Top Trade Ideas for the Week of June 13, 2011: Bonus Idea

• Posted by Greg Harmon
• on June 12th, 2011

Here is your Bonus Idea with links to the full Top 10:

Century Aluminum, Ticker:$CENX

Century Aluminum printed a bullish engulfing candle Friday two days after stalling a 30% fall. It has a Relative Strength Index (RSI) that is rising and a Moving Average Convergence Divergence (MACD) indicator that is heading back up to zero. If it can get over 14.70 then it has resistance at 15 followed by 15.64 and then 16.33 before testing the 100 day Simple Moving Average (SMA). Place a stop near 14.15.

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 sets up as a bizarro week for any macro economic follower. Gold and Oil look set to consolidate or go lower and the US Dollar Index and US Treasuries look to continue higher. Both the Shanghai Composite and Emerging Markets look lower next week. Despite falling equity markets Volatility looks to remain subdued. The US Equity Index ETF’s , SPY, IWM and QQQ all look to have more downside with the weekly charts more ugly than the daily charts. Also all three are moving lower in the same pattern indicating this is a total equity market selloff not sector or capitalization specific. 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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