Top Trade Ideas for the Week of June 24, 2013: Bonus Idea

• Posted by Greg Harmon
• on June 24th, 2013

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

Boeing, Ticker: $BA

Boeing, $BA, has had an incredible run higher since the sequester was to cut funding for defense. Hitting a peak at 104.15 last week, it has pulled back, touching the lower Bollinger band before rebounding and printing a Hammer reversal candle Friday. The Relative Strength Index (RSI) is moving lower and making new 4 month lows, although holding the mid line for now, with a Moving Average Convergence Divergence indicator (MACD) that is moving lower. There is resistance higher at the gap from 101.86 to 102.24 and then 104.15. Support lower comes at 98.60 and 97.25 followed by 94 and 90.60 before another gap to fill to 88.06. Look both ways on this.

Long Trade Ideas triggered over 100.88:
1. Buy the stock with a stop at 100.
2. Buy the July 100 Calls (offered at $2.59 late Friday).
3. Buy the July 100/105 Call Spreads ($1.84).
4. Buy the July 100/105 Call Spread Risk Reversals selling the July 90 Put ($1.46).
5. Sell the July 90 Puts (38 cent credit).

Short Trade Ideas triggered under 98:
1. Sell the stock short with a stop at 100.15.
2. Buy the July 97.5 Puts ($1.65).
3. Buy the July 97.5/90 Put Spreads ($1.27).
4. Buy the July 97.5/August 90 Diagonal Put Spread (57 cents).
5. Buy the July 97.5/August 90 Diagonal Put Spread and sell the July 105/110 Call Spread (48 cents).

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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 first week of summer sees the markets continuing to look weak. The week may start with a bounce as they have run down pretty fast. Look for Gold to consolidate or bounce before continuing the downtrend while Crude Oil moves lower in the prior broad channel. The US Dollar Index looks ready to continue higher while US Treasuries continue lower. The Shanghai Composite and Emerging Markets are biased to the downside with risk of the Emerging Markets consolidating first. Volatility looks to keep drifting higher keeping the bias lower for the equity index ETF’s SPY, IWM and QQQ. Their charts are in agreement with the IWM noticeably stronger than both the SPY and QQQ. Use this information as you prepare for the coming week and trad’em well.

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