One final under-$10 shipping player that looks ready to trigger a near-term breakout trade is Genco Shipping & Trading ( GNK), which transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk carrier vessels. This stock has been hit hard by sellers so far in 2013, with shares off big by 40%. If you take a look at the chart for the Genco Shipping & Trading, you'll notice that stock is another name that's bucking the overall market weakness today, with shares currently trending to the upside. Shares of GNK recently started to spike higher right off its 50-day moving average at $1.79 a share with decent upside volume. That move is quickly pushing GNK within range of triggering a near-term breakout trade. >>5 Stocks Set to Soar on Bullish Earnings Traders should now look for long-biased trades in GNK if it manages to break out above some near-term overhead resistance levels at $2.32 To $2.36 a share and then once it clears its 200-day at $2.47 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 803,742 shares. If that breakout triggers soon, then GNK will set up to re-test or possibly take out its next major overhead resistance levels at $3.34 to $3.50 a share. Any high-volume move above those levels will then put $4 to $4.20 into range for shares of GNK. Traders can look to buy GNK off weakness to anticipate that breakout and simply use a stop that sits right below its 50-day at $1.79 a share, or right below more key near-term support at $1.72 to $1.60 a share. One can also buy GNK off strength once it clears those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point. To see more hot under-$10 equities, check out the Stocks Under $10 Setting Up to Explode portfolio on Stockpickr. -- Written by Roberto Pedone in Delafield, Wis.