Top 10 Ideas for the Week of July 19, 2010

After looking at over 500 charts and posting my thoughts on over 200 of them I have found some good setups for the week. Again a week makes a big difference in view. Too much churning. Last week there were 6 long set ups, one short and 3 potential break outs, where they could go either way. This week there are 8 short set ups two potential break outs and one long idea. These should be viewed in the context of the macro view which looks lower next week for equities and gold. Oil seems to be doing better. Watch the dollar index for signs of a bounce otherwise room below. Here are the top ten, tonight in no particular order:

1. Helix Energy Solutions, Ticker: HLX


Falling out of a long channel between 10 and 17. If it gets below 9 it can test 7.25 then 6.

2. Callon Petroleum, Ticker: CPE


Fell out of an ascending triangle and now broke through the 100SMA. Next support is at 5 then 4.50.

3. Visa, Ticker: V


Head & Shoulders top forming, with the peak at 83.79 and neckline at 70.11. A break of the neckline makes for a target on completion of 56.43.

4. Nanometrics, Ticker: NANO


Testing the bottom of a symmetrical triangle near 8.6. A confirmed break out lower, I will be using 8, sees 7 as next support followed by 6. If it bounces the resistance is at the SMA's near 10.

5. Hi-Tech Pharmacal, Ticker: HITK


Broke lower out of a symmetrical triangle. it will see some support at 19 and 18 on the way to the target of 14.

6. Dendreon, Ticker: DNDN


In a broadening descend wedge. It just rejected the top of wedge and the 200SMA. Now it looks clear to run down to support at 27.20.

7. Madison Square Garden, Ticker: MSG


Fell out of a symmetrical triangle shortly after the LeBron news died. The target is 17.

8. National Presto Industries, Ticker: NPK


Heading to test support at 90. If it fails there the next support is at 83.30. If it bounces at 90 then resistance is at 95.

9. Shanda Interactive Games, Ticker: SNDA


In a descending triangle with support at 38.20. Breaking support leads to next support below at the 33.70-34 area then 30.83. If it breaks higher then resistance above is at the 50/100 SMA area. If it gets there then can try the 200SMA above that.

10. Whirlpool, Ticker: WHR


Touching the 90 support area. If it fails there then 85.52, the 200SMA, below is support after that. If it bounces off of 90 then can play to resistance at 95.11.

Bonus Idea: Teekay LNG Partners, Ticker: TGP


A beast in the current market. Hitting new ATHs. Just keeps going up. Use 31 as a stop or support.

Trade'm well!