gameplan 5/18/2010 | Bulls on Wall Street

gameplan 5/18/2010

Nice close yesterday…. Seems like a deadcat bounce but its hard to tell unless its in hindsight. For now ill keep playing this range we are in..  Load up positions on dips closer to 200dma and sell closer tothe 50dma.  Easy enough. Still keeping more than 50% cash as we are in treacherous territory where news controls everything.  The volume pattern in the markets is still troubling.  
Today we are gapping up I plan on trimming my positions in SNV and BBX also PARD above 1.35  Will hold UCO as it looks like we might have found a nearterm bottom at 9.50.
Today couple stocks im watching. PQ
oil n gas been murdered with the death stick but this holds up. If oil turns. Im a buyer on this in strenght maybe 6.5
Nice gap up on $akns this will be a stock we can daytrade today.
I like JMBA on dips near 3
BBX on dips to 2.4s
SNV near 3.0
when mkt gets tight i like to trade things that i know how they move as charts go out the window. things that are supposed to break fail and vice versa.  Keep it simple 

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