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12 May

Watch List For May 12, 2011


In general it appears the markets will be getting slammed again, but that doesn’t mean there won’t be sound trading opportunities below $5, we’ll just have to look closer is all. My five open positions heading into today’s session are TBBC ($1.21), GSPTE (.21), LOCM ($3.75), ANIK ($8.08) and GPL ($3.26).

I’ll keep this light today because rarely will I ever have more than 5 stocks at one time.

LQMT showed signs of life yesterday despite the bears dominating most of Wall Street. Light accumulation has produced a candle like this before though so I’m not a buyer yet. I’ll need to see continuation volume, news or something other than this to take position. The good news is the price increased on small buying, this suggest the sellers might be gone. Possible starter position soon if this isn’t a fake out.

PSUN has been on watch for a few days now. Earnings are coming up on the 24th but it continues to pullback off the $4.00 level. This tells me $4.00 is key resistance and a break could lead to a $.50 cent move which would be ideal on a stock this size. There is considerable insider buying going on and this recent runup from the $3.00 level suggests something is up but I’m not ready to jump in just… mostly because it recently fell from this area in the middle of April.  I’m watching for some sort of signal like great news etc… as the driver to push it through the $4.00 range than then I’ll consider a starter position.

JAMN was on yesterday’s watch list as a buy but I missed it. After the 20% move I’d say it’s reduced to watch again with the potential for a buy here soon if we see a healthy platform created in the price action around $4.00. It wouldn’t surprise me to see it pullback on profit taking as it’s done before. Keep in mind this is one big promotion and it could flush which is why I tread lightly around it.

ABAT is getting some attention off of a Seeking Alpha article this morning and has earnings coming up on the 17th. Possible runup play here so I’ll watch to see what the momentum looks like. With resistance in the $1.75 range it could make for a nice $.20 cent turn.

TISA was hot yesterday so they’ll likely be some decent trading opportunities in it today. I’d say $2.15 to $2.05 would make for a decent entry if it sells off after the probably morning spike. After entry the sell point would be around $2.30 resistance provided it doesn’t blow through there and ride above it early on.


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