Top Trade Ideas - Week Of January 13: ABC, AGU, FIG, JCI And TSO

Here are the Rest of the Top 10:

Amerisource Bergen, Ticker: ABC


Amerisource Bergen, (ABC), is emerging for a consolidation zone higher. it has had a series of long trends and then consolidation and this would target a Measured Move higher to 83. The Relative Strength Index is rising and bullish and the MACD has turned higher and crossed up to support a continuation higher.

Agrium, Ticker: AGU


Agrium, (AGU), has been slowly building a rounded bottom, or cup and is back at resistance. The RSI is bullish and rising and the MACD trying to cross up, which would support a break higher.

Fortress Investment, Ticker: FIG


Fortress Investment, (FIG), broke resistance last week and consolidated before starting a push higher Friday. The bullish RSI supports a continued move higher and the MACD has avoided a cross and is also pointing up again.

Johnson Controls, Ticker: JCI


Johnson Controls, (JCI), has been consolidating in a box since a gap higher just before Thanksgiving. Seems it needed a rest for the holidays (:-)). The RSI is now turning higher and remains bullish with a MACD that is starting up and about to cross up. Both support an upside break out.

Tesoro, Ticker: TSO

Tesoro, (TSO), has been consolidating in a symmetrical triangle since a run higher from the 48 area. A break of triangle carries a target move of 4. The RSI has remained bullish but the MACD is continuing lower. It needs to turn but could do so quickly.

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 first Options Expiration of the year sees the equity markets have survived a scare but look mixed. Next week look for Gold and Crude Oil to bounce in their downtrends. The US Dollar Index is now biased lower while US Treasuries are biased higher in the short run. The Shanghai Composite and Emerging Markets are biased to the downside with risk of the Emerging Markets bouncing higher. Volatility looks to remain subdued and biased lower keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts are decidedly mixed though with the IWM looking strongest and better to the upside, while the SPY looks a bit more fragile but still better higher and the QQQ the worst and looking sideways. 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.

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