Top Trade Ideas for the Week of July 29, 2013: Bonus Idea

• Posted by Greg Harmon
• on July 29th, 2013

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

Goldman Sachs, Ticker: $GS

Goldman Sachs, $GS, is consolidating in a bull flag at the previous resistance at 167-168 from June. As it does, the Relative Strength Index (RSI) is bullish and moving sideways with the Moving Average Convergence Divergence indicator (MACD) is stalling in its rise. The stock is also being accumulated. There is no recent resistance over 168 and support lower is found at 163.50 and 158 followed by 154 and 148. The Measured Move (MM) higher would take it to 180. I have left many notations from past analysis which shows a MM to 177 and Harmonic Potential Reversal Zones nearby at 169 and 173 but then well above at 224.

Trade Idea 1: Buy the stock on a move over 168.20 with a stop at 166.

Trade Idea 2: Buy the August monthly 170 Calls (offered at $1.20) on the same trigger and trade them like the stock trade.

Trade Idea 3: Buy the August2/August 170 Call Calendar (90 cents) on the same trigger and trade them like the stock trade.

Trade Idea 4: Sell the August/September 150 Put Calendar ($1.03) on the same trigger and trade them like the stock trade.

Trade Idea 5: Buy the August/September 175 Call Calendar ($1.34) on the same trigger and trade them like the stock trade.

Trade Idea 6: Buy the August/September 175 Call Calendar selling the August/September 150 Put Calendar (31 cents) on the same trigger and trade them like the stock trade.

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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 July ends and we move into the dog days of August looks for Gold to continue the bounce in the downtrend while Crude Oil consolidates or pulls back in the uptrend. The US Dollar Index looks lower while US Treasuries may consolidate but are biased lower. The Shanghai Composite is biased to the downside but may continue to consolidate while Emerging Markets are biased higher in their downtrend. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. The QQQ charts seem all for that while the SPY and IWM suggest there is still some downside risk in the short term. Use this information as you prepare for the coming week and trad’em well.

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