Where Art Thou Penny Stock Promoters?
Borrrrrriiiiingg out there today: Only 4 penny stocks to watch — What happened to the penny stock promoters? You know, these guys. Not much going on right now with most attention being paid to the swine flu penny stocks, but there’s nothing technical about the charts on those plays that I really like…yet. Setting up to be a pretty boring Thursday in penny stock land with only a few possible trades, if and only if they cross the mentioned price points. None on the watch list are buys, just possible shorts.
ABR is a nice multi-day penny stock spike –possibly due to accumulation before earnings are reported on May 7th. Can’t really see how earnings would be any good considering its a Financial/Real Estate Trust. This company’s financial statements make me cringe when I look at them..loss of 81 million, Cash of 800k, and Debt of 2 Billion. I’m looking to short this run pretty soon, whether that’s today or in the next week remains to be seen. It’s still got some room to run and is making a nice little trading range between 2.28 and 2.55. Lets see what it does this morning–a break above 2.55 would signal a possible continuation with its spike.
DTG is making a very nice run here that very well could come to an end today when you take into account their credit exposure to Chrysler, who apparently is close to Bankruptcy. Most of Thrifty’s rental cars are from Chrysler and if reports are true that lenders have broken off talks with Chrysler then this penny stock could very well fall from it’s recent run up. Here’s the deal: 5 min chart is forming a double top, and a break of 3.20 could nail you some simple short selling profits.
MNTG I’m not feelin’ this recent run of 100%+ in two days. No news out plus it’s coming up on the 200 day moving average resistance at 2.31. All the variables point to a downward move. Will we get that today? A good short entry would be on a break of 2.00 on solid volume. Keep in mind this is connected to the casinos, so it may move with the sector.
TRIB is a swine flu penny stock that soared yesterday 60% while all the others flopped. This surge can be contributed to their very good earnings report more so the actual swine flu itself. Right now, considering the earnings, I probably won’t even think about shorting this stock. If it gets way over-extended then my sentiment may change.
Penny Stock List For April 29th
Sorry, really busy this morning so no commentary. I’ll just give em’ straight to you and let you do your thing.
I’ll have a post a little later..probably late morning early afternoon on 2 penny stocks i’ve profited off of this week.
NVAX
COIN
CMRG
DDRX
BCRX
BZH
UEC
RUTH
LNET
MNTG
XOMA
It Is Great To Be Trading Penny Stocks…Potentially 17 Of Them!
Yesterday was a very fun trading day that presented alot of opportunities to trade volatile penny stocks related to the swine flu. I planned I would only daytrade 1 time yesterday so I could have 2 more day trades available for better opportunties that may present themseleves during the week. So I stuck to my plan profited from the hype with my daytrade on NNVC’s morning gap-up (check my trades ). Full blog post about the trade coming later in the week.
The hype that is surrounding this flu is amazing thanks to the media and twitter. Will it last? We shall see what developments and PR’s are released this morning.
Oh and yes I’m writing this at 6:00 a.m since I’ve been up all night doing school work. Unfortunately there’s a chance I won’t be trading today because:
a) I might be passed out by 9:30 a.m.
b) I might be studying for a test that I have @ 2:00 p.m. – (Won’t catch the afternoon fades!)
c) I might be writing a paper due @ 4:00 p.m.
d) I might be preparing my powerpoint presentation for that paper
But you can trade! So here’s some penny stocks…
RUTH pulling a nice 3 day move from the mid-to-high 1’s to 2.95 based on the fact that analyst are sucking-up hardcore to the restaurant sector. Also speculation on 1Q earnings that are due to be reported on May 5th is moving this penny stock. If THIS write-up on RUTH by the Orlando Sentinel (Yeaaa reppin’ Florida!) is any indication, things may not be looking too good earnings wise. Keep this on watch: I’d like to try to short this penny stock sometime in the upcoming days. Key in on 3.55 as that’s the next resistance as per the 6 month chart.
MRT same deal as RUTH (Both are steakhouses) but they’re in even more financial trouble. It’ll follow the same trend as RUTH so when either of these stocks show weakness it would probably be a good idea to allocate your money and short both. Methinks that it’ll rise up and little more and maybe stall and give us a shorting opportunity at 3.50 which also happens to be where the 250 moving average is!
MDOR great looking breakout this penny stock showed yesterday. I almost pulled the buy trigger a few times in the last 5 min of the day, but I wanted money available to possibly trade all these swine flu stocks. Very very good chance of it continuing its breakout considering the volume was definitely there and it ran back into the power zone aka RSI over 70. I can usually spot a good breakout, and this has all the makings to be one. Consider buying if it opens @ 1.15 or more.
CMRG wow this penny stock’s income statement is one word: awful but on the other hand the balance sheet is much better. Either way It doesn’t matter because this is setting up to become a good short play. If it can go up even more today it will make it a good great short play. If it doesn’t go positive, a good short entry would be on a break of 1.25 but lets all hope it continues its momentum for the benefit of pennystockers on BOTH sides of the trade.
URZ is a high flying uranium penny stock looking for more. More? Even after a quick 3-day 90% run? Yep, because looking at the 5 min chart for yesterday it made a quick intraday breakout in the last final 5 mins of the trading day…would’ve been a great buy then, had I seen it. Anyways look for this one to gap up and keep booking it today but hey I don’t care, it just sets up a better shorting opportunity.
DDRX honestly? Come on already and drop! I think I’ve featured this penny stock 6 times already mentioning it as a potential short. Hopefully today we’ll see the big down move we’ve all been waiting for. Definitely my #1 possible short.
LNET deffffinitely reminds me of DDRX in the fact that the charts are somewhat identical and they’re both steam-rolling because of great 1Q earnings BUT there’s one problem. LNET’s RSI indicates that it is more overbought than DDRX, go figure? LNET’s chart displayed a steeper downtrending slope before it’s run up when compared to DDRX leading me to believe that LNET won’t make a DDRX type earnings-run simply because of bitter shareholders from September’s and October’s Tank. With that being said these shareholders bagholders might unload there shares on this already good run. Possibly lean towards more of a short than a buy at this point on this penny stock.
And of course Swine Flu Stocks
9 Penny Stocks To Watch That Could Make Your Day
CAR vroooooom – as in it’s been going and going and going, maybe caused by the “stock rocket” emails or the sketchy motley fool article but definitely keep this penny stock on watch as I have the past few days. It’s running into some stiff resistance at 2.36 based on the daily chart, so keep that in mind. An outlet to short my come open if it breaks to the downside passed 2.27 intraday support. We’ll see what today has in store.
ABD pretty good history of spiking and falling the next day, so this spike may be no exception. Not really my fave because it hasn’t gone up multiple days but hey! 44% in one day ain’t bad..we’ll see if it can give back any of that today, be on watch for a short trade, though don’t expect too too much.
FRZ this penny stock is up another 19% even after giving back a good .50 cents on the day. It did crack some real important support the last 5 minutes of the trading day @ 3.50, so this sucker could gap down in the morning..I would be cautious shorting a real big gap down. If you and I are lucky it won’t do that and give us a better short play…if it doesn’t continue going up.
DDRX is a penny stock up on earnings that I talked about yesterday..It’s more of a short than a buy right now, but on the same token I don’t think it’ll be a predictable collapse so I’ll just avoid it for now. It has been pretty volatile though, so maybe one of you could make a nice day trade buying or shorting…but I’m not gonna fool with this penny stock.
IFDG setting up for yet another breakout on a very good “stair stepping” penny stock run keep an eye on the .04 price point..if it breaks above that then watch out it could blast to higher highs. Key on this penny stock is volume, it is only a legit breakout if volume comes in. I’m looking for a million or more shares traded and maybe it’s a buy.
DFR maybe all the short squeezes are done with this penny stock and this sucker can go back down where it belongs? Pay attention to that 200 day moving average as the price closed just below it which could signal further weakness. I really don’t think it’ll go back above 4.00 but that remains to be seen. I’m pretty bearish on this penny stock..expect a gradual fall instead of an all out tank like we saw a few days ago. Because of that and my lack of patience I probably won’t be messin’ with this penny stock.
NGNM this penny stock may infact get some buyers after yesterdays break out, whether I’m one of them I’m not sure but it’s showing some good volume on the clean breakout passed 1.20. If it gaps up in the morning that should be sign of the direction this penny stock is heading.
PSUN fourth consecutive day going up, is today the day it takes a breather and allows us to short? This penny stock actually has some kinda choppy price action on the 5 min chart, which I don’t like since there’s not a clear defined resistance/support. Anyways pay attention to the 200 day moving average at 3.66 cause it’s almost up there and that could provide resistance and possibly an alley to short into.
QELP making a good run from 1.00 closing at 1.61 today..but I’m not real sure why this penny stock is running up. Latests news they’ve had is the SEC giving them a delisting notice (baaaaadd). Support is defintely at 1.60, but even if it does break that the risk/reward just isn’t too great with another support line at 1.50. I’ll pass on this one, but it could be a good quick trade if you’re up for it.
Response To A Reader’s Question: Pattern-Day Trading Rule
Hi Justin! listen I have one question about SogoTrade. You said something about limited amount of trades per week or did I misunderstand? how many stocks can I trade per day/per week?
Yes, If you’re a poor penny stock trader (like me!) trading with less than $25,000 then there are limits to your day-trading. This is not limited to SogoTrade, though, because every single brokerage out there has to follow the same rules…you can thank the SEC for their make-no-sense rule. Now a pattern day trader is one who makes 4 daytrades in 5 days…if you do that you are required to have $25,000 in your account. You CAN daytrade 3 times in 5 days if you have less than $25,000 BUT ONLY if you have a margin account.
You see me daytrading because even though I’m poor, I do have a margin account, therefore I can daytrade only 3 days a week. I haven’t yet used up my daytrades in a week since starting the blog, but I’m sure I will…and you’ll know cause I’ll complain and complain. Afterall if I really wanted to I could daytrade 3 times in one day..but that’s not smart considering I wouldn’t be able to trade for another week.
Plus if you want to follow the strategy outlined in my FREE eBook you’ll have to have a margin account. All you penny stocker’s with a cash account get NO daytrades whatsoever AND you can’t short penny stocks, or any stock for that matter.
If you have any questions, comment down ↓ there and I’ll answer them.