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Top Trade Ideas For The Week Of June 3, 2013: The Rest

Published 06/02/2013, 02:06 AM
Updated 05/14/2017, 06:45 AM
GC
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CL
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BMAh
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SMA
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RSI
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SMA
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SME
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Here are the Rest of the Top 10:

Apache, Ticker: APA

APA

Apache, APA, is making a possible Double Top at 85.40 after a long pullback to 68. The Relative Strength Index (RSI) is in bullish territory but retreating. The Moving Average Convergence Divergence indicator(MACD) is turning lower, adding credence to a downturn.

Con-way, Ticker: CNW


CNW

Con-way, CNW, has confirmed a bearish Shark Pattern as it pulls back from 39. The RSI is moving lower and the MACD is rolling over, giving added weight to a possible pullback.

Cray, Ticker: CRAY


CRAY

Cray, CRAY, is moving back higher after finding support between 16 and 17 just over the 200 day Simple Moving Average (SMA). Both the RSI and MACD are rising, with the RSI about to breach the mid line.

Gap Stores, Ticker: GPS


GPS

Gap Stores, GPS, filled the gap below last week and then started back higher filling the upper gap Friday before the craziness happened. The RSI held at the mid line and turned back up. The MACD is pulling back on the signal line, but the histogram is leveling.

Interactive Brokers, Ticker: IBKR

IBKR
Interactive Brokers, IBKR, has been consolidating in a range between 15.40 and 15.80 for a month. Friday it tried to move higher in a strong Marubozu candle, but met the upper Bollinger Band®. The RSI has turned back higher in bullish territory, and the MACD is leveling and beginning to improve on the histogram.

After reviewing over 1,000 charts, I have found some good setups for the week. These should be viewed in the context of the broad Market Macro picture reviewed Saturday. Heading into June, the markets seem ready to take a breather and perhaps pullback. Gold is biased higher in the short term in its downtrend, while Crude Oil is heading toward the bottom of its range. The U.S Dollar Index and Treasuries both look to continue lower. The Shanghai Composite maintains an upward bias, but may consolidate first while Emerging Markets continue being in a downside bias. Volatility looks low but drifting higher, keeping the long term bias higher for the equity index ETF’s SPY, IWM and QQQ, but maybe a drag in the short run. The index ETF’s themselves appear to be weakening in their uptrends. The SPY is the weakest followed by the IWM. The QQQ is still showing some strength in longer charts. Use this information as you prepare for the coming week and trad’em well.

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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