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27 Jun

Dig Into This Penny Stock Watch List For Monday June 27, 2011

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Online gaming company Zynga Inc. is expected to file for a public offering soon. When it does, the Facebook game developer will be the first major U.S. company supported primarily by the sale of virtual goods. This will be a catalyst for stocks like MCZ, COOL, MOBI, GLUU and many others so expect to see them on my watch list on and off as trading opportunities open up over the next few weeks.

In addition, the Russell has been reorganized and finalized so there could be some major movers today, up and down… as institutional investors add the new additions and dump the companies who have been booted.

WAMUQ started last week off slow, my blog on Monday proved to be right on calling it perfectly but unfortunately I didn’t take position. This one can definitely put multi-day runs together so look for a trade between $.16 and $.20 at this point.

I like LOCM anytime it reaches these levels. I suppose we can call it a channel play between $3.20 and the $3.80’s. The reiterated news with AT&T this morning but I don’t expect that to lift the stock a ton but I will look for a reversal here. If it dips lower I’ll jump in at $3.20 and cut losses if it doesn’t hold bottom channel support.

You know I like LDK Solar and it’s been on my watch before. Their last round of revenue wasn’t admirable but I honestly think this company has more upside than downside. Now that the company has announced a plan to buy back up to $110 million of its American Depository Shares there is good reason to look for early entry this morning.

OXGN might be nearing a bottom but I’m not a buyer until I see some movement or news. It’s a past winner for us although I took a sizable loss the last time I tried to predict the reversal point. I’d rather jump in after it reverses and then cut my loss if it turns back down through a tight stop. Keep it on watch though, I think it could turn back up soon.

GLUU did well after I added it to my watch list last week. I don’t think it’s done yet, however, so keep your eyes on it still. Some guys/gals in chat flipped already but it also appears to be a good swing trade from here. Chart says it wants to go higher so look for the $5.10 and $5.40 range to act as resistance. A lot of volume on Friday but it only moved $.30 cents — so if the sellers are out now it could start to advance quicker.

MCZ was in my account recently and I’d expect to trade this one again sometime soon. It just hasn’t been able to put together a bull move but I think it’s coming. We’ve got good support down here and a solid trading range between here and the Moving Averages and price action resistance so now I’ll just watch for buyers.

MOBI could definitely run more but it appears to be running out of steam. Possible short before it reloads but be careful because in general it’s short biased by a lot of traders meaning it could squeeze you hard given it’s tiny market cap. Friday’s candlestick represents indecision and now that it’s moved away from the $6.00 range there is room for it to pullback.

 

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