Top Trade Ideas for the Week of February 3, 2014: The Rest

• Posted by Greg Harmon
• on February 2nd, 2014

Here are the Rest of the Top 10:

Autodesk, Ticker: $ADSK

Autodesk, $ADSK, has a strong longer term trend higher. Recently it pulled back below the 20 day Simple Moving Average (SMA) and is moving back higher. The shorter term Positive RSI Reversal completed Thursday but there remains a longer one in play.

Broadwind Energy, Ticker: $BWEN

Broadwind Energy, $BWEN, broke out of a 6 consolidation channel in September and ran higher. It then pulled back, retesting the break out level before December jump higher. It is now finding support after retracing about 50% of that move. The Relative Strength Index (RSI) held bullish on the pullback. Watch for a break over the current short term consolidation.

CBOE, Ticker: $CBOE

CBOE, $CBOE, had been in a broad consolidation between 48 and 53 since November. Pushing higher now after holding support at the 100 day SMA, it is opening the Bollinger bands as it moves.

NXP Semiconductors, Ticker: $NXPI

NXP Semiconductors, $NXPI, has been in a strong trend higher and made a new high Friday. The RSI still as room higher but the trend since the summer has been to pullback to the 20 day or 50 day SMA after a new high.

SBA Communications, Ticker: $SBAC

SBA Communications, $SBAC, is moving higher and testing the breakout level of a Cup and Handle. The RSI and MACD support more upward price action.

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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 February sees the equity markets are all moving together and look better lower. Look for Gold to consolidate and possibly reverse lower while Crude Oil continues its rise. The US Dollar Index looks better to the upside while US Treasuries are remain biased higher with significant resistance nearby. The Shanghai Composite looks to be consolidating and may be ready to move higher while Emerging Markets are also consolidating but with a downside bias. Volatility looks to remain low but creeping up to important levels keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, but with very little strength. Their charts show that the SPY is the weakest and looks to continue lower while the IWM is next and then the QQQ the strongest, but only looking at best to consolidate and likely to pullback too. Use this information as you prepare for the coming week and trad’em well.

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