Top Trade Ideas for the Week of June 24, 2013: The Rest

• Posted by Greg Harmon
• on June 23rd, 2013

Here are the Rest of the Top 10:

Atwood Oceanics, Ticker: $ATW

Atwood Oceanics, $ATW, is pulling back from a Tweezers Top and printed a long bearish candle Friday. The Relative Strength Index (RSI) is crossing below the mid line and the Moving Average Convergence Divergence indicator (MACD) is continuing lower.

Carrizo Oil & Gas, Ticker: $CRZO

Carrizo Oil & Gas, $CRZO, is pulling back to prior resistance, now support, from a Hanging Man Candle Wednesday. With a Hammer on that level, a move higher Monday could confirm another reversal back higher. This wold make for a higher low, the 5th in succession after a long string of higher highs as well. The RSI is holding in bullish territory with a MACD that is moving higher, to support further upside and short interest is high at about 15%.

Cognizant Technology Solutions, Ticker: $CTSH

Cognizant Technology Solutions, $CTSH, is falling, to a test of support from April. It has a RSI that is rolling lower slowly like a rounded top, after failing to break over the mid line and a MACD that is also starting to roll over. The Simple Moving Averages (SMA) are also turning lower with a Death Cross in the rearview mirror back in mid May.

Rackspace Hosting, Ticker: $RAX

Rackspace Hosting, $RAX, may be ready for a bounce. Volume on the last two up days was large and the last 4 days, while not a Rising Three Methods, does resemble it. The RSI is about to test the mid line and the MACD is turning higher. Short interst at 10% could give it a boost is it starts moving higher.

Wells Fargo, Ticker: $WFC

Wells Fargo, $WFC, held up very well during the market pullback and is consolidating in a symmetrical triangle. The RSI is holding over the mid line and the MACD is starting to improve on the histogram and flattening on the signal line. Friday’s move higher came on relatively high volume taking it to the top of the triangle.

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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 the first week of summer sees the markets continuing to look weak. The week may start with a bounce as they have run down pretty fast. Look for Gold to consolidate or bounce before continuing the downtrend while Crude Oil moves lower in the prior broad channel. The US Dollar Index looks ready to continue higher while US Treasuries continue lower. The Shanghai Composite and Emerging Markets are biased to the downside with risk of the Emerging Markets consolidating first. Volatility looks to keep drifting higher keeping the bias lower for the equity index ETF’s SPY, IWM and QQQ. Their charts are in agreement with the IWM noticeably stronger than both the SPY and QQQ. Use this information as you prepare for the coming week and trad’em well.

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