Trade Ideas: HC, RNO, NIO, LGF, TCK, BGR, ACG, PDX

A bad week for the indices ending as they started with another big 1-day loss. The weakness drove out the Trade Ideas scan to a point where 8 picks covered a time span of 1 hour. Only 1 pick, Pediatrix Medical (PDX), featured over 20 times at 22 appearances. The other picks failed to break double digits = very weak buying all round.

Of the 8 picks: Hanover Compressor Holding (HC), Rio Narcea Gold (RNO), Nuveen Insd. Muni Oppor. Fund (NIO), Teck Cominco (TCK), Blackrock Global Energy and Resources Trust (BGR), and Pediatrix Medical (PDX), all pushed bullish crosses of their 50-day MAs by the 20-day MA inside the last 2 months.

Long term charts of some of the picks show prospects:

[1] Hanover Compressor Holding (HC) sits on the verge of a break of $20; stops on loss of 50-day MA; projected target of $27.

[2] Nuveen Insd Muni Oppor Fund (NIO) still has August highs to break but is set to complete a 4-month handle; projected target of $16.50; stops also on a loss of the 50-day MA.

[3] Pediatrix Medical (PDX) eased back to $47.50 and 20-day MA support before pushing higher. Buy break of $49; stops can go on a loss of $47.50; potential for a move to $67-70.



If you would like to try a full version of the Trade-Ideas software, follow this link for a free 7-day trial.


Popular posts from this blog

S&P "Bull Trap"?

Image
I thought there was sufficient evidence to argue against a "bull trap" in the S&P, but it would appear the market wasn't interested in such thoughts and sellers were quick to reverse the initial push above 4,200.  Adding to the pain were new 'sell' triggers in MACD and On-Balance-Volume, although the former occurred above the 'bullish' zero line, making it a weak signal. Selling volume ranked as distribution as selling momentum picked up speed.  The index is also underperforming relative to the Russell 2000. 
Read more

"Black Candlesticks" are a concern for the S&P and Nasdaq

Image
A bright start for bulls on the back of positive $NVDA earnings wasn't enough to generate a day of meaningful gains.  However, it did help stall the losses of the last couple of days. The Nasdaq was the biggest beneficiary of today's action, but not enough to see an end-of-day finish that cleared last week's swing high, nor delivery of a large white candlestick, despite the morning breakout gap.  Technicals are net bullish and relative performance against the S&P has become consistently stronger since the start of May.  While today's candlestick I would view as typically 'bearish', today's volume ranked as confirmed accumulation (bullish). Overall, I would be looking for higher prices from here. 
Read more

Round 2 for the bearish "black" candlestick in S&P and Nasdaq

Image
The Nasdaq started brightly but ended up closing below its open price, but above yesterday's close. The S&P did something similar, although the intraday range is narrower. These two setups are somewhat complicated by the new 'buy' triggers in On-Balance-Volume for both the Nasdaq and S&P. And the new MACD trigger 'buy' for the S&P. Price action is key, so I would expect the candlestick to trump the technical picture; watch for lower prices tomorrow.
Read more

Archive

Show more