Top Trade Ideas for the Week of April 23, 2012: Bonus Idea

• Posted by Greg Harmon
• on April 23rd, 2012

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

Google, Ticker: $GOOG

Google, $GOOG, fond some support at the falling trend line at 610 and is now moving lower. The Relative Strength Index (RSI) is bearish and falling with the Moving Average Convergence Divergence (MACD) indicator negative and growing more so. Both support a further move lower. There is support at 590 and then 570 before longer term support at 555. Resistance on a bounce comes at 610 and 624 followed by 640 and 653. If not already short then look for a break under 590 to get short.

Trade Idea 1: Short the stock on a move under 590 with a $10 trailing stop.

Trade Idea 2: Buy the April 27 Expiry 585 Puts on the move under 590 before Wednesday.
These were offered at 3.40 late Friday.

Trade Idea 3: Buy the May 585 Puts on the move under 590 after Wednesday.
These were offered at 9.90 late Friday.

Trade Idea 4: Buy the May 585/555 Put Spreads on the move under 590.
These were offered at 6.80 late Friday.

Trade Idea 5: Sell the May 620/640 Call Spreads on the move under 590.
These were bid at 3.05 late Friday.

Trade Idea 6: Buy the May 585/555 Put Spreads selling the May 620/640 Call Spreads on the move under 590.
These were offered at 3.75 late Friday.

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After reviewing over 900 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 the market heads into the last full week of April broadly biased to the downside. Gold may have found a bottom while Crude Oil may be ready to move back higher. The US Dollar Index is consolidating and shows no desire to move hard either way while Treasuries show if they really want more upside. The Shanghai Composite is in baby bull mode with Emerging Markets continuing to leak lower. The Volatility Index shows no signs of powering higher yet. These influencers line up to support downside or consolidation. The charts of the Equity Index ETF’s SPY, and QQQ agree with this diagnosis on a short term basis but the IWM is looking a bit better with potential to break consolidation higher. Use this information as you prepare for the coming week and trade’m well.

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

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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