Top Trade Ideas for the Week of July 11, 2011: Bonus Idea

• Posted by Greg Harmon
• on July 10th, 2011

Here is your Bonus Idea with links to the full Top Ten:

Regions Financial, Ticker: $RF

Regions Financial has been basing between 6.00 and 6.20 since the beginning of June. During the entire basing the Relative Strength Index (SI) has been trending higher and the Moving Average Convergence Divergence (MACD) has been steadily rising and crossed positive. If it can get over 6.35 then it can move higher to resistance at 6.75 followed by 6.85, and then 7.10 and 7.25. Enter on the move over 6.35 and use a stop near 6.20. It reports earnings on July 26th and short interest is negligible.

The Best

The Rest

(As always you can see details of individual charts and more on my StockTwits feed and on chartly.)

After reviewing over 800 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 and Crude Oil to both continue higher. The US Dollar Index and US Treasuries to move higher towards resistance at 77.30 and 97.30 respectively. The Shanghai Composite and Emerging Markets also are biased to the upside, although both have resistance nearby. Volatility looks to remain stable and subdued allowing for the Equity Index ETF’s SPY, IWM and QQQ to continue higher. But each are showing signs of a pullback in the short timeframe that could translate into the weekly timeframe quickly, with Treasuries moving higher as a possible catalyst. Look for upside but keep the stops tight. A reversal could come quickly. Use this information to understand the major trend and how it may be influenced as you prepare for the coming week ahead. 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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