GamePlan Friday 10/23/2009 | Bulls on Wall Street

GamePlan Friday 10/23/2009

 
Well all the scared little children were proved wrong again. The put your balls on the block buy the dip trade still is working.  Its crazy how we have 1 or 2 small small down days and everybody gets freaked out… You hear crazy shit like “i see topping formation” “wow look at those divergences”  Remember when you hear that type of stuff to just throw your shoe at person.   I know of 10 people on twitter who even know of that speak AND I AM ONE OF THEM!!!.   Now granted I was a little worried not about the market but about my nasty foray into $liwa . This was a big big mistake on my part. Instead of waiting for a setup to emerge I used my jedi powers and just picked a spot. Well the spot was the fucking top……..then like a crack addled viagra popping Fed Official I started throwing all sorts of cash at it trying to repair my strategy. NEXT time something like this happens and you guys see me do this remind me pleeeeeeeeeeaase that Im a trader not some sissy value investor who builds positions and sit on them.  for god sakes I AM THE GODFATHER of BAAAAAAAAAALIN. Master of Booooooooooooooooooooooooom.  I sit on a gold plated throne in the clouds called the Boooom Factory.  I cant be doing stuff like that. Lesson learned!!!
 
The market had an incredible bullish reversal yesterday and we have worked off the extreme overbought condition.  The dollar is laying a blumpkin on all its holders, OiL is on a straight up heat check, and the market looks to go higher.
 
Look at the chart of the $spy we are right near highs and we are no longer overbought.  I will selectively put money on the table with some good setups.
 
 
 
kee an eye on $uso if we see another run there are still many smallcap oil and gas stocks on its bottom but ready to breakout
 
 
good eye from @nalsus who brought this to me.. $cmz looks like it could make a move anyday
 
 
Keep an eye of $royl  I like this one at 2.80 ish.  They just announced a private placement for sale of common stock at 3.23 and warrants in the 3.50s. This was just a few days ago.  Around 2.80 you are buying at a pretty significant discount.  It looks like it could march right back up.
 
 
$tgc looks ready too.  Careful with this one since its pretty volatile. I would look at the other ones if your not in front of the computer all day
 
 
 
Also a lot of Chinese stocks are having some crazy action. Get this list ready and stalk these stocks for entry.
Action on $tmi is nuts and its dirt cheap on a valuation basis. But not at this price. its gone parabolic when it drops back in the 9s add some. (beware not to trade this if you have ameriturd)
 
$txic Love this one also
2 ways to play this one depend on your type of style. Either a pullback close to support to limit risk (that will also give an oversold situation which increases the probality of succesfull trade) Or you can scalp this on breakout since there is some gas left and its worked off its overbought condition
 
 
 

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