5 Trade Ideas for Monday: BHP, CIT, Olin, ON Semi and Schwab
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
BHP, Ticker: $BHP
BHP, $BHP, dropped out of consolidation to a low 2 weeks ago. It comes into the week at resistance from the gap down with the RSI rising and the MACD turning to cross up. Look for a break into the gap to participate…..
CIT, Ticker: $CIT
CIT, $CIT, comes into the week pressing on the highs. It has a RSI rising in the bullish zone with the MACD rising after avoiding a cross. Look for a push over resistance to participate…..
Olin, Ticker: $OLN
Olin, $OLN, comes into the week approaching the prior high. It has a RSI rising in the bullish zone with the MACD positive and climbing. Look for a push over resistance to participate…..
ON Semiconductor, Ticker: $ON
ON Semiconductor, $ON, comes into the week at the all-time high with the RSI rising in the bullish zone and the MACD crossing up and positive. Look for a new high to participate…..
Charles Schwab, Ticker: $SCHW
Charles Schwab, $SCHW, comes into the week back at the all-time high with the RSI rising in the bullish zone and the MACD rising and positive. Look for a push to a new high to participate…..
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After reviewing over 1,000 charts, I have found some good setups for the week. This week’s list contains the first five below to get you started early.  These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which with the last full week of August in the books, saw equity markets showed strength with aggressive moves higher and all-time highs.
Elsewhere look for Gold to continue its push out of long term consolidation higher while Crude Oil may also be resuming the uptrend. The US Dollar Index looks on the edge of breaking the long downtrend the while US Treasuries pause in their uptrend. The Shanghai Composite looks to continue in broad consolidation while Emerging Markets continue to be biased to move lower.
The Volatility Index looks to remain very low making the path easier for equity markets to the upside. Their charts also look strong, especially on the shorter timeframe where the IWM had a massive week. On the longer timeframe both the QQQ and SPY also look great while the IWM remains in the broad consolidation. Use this information as you prepare for the coming week and trad’em well.
