Today’s Trade: PCLN

I bought 50 shares of PCLN at $121.30. I like the chart, but it was tough finding a good entry. We’ve got support at old resistance, which is $120. However, many strong breakouts pullback to the bottom of the breakout candle. If that were to happen, the stock could pullback to $110 and still be technically sound as a breakout-pullback.

I decided to take a small position size here, place my stop just under $110.

Side note:
I would love to get in on some more commodity related plays, but the sectors are so overbought it’s tough to find an entry. I’m trying to be patient, but it’s frustrating watching these stocks blow up without me. This is my first big miss of 2008. I’ll have to revisit and see where I went wrong.

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