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20 Sep

3 Stocks Under $5 That Could Double Your Money In A Month Going Long

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When I swing trade I stalk stocks first, bottom line. My subscribers will tell you how I constantly talk about LOCM or COOL before I nail it for a few thousand dollars time and time again. Bottom line, I like to know how it trades daily before I’m going to bid some shares. Here are 3 I’m looking at moving on in the near future…mind you these aren’t buy and sell recommendations.

Biolase Technology (NASDAQ: BLTI) has earnings coming up 11/1/2011 and I’m looking for entry to ride some runup. Nice pop on their last earnings 8/10/2011 or over $1 per share which is precisely what I look for in a trade. Additionally, I like the trend on BLTI here as we start to see an ascending triangle toward $3.90 resistance, break that and this one should move another $1 per share, possibly more into the $6 range. Higher lows toward a top trendline on light volume is always a good sign.

I told you yesterday that I’m looking to buy Quepasa (AMEX: QPSA) off the $4 range and that’s still my goal. Channel is nice between $4 and $5.50 with a stop at support or $4. Keep in mind, each time a stock tests that support it’s not to be taken lightly, if $4 goes I’ll shift gears, sell and short QPSA. I do think the upside for good news and catalysts at these levels, however, outweighs the risk of buying at $4 with an $.10 to $.20 cent per share stop. Earnings are scheduled for 11/8/2011.

Glu Mobile is a stock I’ll be long soon, especially if it holds the $3 range this week. With earnings coming up on 11/2/2011 and Zynga as an additional catalyst, if GLUU holds $3 I’m trying it long because this could be a sweet ascending triangle breakout above $3.50 to $3.60 which actually allows us to take profits before the top trendline break and buy back with a tight stop or double dipping if you will. Remember, I’m always gaming $.30 to $.50 per share as a goal or $500 to $2,500 in profit per trade. Ideal stops are -$300 or less and often my stop is a tiny win for $50.

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