Top Trade Ideas for the Week of February 6, 2012: The Rest

• Posted by Greg Harmon
• on February 5th, 2012

Here are the Rest of the Top 10:

British American Tobacco, Ticker: $BTI

British American Tobacco, $BTI, broke the Diamond higher and has been finding resistance at 96. As it arrives there for the third time it has a Relative Strength Index (RSI) that is bullish and rising, and a Moving AVerage COnvergence Divergence (MACD) that is positive and increasing. Both support more upside. The Bollinger bands are expand as well. A break through 96 puts the target of 103.50 from the Diamond break back in the cross hairs.

Comerica, Ticker: $CMA

Comerica, $CMA, broke the consolidation area between 22 and 26 to start the year and ran higher. After a short pullback it is now at resistance at 30 with arising and bullish RSI and a MACD that is about to cross positive. The top Bollinger band is opening higher and there is a volume void relatively until the price reaches 36.50

Fifth Third Bancorp, Ticker: $FITB

Fifth Third Bancorp, $FITB, is moving higher over minor resistance at 13.50 and towards 14.00. It has a rising and bullish RSI and a MACD that is moving towards a positive cross. A move over 14 has the 2011 high at 15.39 in its sights.

Jazz Pharmaceuticals, Ticker: $JAZZ

Jazz Pharmaceuticals, $JAZZ, is in a bull flag after rising out of a consolidation zone. The RSI is bullish and the MACD is stalled negative as the Bollinger bands squeeze, foretelling of a move. A break of the flag higher has a Measured Move to 60. It also has a bit over 6% short interest to fuel a move.

KLA-Tencor, Ticker: $KLAC

KLA-Tencor, $KLAC, is moving higher through a double top at 51. It has a bullish RSI and a MACD that is looking like it will glance and avoid a negative cross to support more upside. A break over the recent top at 52.50 triggers a target on a Measured Move to 54.80.

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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 Gold appears ready for at least a short pullback while Crude Oil continues lower in it range. The US Dollar Index and US Treasuries seems content to move sideways while each is now biased lower. The Shanghai Composite and Emerging Markets are both better to the upside in the short run with Emerging Market looking higher long term as well while China remains in the downtrend. Volatility looks to continue lower although it may stop falling soon as it nears 4 year support levels. These influencers combine to create an environment for the Equity Index ETF’s SPY, IWM and QQQ, to continue higher. Their weekly charts agree but their daily charts all are starting to show signed they may be short term extended. Use this information as you prepare for the coming week and trade’m well.

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