Top Trade Ideas for the Week of May 20, 2013: The Rest

• Posted by Greg Harmon
• on May 19th, 2013

Here are the Rest of the Top 10:

Baidu, Ticker: $BIDU

Baidu, $BIDU, is building a bull flag at the 100 day Simple Moving Average (SMA) after a move higher out of a base at 84.75. The Relative Strength Index (RSI) is bullish and rising and the Moving Average Convergence Divergence indicator (MACD) is also rising. Both support more upward price action.

Dana Holdings, Ticker: $DAN

Dana Holdings, $DAN, is back at resistance at 18.25 after a pullback just beyond the 100 day SMA. The RSI is rising and bullish with a MACD that is rising, both supporting further price action higher.

Express Scripts, Ticker: $ESRX

Express Scripts, $ESRX, is also building a bull flag under resistance at 62 after a touch at the 100 day SMA. It has a RSI that is rising and in bullish territory with a MACD however that is pulling back. It did confirm a hammer reversal higher Friday with a bullish Marubozu candle.

Interactive Brokers, Ticker: $IBKR

Interactive Brokers, $IBKR, is building a bull flag between 15.60 and 15.90 after a run higher off of a dip to 13.75. It has a bullish RSI that may be turning back higher after a pull back from being technically over bought. The MACD is rolling lower though and it is extended from the 50 day SMA. Look both ways.

ExxonMobil, Ticker: $XOM

ExxonMobil, $XOM, has moved on a broad channel between 84.75 and 92 since September 2012. It is now testing the top of that channel with a RSI that is bullish and rising and a MACD that is also rising, in support of 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, running into the Memorial Day Weekend sees the equity markets continuing to look strong but with the potential for rotation into the small caps noted last week still. Look for Gold to continue the trend lower while Crude Oil is biased higher in its neutral channel. The US Dollar Index sins on the verge of a full blown bullish move higher while US Treasuries are biased lower. The Shanghai Composite also looks to be ready to move back higher while Emerging Markets are biased to the downside as they consolidate. Volatility looks to remain a non factor and should be ignored until it breaks above 22 keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite the moves to new highs. Their charts agree although the SPY is showing the most signs of caution as the IWM and QQQ plow forward. Use this information as you prepare for the coming week and trad’em well.

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