Top Trade Ideas for the Week of September 23, 2013: Bonus Idea

• Posted by Greg Harmon
• on September 23rd, 2013

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

F5 Networks, Ticker: $FFIV

F5 Networks, $FFIV, has been moving higher since late August in a 5-0 Harmonic pattern. Stalling near the C point it worked through and is moving again,, with a Measured Move higher to 100. That would fill a gap between 99.50 and 99.79 as well. The Relative Strength Index (RSI) is in bullish territory and the Moving Average Convergence Divergence indicator (MACD) is rising, both supporting more upside. There is resistance at 94.45 and then that gap before 104.15 and 108. Support lower comes at 92.25 and 90.60 followed by 88.20 and 85.20.

Trade Idea 1: Buy the stock on a move over 94.50 with a stop at 91.75.

Trade Idea 2: Buy the September 95 Calls (offered at 92 cents late Friday) on the same trigger.

Trade Idea 3: Buy the October 95 Calls ($2.46).

Trade Idea 4: Buy the October 95/100 Call Spreads ($1.51).

Trade Idea 5: Buy the September/October 97.5 Call Calendar ($1.27).

Trade Idea 6: Sell the October 82.50 Puts (36 cent credit).

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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 Saturday which, heading into the last full week of the Quarter sees the equity markets looking ready to absorb their latest highs. Look for Gold to continue lower while Crude Oil continues to consolidate with a downward bias. The US Dollar Index is pushing lower while US Treasuries look to continue to consolidate in the downtrend with a short term bias higher. The Shanghai Composite and Emerging Markets are poised to continue to the downside in their uptrends and the Volatility Index looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts are suggesting they need to consolidate or pullback from the new highs first though. Use this information as you prepare for the coming week and trad’em 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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