Top Trade Ideas for the Week of July 29, 2013: The Rest

• Posted by Greg Harmon
• on July 28th, 2013

Here are the Rest of the Top 10:

Amerisource Bergen, Ticker: $ABC

Amerisource Bergen, $ABC, is moving back higher after retesting the breakout level at 56.40. The Relative Strength Index (RSI) is rising again and the Moving Average Convergence Divergence indicator (MACD) is turning back higher after a brief downturn. The Measured Move higher takes it to 71.50.

AOL, Ticker: $AOL

AOL, $AOL, is approaching resistance at 38.50 for the second time in a month. It has a bullish RSI and a rising MACD to support more upside. 7% short interest may help as well. This name reports August 7th.

Huntington Bancshares, Ticker: $HBAN

Huntington Bancshares, $HBAN, is testing a double top at 8.60 after a pullback and consolidation at 8.20. It has a bullish RSI and a a MACD that looks to be averting a negative cross after a brief flat period.

JB Hunt Transportation, Ticker: $JBHT

JB Hunt Transportation, $JBHT, completed a bearish Shark and then retraced a perfect 38.2% before finding support last week. The RSI is turning back higher, after holding over the mid line, and the MACD is turning back higher.

Valero Energy, Ticker: $VLO

Valero Energy, $VLO, is at resistance after finding support after a pullback from the May high. The RSI is rising and the MACD is also rising, both support more upside.

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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, as July ends and we move into the dog days of August looks for Gold to continue the bounce in the downtrend while Crude Oil consolidates or pulls back in the uptrend. The US Dollar Index looks lower while US Treasuries may consolidate but are biased lower. The Shanghai Composite is biased to the downside but may continue to consolidate while Emerging Markets are biased higher in their downtrend. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. The QQQ charts seem all for that while the SPY and IWM suggest there is still some downside risk in the short term. Use this information as you prepare for the coming week and trad’em well.

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