Sunday, June 20, 2010

Top 10 Ideas For the Week of June 21, 2010

Reviewed over 500 charts and posted over 150 this weekend. It was an interesting quadruple witching week. Gold is just flying, no questions about it, and the dollar appears to need some more time to consolidate. Oil and the equity indices all seem to be in ranges and need to be watched carefully. When they break the range they will move and you need to be ready. With that backdrop here are some ideas for the week in no particular order.

1. Apple, ticker AAPL

Broke out of a symmetrical triangle and made a new high. Price target is now 300.

2. Rambus Inc, ticker RMBS

Bear flag after a big drop, bodes for another drop. Target is 15.

3. ProShares Ultra Short 20+ Treasury, ticker TBT

Descending triangle completing, watching 37.50 for a break out. A break lower would have a target of 30ish.

4. American International Group, ticker AIG

This stock has historically traded off of Resistance/Support. If it breaks 38 expect a run to 43.82 - 44.82 and beyond that then 54.20/55.90. Above 55.90 there is clear air. Support is at the 200/100SMA.

5. Intercontinental Exchange, ticker ICE

Trying to break out of ascending triangle formed by SMAs and 122.50, target on break out and hold of 130 is 160.

6. Mastercard, ticker MA

215 is a crucial level to watch and can play either way. A break and hold higher sees 227 - 230. Failure sees support at 195 below.

7. Delcath Systems, ticker DCTH

A break below 8.75, leads to 6.93 next and further support then at 6. Make sure it sticks below 8.75 to play.

8. Cliffs Natural Resources, ticker CLF

Rejected at the 100SMA with the 50SMA driving down. Looks to test 200SMA again.

9. Lululemon Athletica, ticker LULU

Strong move higher. 50 is the next resistance and through there can try 60. Support at 44 below and then 39.81.

10. Shanda Interactive Entertainment, ticker SNDA

Descending triangle with support at 38.20. Volume declining, doesn't look good. Support below is at 33.70 - 34.00 area the 30.83. Resistance at the 50/100 SMA convergence at the downtrend line near 43.15 and 200SMA above that.

Bonus Idea: Sears Holding Corporation, ticker SHLD
Daily Chart

Under 76.80 now will see resistance at 70 below.

Trade'm well this week.

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