Top Trade Ideas for the Week of December 16, 2013: The Rest

• Posted by Greg Harmon
• on December 15th, 2013

Here are the Rest of the Top 10:

AstraZeneca, Ticker: $AZN

AstraZeneca, $AZN, has been consolidating between 56 and 58 for 2 weeks. The Relative Strength Index (RSI) has worked off an overbought condition and remains bullish with a MACD that has pulled back but is leveling. A move over 58 carries a Measured Move higher to 62.

CME Group, Ticker: $CME

CME Group, $CME, pulled up out of a shallow cup in November to the target of 84 before pulling back. Now it has been consolidating with the Bollinger bands rising and has made a higher low. The RSI held bullish on the pullback and the MACD is turning back higher.

Cemex, Ticker: $CX

Cemex, $CX, had a long pullback from the August Double Top to support at 9.80. Since then it has run higher in two steps, and is consolidating the latest one in a bull flag. The RSI is bullish and the MACD is rising into support more upside. Short interest at 8% could help it higher.

Donaldson, Ticker: $DCI

Donaldson, $DCI, had been in a slow trend higher before accelerating in September. Consolidating the last move in a bull flag it has support for more upside from a bullish RSI holding near 70 but with a MACD that is possibly rolling lower. The 50 day SMA has acted as support recently.

Himax Technologies, Ticker: $HIMX

Himax Technologies, $HIMX, is consolidating under resistance at 11.50 after a shallow pullback. The RSI is bullish and the MACD is rising, both supporting more upside price action. Short interest at 8% could help it higher.

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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 Friday which, heading into the last full week before the Holidays, sees the markets looking tired and extended and better lower. Look for Gold to continue lower while Crude Oil turns the bias to lower in the short term. The US Dollar Index is trending lower but may be ready for a bounce while US Treasuries are biased lower. The Shanghai Composite is consolidating in the upward move and Emerging Markets are biased to continue to the downside. Volatility looks to remain subdued but with an upward bias keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts suggest that there may be more downside for the QQQ and SPY, which are both at support, while the IWM creeps along trend support higher in what could still be a bear flag. Use this information as you prepare for the coming week and trad’em well.

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