5 Trade Ideas for Monday: BioMarin, Darden, Honeywell, Norfolk Southern and NetApp
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
BioMarin Pharmaceuticals, Ticker: $BMRN
BioMarin Pharmaceuticals, $BMRN, started heading lower in February and found a bottom at the end of September. Since then it has reversed higher and making ts first higher high. The RSI is rising into the bullish zone and the MACD moving up to a positive cross. Look for continuation to participate…..
Darden, Ticker: $DRI
Darden, $DRI, was on a steady plod higher until it made a top in September. It gapped down from there and continued through the 200 day SMA to a bottom last week. It started back higher Friday. The RSI also turned back up with the MACD crossing up. Look for continuation to participate…..
Honeywell, Ticker: $HON
Honeywell, $HON, peaked in early July and pulled back to its 200 day SMA. A bounce to a lower high was followed by another touch at the 200 day SMA and now the move back higher. The RSI is rising and bullish with the MACD positive and moving higher. Look for continuation to participate…..
Norfolk Southern, Ticker: $NSC
Norfolk Southern, $NSC,consolidated at a top from April through July before moving lower. It found support in August and bounced and then retreated again to the low in October. Since then it has been moving up and made a higher high last week. It has a RSI in the bullish one with the MACD rising and positive. Look for continuation to participate…..
NetApp, Ticker: $NTAP
NetApp, $NTAP, started lower out of a bounce in April. It gapped down and leveled for 10 weeks before a second gap and fall to the August low. Since then it has been moving higher, bouncing off of resistance in September and the rising to it again. The RSI is rising in the bullish zone with the MACD positive and moving up. Look for continuation to participate…..
After reviewing over 1,000 charts, I have found some good setups for the week. Â These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which with the run up week to the October FOMC meeting ending, saw equity markets make a strong move, led by the small caps and punctuated by a new alltime high in the Nasdaq 100.
Elsewhere look for Gold to continue to build its bull flag while Crude Oil moves higher in broad consolidation. The US Dollar Index looks to continue to drift to the upside while US Treasuries resume their pullback. The Shanghai Composite looks to continue to churn in consolidation while Emerging Markets rise in broad consolidation.
Volatility looks to continue to remain very low keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. The QQQ looks to continue higher after making a new alltime high and the SPY appears to be following right behind it. The IWM continues to churn in a wide consolidation but with movement to the upside. Use this information as you prepare for the coming week and trad’em well.
