Top Trade Ideas- Week Of November 4: BK, COST, KSU, MA, YHOO

Here are the Rest of the Top 10:

Bank of New York Mellon, Ticker: BK


Bank of New York Mellon, (BK), is making new highs and breaking resistance as it moves up out of a ‘W’ pattern. The Relative Strength Index (RSI) is rising and bullish and the MACD is also moving higher, both supporting more upside.

Costco, Ticker: COST



Costco, (COST), has been one of my tells on the market in general. It has been moving in a broad channel between 110 and 120 since August, much like how the broad market has made slightly higher highs and then pulled back. Now at resistance after making a higher low it has support for more upside from a rising and bullish RSI and a MACD driving higher.

Kansas City Southern, Ticker: KSU


Kansas City Southern, (KSU), broke above resistance at 119 and moved as high at 125. Now pulling back slightly in a bull flag it has a RSI that has worked off the technically overbought condition and remains bullish with a MACD that is level.

Mastercard, Ticker: MA


Mastercard, (MA), pulled back for one day after reporting earnings Thursday morning. Now at new all time highs it may be breaking consolidation higher for another run. The RSI is moving back higher after pulling back from a technically overbought condition and the MACD is also turning back higher. Both are elevated though.

Yahoo, Ticker: YHOO

Yahoo, (YHOO), has built a loose bull flag after a move higher and is testing the upper rail of it. The RSI has pulled back to the mid line and is holding with a MACD that is starting to round and showing improvement on the histogram.

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 last 2 months of the year sees the markets still looking positive but maybe in need of a short term pullback. Look for Gold and Crude Oil to continue lower. The US Dollar Index wants to move higher while US Treasuries are biased lower. The Shanghai Composite may consolidate but it and Emerging Markets are biased to the downside. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts suggest a possible pullback continuing for the IWM, with the QQQ possibly joining it and the SPY consolidating but maybe ready to reverse higher again. Use this information as you prepare for the coming week and trad’em well.

Disclosure: 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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