Top Trade Ideas for the Week of November 18, 2013: Bonus Idea

• Posted by Greg Harmon
• on November 18th, 2013

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

Johnson & Johnson, Ticker: $JNJ

Johnson & Johnson, $JNJ, has completed a ‘W’ pattern and is back at the all time highs at 94.40. It has been slowly moving sideways into this area, consolidating the move higher. A break over 94.40 would carry a target for another leg higher to 101.50. The RSI is hovering at the 70 level , bullish and the MACD is level. These continue to support the upside until they roll lower. If they do then a move back to the middle of the ‘W’ at 90 or lower to the 61.8% retracement at 89 is in order. There is no resistance higher over 94.40 and support lower is found at 90 and 88.50 before 87.50 and 85.75.

Trade Idea 1: Buy the stock on a move over 94.40 with a stop at 93.

Trade Idea 2: Buy the December 95 Calls (offered at 76 cents late Friday) on the same trigger.

Trade Idea 3: Buy the November 22 weekly/December 95 Call Calendars (53 cents).

Trade Idea 4: Sell the stock short on a move under 92.50 with a stop at 93.50.

Trade Idea 5: Buy the November 29 weekly 92 Puts (27 cents) on the same trigger.

Trade Idea 6: Buy the December 92.5/90 Put Spread (52 cents) on the same trigger.

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 Friday which, heading into the last week before the Holiday Season begins sees the markets continuing to look strong. Next week look for Gold to consolidate in the longer downtrend while Crude Oil also holds in the downward move. The US Dollar Index looks better lower in the current short uptrend while US Treasuries look to consolidate their move. The Shanghai Composite and Emerging Markets are biased to the upside in the very short term with Chinese markets still lower long term and Emerging Markets in a rut. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite the moves higher this past week. Their charts show the possibility for the next rotation, into IWM and out of QQQ. Use this information as you prepare for the coming week and trad’em well.

____________________________________________________________________________________________________

Want to learn more about Dragonfly Capital Views?

Dragonfly Capital Views Performance Through November 2013 Expiry and sign up here for the free 7 day trial before you pay.

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