Top Trade Ideas for the Week of August 21, 2011: Bonus Idea

• Posted by Greg Harmon
• on August 21st, 2011

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

Pizza Inn, Ticker: $PZZI

Pizza Inn is in a bull flag between 2.85 and 3.00. It has a Relative Strength Index (RSI) that has held over 50 but looks stalled and maybe turning lower. The Moving Average Convergence Divergence (MACD) indicator is positive but starting to fade. If it can break the flag higher over 3 it has a target of 3.65 on a Measured Move (MM) with resistance at 3.40 along the way. If it drops out of the flag under 2.80 then support comes at 2.55. Oh, yeah, this is kid of thin, may not be able to be full size.

The Best

The Rest

(As always you can see details of individual charts and more on my StockTwits feed and on chartly.)

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 saw the entire rubber band of the market is getting a little stretched but expect it to continue next week. Gold looks to continue higher as Crude Oil continues to sell off. The US Dollar Index appears comfortable continuing sideways while US Treasuries move higher. The Shanghai Composite and Emerging Markets look ready for more downside. Volatility looks biased higher leading to the expectation that Equity Index ETF’s SPY, IWM and QQQ continue lower. Remember that a stretched rubber band can result in two outcomes: a snap back, or the rubber band breaks and the real carnage results. Stay nimble. Use this information to understand the major trend and how it may be influenced as you prepare for the coming week ahead. Trade’m 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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