Trade Plan for Wednesday(WYNN< NKTR, CREE, CAGC, VMED,SLG)
Posted on September 1, 2010 by trader21 in GLOBAL CHART ANALYSIS
MARKET ASSESSMENT
Regardless of if you were long or short, Tuesday was a rough day in the market. A pathetic attempt at window dressing did buoy the market mostly higher by the close. The NASDAQ was the only index that couldn’t claw its way back positive.
It looks like August was the worst August since 2001 and we all remember how rough those days were. Considering that we are pretty happy with how we navigated this market.
We did get shook out of WYNN, NKTR, and CREE before they rebounded but we actually had a number of nice moves today in some recent positions.
VMED was up over 4%, SLG popped 3.48% but CAGC did drop 8% giving back some of our huge gains.
Heading into September and October always makes us nervous especially when the market is on a ledge like it is now. Bottom line is if things do turn ugly we will close out our long positions and look to go short. Either way we never fight the market we let the market tell us where we should be.
NEW SETUPS
No new setups due to market conditions
OPEN POSITIONS
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