Top Trade Ideas for the Week of January 14, 2013: The Rest

• Posted by Greg Harmon
• on January 13th, 2013

Here are the Rest of the Top 10:

Aetna, Ticker: $AET

Aetna, $AET, broke above the important 45 level in December, recently retesting it and moving back up. The Relative Strength Index (RSI) is in bullish territory but trending lower. The Moving Average Convergence Divergence indicator (MACD) is negative but improving. A mixed picture. This offers an opportunity to play the reaction to the 45 level.

AstraZeneca, Ticker: $AZN

AstraZeneca, $AZN, is peeking above resistance on this weekly chart from a series of higher highs and higher lows. The RSI is bullish and rising with a MACD that has turned to positive, both supporting more upside.

Cullen/Frost, Ticker: $CFR

Cullen/Frost, $CFR, is building a bull flag after a move off of the basing area at 53.50. The Measured Move on a break out higher above the flag takes it to 59.50. The bullish RSI and positive MACD support further upside price movement.

Coach, Ticker: $COH

Coach, $COH, is up testing resistance for the fourth time in this basing move. The rising RSI has just crossed into bullish territory and the MACD is positive and growing. Both support a push through resistance.

Red Hat, Ticker: $RHT

Red Hat, $RHT, is building a bull flag at the 200 day Simple Moving Average (SMA) with support for more upside from a bullish RSI but with a MACD that is fading to zero. The Measured Move on a break higher takes it to 62.

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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 next week sees the broad markets continuing to look good but with some caution creeping in. Gold May be bottoming but needs to prove it while Crude Oil continues the trend higher. The US Dollar Index looks to move in a tight range with a downside bias while US Treasuries are biased higher in the downtrend. The Shanghai Composite is finally taking a breather and looks better lower with Emerging Markets consolidating but biased to the upside. Volatility looks to remain subdued and may even move lower keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts agree with the SPY and IWM the strongest and the QQQ’s lagging a bit. Use this information as you prepare for the coming week and trade’m well.

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