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16 Aug

8 Penny Stocks You Should Know About

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JBII is quite possibly one of the most hyped message board stocks on the planet and could fall apart soon. I’ve shorted it several times now for decent profits but I’d love to get the big score still. Despite the multiple lawsuits, an SEC Wells Notice and failure to report their 10-Q again, the message board pumpers won’t give up. Their P20 is out of the Buffalo area and let’s be honest, what good comes out of that region? The market cap is tiny ($105 million) so it can definitely run on very little buying pressure so you’ve got to be careful, especially considering their latest PR. The short I covered Monday for $1,100 was over several days of little to no volume while drifting down. Now I’m looking to short the next spike or on any bad news.

COOL was alerted Monday at $2.01 on what I’d consider a perfect chart (Video coming later). I took profits today after messing up my trade by adding at $2.30 lifting my average to $2.15 at which point the stock dipped to $2.20 forcing me to lock in $500. I’ll be right back in this stock if I find an entry I like because the chart is still mint. A break of the 20 moving average at $2.31 opens the door to $2.86 and I say why the hell not!!! With support at $2.12 and $2.00 there are multiple plays here so stay tuned.

I’m back in GLUU and for good reason, I think it’s heading to $5. I’m using my drift technique though which is why it still makes my watchlist. Drifting is when you enter the stock at a price you think is support and then add more slightly lower or higher depending on how it trades. In this case I have 3k at $3.45 and I’ll buy another 3k at $3.10. GLUU tends to follow the general market, so when the exchanges are running, GLUU will be too. Support around $3.30 and $3.10 with resistance at $3.61.

I’ve paid about $200 to $300 reserving shares of LBAS to short hoping to see it spike Tuesday before tanking but what do they freaking tanked it PM dammit and only a crazy bastard would have been short overnight!!! So here is what I’m going to do… tomorrow when the market opens I’m looking for a spike in the the low $1 range, maybe $1.15 at which point I’ll be unloading 30k short on this POS. At this point any sign of weakness will be met with sellers and it could very well end up at $.50 in the next few days.

CNTF is getting slammed, AGAIN!!! Terrible earnings means it could see $2 soon so I’m looking to jump in short. I didn’t want to get in Tuesday because I had my hands full, but I’m completely comfortable shorting this one given it’s a China play with bad earnings. Goal is to short Wednesday morning at the open and ride it for $.50 a share on it’s way to $2.

RENN had a nice bottom bounce through earnings that we profited nicely and easily from. Now that it’s pulling back a bit I’m looking to enter again. If the markets are up today I’ll go long, if they are down I’m short biased because I think RENN will follow the pack today. Their recent earnings were good, but the scaled back on their outlook just a bit which caused an initial panic followed by a flurry of bulls driving the price up and squeezing the shorts. Support is at $7.40 with resistance at $8.50 and $9.11 leaving a nice trading range ahead.

MCZ’s chart is great, just ticked we missed the bottom. The chart isn’t even close to overbought despite being up for about a week straight. I’m looking for the proper entry and then I’ll swing this stock. Support is at $.85 and resistance is at $1.07.

ABAT’s 10Q is out and the reaction wasn’t strong. I played it nicely on the way up and now it’s time to look for a short. With support at $1.33 and $1.21 the ranges aren’t the best so I’ll watch it close because it’s a possible buy off the $1.33 range. I’ll keep you posted which direction I choose but right now it’s short biased.

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