Top Trade Ideas for the Week of May 18, 2015: The Rest

• Posted by Greg Harmon
• on May 17th, 2015

Here are the Rest of the Top 10:

Bristol-Myers Squibb, Ticker: $BMY

Bristol-Myers Squibb, $BMY, has been on the Top 10 list in the recent past, and it finds itself there again as it consolidates near prior highs. There is rising trend support and the momentum indicators, RSI and MACD are both bullish and support more upside.

CF Industries, Ticker: $CF

CF Industries, $CF, is forming a Cup and handle pattern as it consolidates on a shallow pullback from the all-time high. The RSI is bullish and rising while the MACD is rising. Look for a break to new highs to get involved.

CME Group, Ticker: $CME

CME Group, $CME, has had a long trend higher since July 2014, with a short failed break down recently. Now back over that rising support it sports a rising MACD and a RSI that is firmly in the bullish zone, along with Bollinger Bands® that are opening higher. All these support the bullish case continuing.

Mobileye, Ticker: $MBLY

Mobileye, $MBLY, is a popular stock with the momentum crowd, but shows good intermediate prospects as well. After a long pullback in a channel, it found support at the beginning of March and started higher. It has been moving up step wise and is now at the last high after a strong candle Friday. The RSI is bullish and the MACD about to cross up, a bullish signal.

Papa Johns’s International, Ticker: $PZZA

Papa Johns’s International, $PZZA, has been in a consolidating channel at highs since the beginning of the year. This followed a move higher from October, out of a 5 month consolidation. Hmmm. Friday peeked over the top of the range and held there. The RSI is bullish and the MACD is bullish and rising as well.

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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 Friday which, heading into the Memorial Day Weekend sees the equity markets looking healthy but remaining short of break out levels.
Elsewhere look for Gold to continue to consolidate with a short term upward bias while Crude Oil consolidated in its uptrend. The US Dollar Index looks to continue to pullback while US Treasuries bounce in their downtrend. The Shanghai Composite is in broad consolidation mode while Emerging Markets consolidate with an upward bias in their uptrend.
Volatility looks to remain subdued with a bias lower keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts are all still more positive on the longer timeframe, but with the SPY and QQQ looking stronger than the IWM. This might yield an opportunity in the IWM on a catch up. Use this information as you prepare for the coming week and trad’em well.

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