Top Trade Ideas for the Week of September 9, 2013: Bonus Idea

• Posted by Greg Harmon
• on September 9th, 2013

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

JP Morgan, Ticker: $JPM

JP Morgan, $JPM, completed a bearish Shark Harmonic and retraced the full move before bouncing. Now back at the 100 day Simple Moving Average (SMA) it has support for more upside from a rising Relative Strength Index (RSI) and Moving Average Convergence Divergence indicator (MACD) that has crossed positive. It would be more solid if the RSI was over 50 though. There is resistance higher at 53 and 54.15 followed by 54.85 and 55.75 before 56.93. Support lower comes at 51.60 and 50.10 followed by 48.80 and 47.50 before 46.

Trade Idea 1: Buy the stock on a move over 52.80 with a stop at 51.70.

Trade Idea 2: Buy the September 52.50 Calls (offered at 88 cents) on the same trigger.

Trade Idea 3: Buy the September 50/52.5 bull Risk Reversal (70 cents).

Trade Idea 4: Buy the October 50/55 bull Risk Reversal (27 cent credit).

Premium Content
The Best

The Rest Premium

Free Content
The Rest

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

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, back to a full week after the holidays sees Gold looking to continue lower in the short term uptrend while Crude Oil marches higher. The US Dollar Index is biased higher in the long consolidation while US Treasuries are poised to continue lower. The Shanghai Composite looks to continue higher while Emerging Markets join it after a strong reversal. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. The charts themselves show that the QQQ is very strong looking for new highs while the IWM is next and the SPY the weakest of the bunch. Use this information as you prepare for the coming week and trad’em well.

____________________________________________________________________________________________________

Dragonfly Capital Views Anniversary Celebration

For a limited time the Opportunity to join the Dragonfly Capital Views Premium Membership on an Annual basis is available for only $600.

This is 20% off of the standard annual subscription price and nearly 45% off of a rolling monthly membership! Don’t miss this limited opportunity to join or upgrade! Sign up here.

Want to learn more about Dragonfly Capital Views?
Dragonfly Capital Views Performance Through August 2013 Expiry and sign up here

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.

blog comments powered by Disqus