at 27 in November. Now moving higher off of the 20 day SMA it has a target on a Measured Move to 33. The rising and bullish RSI supports more upside and the MACD is negative, but barely.

Crown Castle, Ticker: $CCI

Crown Castle, $CCI, has had a very long run higher. It made a double top at 75.25 before pulling back to the 50 day SMA as support last week. It printed a Spinning Top, reversal candle, that was confirmed Friday higher. It has support to continue the reversal from a rising RSI that held in bullish territory.

Canadian National Rail, Ticker: $CNI

Canadian National Rail, $CNI, has been stair stepping higher off of a pullback that found support at the 200 day SMA in November. The current move higher has a target from a Measured Move to 100. The rising and bullish RSI also supports more upside price movement, with a flat MACD that suggest nothing to prevent that.

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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 first full week of February sees that the markets have their bull on. Gold looks to have stayed off a fall and will consolidate while Crude Oil continues higher. The US Dollar Index is moving lower again and US Treasuries are joining it to the downside. The Shanghai Composite is racing higher again after some consolidation and Emerging Markets are biased to the upside but consolidating. Volatility remains near historic lows and showing no signs of rising elevated keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. The weakening US Dollar and Treasuries support higher equity prices as well. And the charts of these ETF’s agree, with the QQQ looking to finally join the party higher. Use this information as you prepare for the coming week and trad’em well.

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