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Top Trade Ideas, Week Of November 9, 2015: ABT, ARMH, COF, FDX, NUAN

Published 11/09/2015, 12:35 AM
Updated 05/14/2017, 06:45 AM

Here are the Rest of the Top 10:

Abbott Laboratories (N:ABT)
ABT Daily Chart

Abbott Laboratories, ABT, was in a long uptrend until it started lower in August with the market. It took a second leg lower when all healthcare stock were hit again in September, making a bottom at the end of the month. Since then it has rebounded, and is now back at the top of the gap down area from August and consolidating. The RSI is bullish and rising along with the MACD, both supporting more upside.

ARM Holdings (O:ARMH)
ARMH Daily Chart

ARM Holdings, ARMH, fell out of consolidation in June, making an eventual bottom with the market in August. It has crept higher since making higher lows and higher highs. Now it is consolidating at the resistance from July. The RSI is in the bullish zone and rising and the MACD is flat, while the Bollinger Bands® point higher.

Capital One Financial (N:COF)
COF Daily Chart

Capital One Financial, COF, gapped lower on earnings in July and then continued lower. With a double bottom to start October, it now is consolidating back near resistance of the August bounce and just below the gap just above. The RSI is trending higher and in the bullish zone with the MACD rising. Friday saw a test probe over resistance, and if it holds, could be a trigger for more upside.

FedEx (N:FDX)
FDX Daily Chart

FedEx, FDX, started lower in June and then accelerated through support in late August. After a short consolidation, it made a lower low in September and then started higher. Now it is back at resistance and over the 100 day SMA for the first time since June. The RSI is bullish and rising and the MACD is rising too. The strong Marubozu candle Friday bodes for more upside, and could give the trigger over resistance.

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Nuance Communications (O:NUAN)
NUAN Daily Chart

Nuance Communications, NUAN, pulled back from 18.50 in August and found support over the 200 day SMA. it has built a consolidation zone since with a series of higher lows. Heading into the week, the Bollinger Bands® are opening higher and it has support for more upside from a rising RSI and MACD. Look for a move over resistance to participate to the upside.

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 next week, the equity indexes look strong and ready to challenge the all-time highs.

Elsewhere look for gold to continue lower, while crude oil moves lower in its consolidation. The US dollar index is breaking to the upside, while US Treasuries continue lower. The Shanghai Composite also looks to continue higher, while Emerging Markets consolidate under resistance.

Volatility looks to remain subdued, keeping the bias higher for the equity index ETFs N:SPY, N:IWM and O:QQQ. Their individual charts show some consolidation in the SPY and QQQ short term as the IWM takes the lead, but all look strong on the weekly timeframe. Use this information as you prepare for the coming week and trad’em well.

Disclaimer: 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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