Top Trade Ideas for the Week of December 17, 2012: The Rest
- Posted by Greg Harmon
- on December 16th, 2012
Here are the Rest of the Top 10:
Amsurg, Ticker: $AMSG
Amsurg, $AMSG, has been moving higher off of a basing at 27 and is currently in a bull flag. A move over the top of the flag carries a Measured Move to 31.25. There are some signs of topping candles though so wait it. The Relative Strength Index (RSI) is bullish and the Moving Average Convergence Divergence indicators (MACD) are positive, both supporting a continued upside move in price.
Beam, Ticker: $BEAM
Beam, $BEAM, played lower out of a rounded top before finding support just above a 50% retracement of the move higher. After breaking the downtrending resistance it has launched higher, and is currently in a bull flag. A break of the flag higher has a Measured Move to 70. The RSI is working off a technically overbought condition with a MACD that is positive, both supporting more upside.
Blackrock, Ticker: $BLK
Blackrock, $BLK, is consolidating after achieving the Measured Move higher to 200 from the last base at 187.50. The Bullish Engulfing candle Friday, if confirmed higher Monday, supports the start of the next leg higher with a Measured Move to 212.50. The bullish RSI and Positive MACD both support that next leg as well.
Cognizant Technology, Ticker: $CTSH
Cognizant Technology, $CTSH, is also building a bull flag, at resistance of the October high. The measured Move on a break higher takes it to 80. The RSI is technically over bought, so it might consolidate while it works off that condition, and the MACD is positive.
Micron Technology, Ticker: $MU
Micron Technology, $MU, Is also flying a bull flag, at quadruple top resistance. A move over the top carries a Measured Move higher to 8.15. The RSI is bullish but also technically overbought with a positive MACD.
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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 Saturday which, heading into the last full week of the year, sees there is still a bit of a cloud over the markets. Gold is biased lower within the long term neutral trend, with Crude Oil looking steady with a bias to the downside on a move out of the range. The US Dollar Index is biased to the downside if it breaks the tight range with US Treasuries looking lower in the uptrend. The Shanghai Composite is looking strong in the downtrend with Emerging Markets strong but perhaps ready for a rest. The Volatility Index is showing no fear anytime soon keeping the bias higher for the Equity Index ETF’s SPY, IWM and QQQ. Their charts show some caution if not a pullback coming with the QQQ biased lower and weakest. Use this information as you prepare for the coming week and trade’m well.
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Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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