Top Trade Ideas for the Week of March 10, 2014: Bonus Idea

• Posted by Greg Harmon
• on March 10th, 2014

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

ConAgra, Ticker: $CAG

ConAgra, $CAG, broke above a falling expanding wedge last Tuesday and ended the week at resistance from the gap down February 11th. The Relative Strength Index (RSI) is rising and near cross of the mid line on the way to bullish territory with a MACD that crossed higher and continues to rise. Both support more upward price action. There is a gap to fill from 29.57 to 30.74 and resistance higher at 30 and 30.60 before 31.50 and 32.30. Support lower comes at 28.80 and 28.20. Short interest is negligible.

Trade Idea 1: Buy the stock on a break over 29.60 with a stop at 29.20.

Trade Idea 2: Buy the March 30 Calls (offered at 30 cents late Friday) on the same trigger.

Trade Idea 3: Buy the March 30/31/32 Call Butterfly’s (25 cents).

Trade Idea 4: Buy the June 28/30 bull Risk Reversal (30 cents) and add the April 28 Puts (30 cents) as protection.

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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 Friday which, heading into the next week sees the equity markets looking positive. Elsewhere look for Gold to consolidate with an upward bias while Crude Oil remains on the short term upward path. The US Dollar Index looks weak and ready to move lower while US Treasuries are also biased lower in their consolidation zone. The Shanghai Composite and Emerging Markets are set up to continue their consolidations from this week with Emerging Markets holding an upward bias. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts favor the upside as well, fairly strongly in the SPY and IWM and less so in the QQQ, with all at risk for a very short term intra-week pullback. Use this information as you prepare for the coming week and trad’em well.

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