Top Trade Ideas for the Week of May 23, 2011: Bonus Idea

• Posted by Greg Harmon
• on May 22nd, 2011

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

CardioNet, Ticker:$BEAT

CardioNet is moving higher in a rising wedge or ascending triangle and testing the resistance level at 5.70. If it can get through that and over the resistance at 5.84 then it has resistance next at 6.30 and then 6.66. Wait for the confirmation of a move up as the Relative Strength Index (RSI) is slightly overbought and working that off as well as the Moving Average Convergence Divergence (MACD) indicator waning.

The First 5

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 looks like a move higher for Gold but more downside for Crude Oil. The upside path looks to continue for US Treasuries but a pullback for the US Dollar Index. The Shanghai Composite looks to reverse higher but not drastically with the Emerging Markets continuing lower or consolidating. Volatility looks to remain in check. The Equity Index ETF’s all look lower but like last week they will look to the QQQ for leadership to try to pull them higher, with the SPY and IWM looking weakest without any help. 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.

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

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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