Here are the Rest of the Top 10:
AGCO, Ticker: AGCO
AGCO (NYSE:AGCO) has been tending lower since July (at least) but is showing signs of a bottom and reversal. The price is testing the 50 day SMA for the first time since that pullback began and making higher lows. The RSI is breaking the mid line as it rises and the MACD is rising, both supporting continued upward price action.
Blackstone Group, Ticker: BX
Blackstone Group (NYSE:BX) pulled back with the market and showed capitulation volume (a.k.a. puking) as it spiked down and recovered October 16th. Since then it consolidated for a couple weeks before breaking that higher Friday. The RSI is rising and near the bullish zone with the MACD rising.
Cullen/Frost Bankers, Ticker: CFR
Cullen/Frost Bankers (NYSE:CFR) made a ‘V’ shaped bottom and recovery with the market. Last week it consolidated that move at the highs before pushing up Friday. The RSI is bullish and strong with the MACD rising in support of more upward price action.
Dana Holdings, Ticker: DAN
Dana Holdings (NYSE:DAN) fell hard with the auto sector and the market through September and October. After the bounce it has consolidated with higher lows since late October at the May support levels. It has a RSI tapping on the bottom of the bullish zone with a MACD rising to support more upward price action.
Palo Alto Networks, Ticker: PANW
Palo Alto Networks (NYSE:PANW) was hardly bothered by the broad market reset. it sits just under all-time highs with a strong RSI and a MACD holding level, Holding the consolidation over 101 is key to more upward price action.
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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 next week, sees the equity markets looking healthy but maybe a bit extended on the short term basis. Elsewhere look for Gold to possibly reverse higher in its downtrend while Crude Oil may also be ready for a reversal of trend higher. The US Dollar Index may continue to consolidate in its uptrend while US Treasuries consolidate the move lower at support. The Shanghai Composite looks like it could take a breather from its run higher while Emerging Markets are continued to be biased to the downside. Volatility looks to remain subdued after the spike higher keeping the bias higher for the equity index ETF’s SPDR S&P 500 (ARCA:SPY), iShares Russell 2000 Index (ARCA:IWM) and PowerShares QQQ (NASDAQ:QQQ). Their individual charts show the IWM and QQQ consolidating in the short run while the SPY inches higher, but all 3 better to the upside in the intermediate trend. Use this information as you prepare for the coming week and trad’em well.
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