Top Trade Ideas for the Week of December 2, 2013: The Rest

• Posted by Greg Harmon
• on December 1st, 2013

Here are the Rest of the Top 10:

ConAgra Foods, Ticker: $CAG

ConAgra Foods, $CAG,is consolidating after a move up off the pullback to 30. It has nearly filled the gap down from September 10 and has support to continue from a rising and bullish Relative Strength index (RSI) and a MACD about to cross higher.

Fortress Investment Group, Ticker: $FIG

Fortress Investment Group, $FIG, pulled back from the resistance at 8.75 and found support at 7.35 near the rising 200 day Simple Moving Average (SMA). Currently in a bull flag just under the 50 day SMA, it has support for some upside from a RSI that has moved above the mid line and is holding with a MACD that has crossed up and is rising.

Illinois Tool Works, Ticker: $ITW

Illinois Tool Works, $ITW, has been consolidating in a tightening range under resistance at 80. The Bollinger bands are squeezing and the RSI is bullish with a MACD that is leveling after a pullback and ready to cross. The Mesured Move on a break higher takes it to 86.

Motorola Solutions, Ticker: $MSI

Motorola Solutions, $MSI, is continuing a trend higher after broad consolidation in the 50’s over the summer. Currently it s consolidating under resistance at 66 after a move higher from 64.35, giving a Measured Move higher to 67.65 on a break higher.

Unilever, Ticker: $UL

Unilever, $UL, is pressing against an important zone near 41 after a minor pullback the last stop there. The higher lows set up an ascending triangle. It has support to push through higher from a bullish RSI and a MACD that is level and starting to move back 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, as December begins, sees the markets are still strong but getting a bit extended on longer timeframes. Look for Gold to consolidate or continue lower in the downtrend while Crude Oil is biased lower but also may consolidate. The US Dollar Index seems content to move lower in the short term in the uptrend while US Treasuries are biased lower but nearing support. The Shanghai Composite and Emerging Markets are biased to the upside with a chance of Emerging Markets running in place. Volatility looks to remain low and may drift higher keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, but not as strong a breeze as has been blowing. Their charts show the IWM the strongest and the QQQ not far behind but a bit extended while the SPY shows the most signs of a stall or pullback. Use this information as you prepare for the coming week and trad’em well.
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