GamePlan Tuesday 8/25/2009

Nothing changed much yesterday after the unexpected breakout on the SPY (unexpected on my part). We gapped up and everything started running but the day was basically even on the indexes. But yesterday was a great example of how a good trader can make some big nuts returns playing individual setups and market volatility. And as we know I have the biggest nuts of them all. Huge breakouts in CT, PNX, and EPEX(thanks urban_ryno)  kept the coffers full and my chest hair thick.   Much to my chagrin as I was counting my sheckels I saw an unusual red position in portfolio. A most unsightly ticker named CORS……as i sat there thinking about it, I realized as I was strutting around in my wife beater/loin clothe combo  in a euphoric coffee buzz on Friday that I may have pushed my luck and went balls deep in this p.o.s. much like a drunken gambler.  These type of .35 cent stocks are trouble and bunk and rarely should be played unless you are a total degenerate.  But its one thing when you a degenerate gambler who looks like Steve Buscemi its a whole another world when your the Brown Bradd Pitt. Regardless I took a steel toed boot kick to the gonads and it hurt but it barely dented my confidence.

SwingTrades: Nothing changed waiting for a pullback to enter some.  Some nice BreakoutPullback setups emerging though that im watching very carefully.  I am thinking about dipping my toes back in PACR.  It broke out bigtime, had a nice consolidation and is looking to breakout again.  Instead of buying the breakout I will make a play in the bottom of the range in anticipation of the breakout.  In todays market you can be a little anticipatory and buy before the move in expectation that if market holds up it will cut loose.  Nice vol accumulation too.

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My good friend from downunder @ragincajun loves Hero. I try not to trade breakouts on stocks above 5 bucks i prefer to swing them.  Keep an eye on it. When a stock is getting overbought the chance of a breakout failing increase but watch in a few days it might be ready.

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Keep an eye on some of the small Ag stocks like FEED.  MOO was making some highs yesterday and if strength continues these little guys can run bigtime.

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Check this out too. Ive been watching it for sometime. It might be ready to go. Thinking about adding a starter positiona and add more on the breakout

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