Top Trade Ideas - Week Of December 23: Baker Hughes, Graco And More

Here are the Rest of the Top 10:

AmerisourceBergen, Ticker: ABC


AmerisourceBergen, (ABC), had a steady run higher after consolidating following a channel breakout in July. A brief pullback, and it found support at the lower Bollinger band and is moving back higher. The rising Relative Strength Index (RSI) and he MACD leveling support the turn back higher. Baker Hughes,

Ticker: BHI


Baker Hughes, (BHI), is reversing higher after pulling back from a high at the end of October. The pullback did not quite fill the gap, but the rising RSI and MACD turning and about to cross support the move higher.

8×8, Ticker: EGHT


8×8, (EGHT), made a Double Bottom at 8.90 and is moving back higher in a ‘W’ pattern. The RSI is rising through the mid line and about to make a higher high while the MACD is also rising. These support more upside price action.

Graco, Ticker: GGG


Graco, (GGG), is testing the top of a bull flag or descending channel pullback, after touching the 100 day Simple Moving Average (SMA). The RSI is pushing through the mid line making a higher high and the MACD has turned higher and is crossed up, both supporting a push higher.

Wyndham Worldwide, Ticker: WYN

Wyndham Worldwide, (WYN), is breaking to new highs after a brief pullback to 70. The RSI is moving higher after holding at the mid line and the MACD is turning back up with a cross up looking certain in the near future.

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 Christmas Holiday week, sees the markets have regained some strength. This week look for Gold to continue lower while Crude Oil keeps moving higher. The US Dollar Index is looking better to the upside while US Treasuries are biased lower but in consolidation. The Shanghai Composite and Emerging Markets are biased to the downside with risk of the Chinese market turning very ugly. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their individual charts suggest more upside with the IWM looking strongest, followed by the SPY. The QQQ has a strong trend but remains a bit extended. Use this information as you prepare for the coming week and trad’em well.

Disclaimer: 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.

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