Top Trade Ideas for the Week of April 1, 2013: Bonus Idea

Here is your Bonus Idea with links to the full Top Ten:

PNC Financial Service, Ticker: $PNC

PNC Financial Service, $PNC, has been moving higher since November. After topping in February it pulled back to the 50 day Simple Moving Average (SMA) and now is consolidating at 67 in a bull flag. A move over the top has a Measured Move to 73.63. That would be well above the Potential Reversal Zone (PRZ) of the bearish Shark at 68.16 or 74.04. The Relative Strength Index (RSI) is bullish but the Moving Average Convergence Divergence indicator (MACD) is pulling back. This is a mixed bag in the uptrend. There is resistance higher at 72.70 and support lower at 65 and 62 followed by 60.85.

Trade Idea 1: Buy the stock on a move over 67 with a stop at 65.50.

Trade Idea 2: Buy the April 67.5 Call (offered at 57 cents late Friday) on a break over 67.

Trade Idea 3: Buy the May 67.50 Call (98 cents) on a move over 67.

Trade Idea 4: Sell the May 60 Puts (32 cents) on a move over 67.

Trade Idea 5: Buy the May 60/67.5 bullish Risk Reversal (66 cents) on a move over 67.

Trade Idea 6: Buy the April/May 70 Call Calendar (24 cents) on a move over 67.

Trade Idea 7: Buy the April/May 7 Call Calendar selling the May 60 Puts (8 cent credit).

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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 Saturday which, heading into the new Quarter look for Gold to consolidate or pullback in its neutral channel while Crude Oil continues to March higher. The US Dollar Index seems content to move sideways while US Treasuries consolidate and are biased lower. The Shanghai Composite looks sick while Emerging Markets are biased to the upside in the short run at support. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite the new highs created recently. The QQQ looks the best on a longer scale while the SPY is better very short term. Use this information as you prepare for the coming week and trad’em well.

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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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