Top Trade Ideas for the Week of April 15, 2013: Bonus Idea

• Posted by Greg Harmon
• on April 15th, 2013

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

Lockheed Martin, Ticker: $LMT

Lockheed Martin, $LMT, moved higher last week out of the Handle of a Cup and Handle formation that carries a target of 108. It has a Relative Strength Index (RSI) that is bullish and a Moving Average Convergence Divergence indicator (MACD) that is also positive to support further upside price action. There is no resistance above here and support lower comes at 96.60 and 94 followed by 92 and 90.

Trade Idea 1: Buy the stock on a move over Friday’s high at 97.25 with a stop at 94.

Trade Idea 2: Buy the May 97.50 Call (offered at $1.95 late Friday) on the same trigger.

Trade Idea 3: Buy the June 97.50 Call ($2.35) on the same trigger.

Trade Idea 4: Buy the May/June 100 Call Calendar ($0.40) on the same trigger.

Trade Idea 5: Sell the June 85 Put (45 cents) on the same trigger.

Trade Idea 6: Buy the May/June 100 Call Calendar and sell the June 85 Put (5 cent credit) on the same trigger.

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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, as we move beyond the tax deadline sees Gold has broken major long term support and looks lower while Crude Oil continues lower. The US Dollar Index is biased to the downside while US Treasuries look higher. The Shanghai Composite and Emerging Markets are both biased to the downside, continuing their latest moves. Volatility looks to remain low keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite the continued moves higher. Of these the weakest is the IWM and the strongest remains the QQQ. All of the Equity Indexes look better on the weekly timeframe so a short term pullback is not out of the question in the uptrend. 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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