Top Trade Ideas - Week Of December 22, 2014: ABC, SLB And More
Dragonfly Capital | Dec 21, 2014 11:57PM ET
Here are the Rest of the Top 10:
AmerisourceBergen, Ticker: ABC
AmerisourceBergen, ABC, went through a basing period from late July until mid October before launching higher. Now it is consolidating under new resistance after a small pullback. The RSI is moving back higher in the bullish zone after bouncing off the mid line while the MACD is flattening.
ConAgra Foods Inc (NYSE:CAG)
ConAgra, CAG, reported earnings last week and pulled back intraday to the 50 day SMA. A Hollow Red candle showed a quick rebound and it is now at resistance again. The MACD continues lower but the RSI is trying to rebound, while it has remained in the bullish zone.
Domino’s Pizza (NYSE:DPZ)
Domino’s Pizza, DPZ, broke a long consolidation area higher in October, and has been absorbing the move since the beginning of December. The price is now approaching the top of the new consolidation range with a RSI that is running higher after a bounce, and in the bullish zone and a MACD that is turning back up.
Schlumberger (NYSE:SLB)
Schlumberger, SLB, has been trending lower since July began. The recent ‘V’ bottom in December gives hope for a reversal, as it is back at the gap lower level Friday after printing a bullish Marubozu candle. The RSI is trying to crack the mid line while the MACD has crossed up and is rising.
Get The News You Want
Weyerhaeuser (NYSE:WY)
Weyerhaeuser, WY, is moving higher is a strong trend since April. The pullback ending last week has reversed and is back at resistance with a rising and bullish RSI and a MACD turning up. The series of higher lows and higher highs continues. The RSI held at the mid line on the pullback, a strong bullish signal.
After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which, heading into the Holiday shortened week for Christmas, sees the Santa Claus Rally already in full swing for equities. Elsewhere look for Gold to continue to bounce in its downtrend while Crude Oil gains some footing. The US Dollar Index is making another leg higher while US Treasuries also look towards all-time highs. The Shanghai Composite continues its move higher but requires a cautious stance from a momentum perspective while Emerging Markets are reversing higher. Volatility looks to remain subdued again and may fall keeping the bias higher for the equity index ETF’s SPDR S&P 500 (ARCA:SPY), iShares Russell 2000 Index (ARCA:IWM) and PowerShares QQQ (NASDAQ:QQQ). Both the SPY and QQQ look to retest their prior highs and the IWM its all-time high. Use this information as you prepare for the coming week and trad’em well.
Disclosure: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.