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5 Big Trades for a Market Top

Chevron

Surprisingly, one of the names that's correlating the highest with the S&P 500 right now is oil and gas supermajor Chevron ( CVX). Just like the S&P, Chevron is trading in a very well-defined trend channel. The key difference is that the Chevron trade is further along; this stock is bouncing off of trendline support this week. That means it's time to be a buyer.

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Commodities and materials stocks are seeing some buoyancy this week, but Chevron's price action is different -- it's been more sustained over the course of 2013. This stock's proximity to trendline support right now makes it the best-in-breed oil name in my view. As geopolitical risks propel oil prices, the real story at CVX is the fact that support is just a few points away. That makes Chevron a great setup from a risk management perspective.

Speaking of risk management, if you decide to jump into shares here, I'd recommend keeping a protective stop just above the 200-day moving average.
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SYM TRADE IT LAST %CHG
SPY $199.16 2.42%
CBRL $146.34 2.20%
CVX $77.64 6.23%
TSO $90.64 -1.22%
WMT $66.08 1.93%

Markets

Chart of I:DJI
DOW 16,654.77 +369.26 2.27%
S&P 500 1,987.66 +47.15 2.43%
NASDAQ 4,812.7080 +115.1720 2.45%

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