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15 Aug

7 Smoking Hot Penny Stocks I’m Looking To Trade Tuesday August 16, 2011

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LBAS is my number one priority come Tuesday morning. I’m watching close for parabolic action to short into. Ideally, it runs another 20% early on and then profit taking sets in, but honestly, it’s too hard to say. The only thing that’s for certain is I will be short this stock soon. Monday I reserved 30,000 shares at my broker, but didn’t use them because clearly the stock isn’t breaking down. Now that it’s ran 20% and the volume is increasing, the chances of the boat tipping increase significantly in my favor so I’ll be looking to use those reserved shares tomorrow. As always, arriving early to picks like this can be costly so stop losses must be managed with extreme accuracy.

PUNK is extremely thin and it could easily keep going up. This is also a possible short so be on  your toes. Shares don’t have chart resistance until the 200 moving average above but honestly, pumps like this don’t follow charts. I’ll be watching for volume and NL action. If it’s in play then I’ll go long and ride the momo until it runs out. Be careful though, we’ve seen these early stage pumps fall flat on their face in the past so 1 minute charts and quick limit orders ready.

COOL, MCZ, MOBI and GLUU are all stocks that will benefit from NVDA’s earnings and Zynga’s upcoming IPO. I took a starter position in COOL today and I’m looking to get back in GLUU on the next available dip. As you know I was in GLUU last week when my stop market order triggered at $3.50 but honestly, I’m comfortable getting into GLUU just about anywhere down here as it continues to creep up. These stocks were beaten down recently and I think offer value at these prices, entry and catalysts are key though because volume is the only thing that moves stock.

QPSA squeezed shorts into the close Monday but trust me, there are lots of shorts still in this stock due to horrible earnings recently. There might still be some long chances here though, considering their deal with myYearbook. Watch it close, if it holds these levels there’s definitely some range between $5 and recent highs.

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