Top Trade Ideas for the Week of September 24, 2012: The Rest

• Posted by Greg Harmon
• on September 23rd, 2012

Here are the Rest of the Top 10:

Astrazeneca, Ticker: $AZN

Astrazeneca, $AZN, broke out of a descending wedge a couple of months ago and ran higher. After a brief pullback it broke up through resistance this week and has a Measured Move higher to 56. I wrote more about it earlier last week in Scared on Small Cap Biotechs? Come A Little Closer... The Relative Strength Index (RSI) and Moving Average Convergence Divergence indicator (MACD) both support more upside action.

Blackstone Group, Ticker: $BX

Blackstone Group, $BX, is building a bull flag under 15.30 resistance. A break higher triggers a target of 17.30 on a Measured Move and the bullish RSI and positive MACD both support a continuation higher.

Dorman Products, Ticker: $DORM

Dorman Products, $DORM, is breaking an ascending triangle higher with a price target of 33. The RSI is bullish and the MACD about to cross positive, both supporting further upside. I wrote more about this last week as well in Dorman Products – Its Auto Parts Not Cheese.

PC Connected, Ticker: $PCCC

PC Connected, $PCCC, is near a breakout of a Cup and Handle or Inverse head and Shoulders with a target of 18.10. The RSI is in bullish territory and the MACD is flat so no cheating and getting in early. The 3-box reversal Point and Figure chart (PnF) carries a similar price objective of 17.

Staar Surgical, Ticker: $STAA

Staar Surgical, $STAA, is consolidating at the gap down level from late July after a push up from the consolidation between 6.50 and 6.75. A break into the gap carries a Measured Move higher to 8.50, near the consolidation area before the gap down. Both the bullish RSI and the positive MACD support a continued move higher.

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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 autumn the market remain strong but with a few caution flags showing up. Gold looks to continue higher with Crude Oil continuing to pullback in the uptrend. The US Dollar Index continues to look week despite consolidating this week while US Treasuries consolidate with a bias lower. The Shanghai Composite looks horrible making new lows and nothing positive in the charts with Emerging Markets consolidating at resistance in the uptrend. Volatility looks to remain low paving the way for the equity index ETF’s SPY, IWM and QQQ, to continue higher. This is supported by the view of a lower Dollar Index and lower Treasuries. The Index ETF’s themselves all appear strong and held through Options Expiration, but may continue to consolidate. Use this information as you prepare for the coming week and trade’m well.

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