Penny Stock Watchlist 8.16.10 AMCN PRXI ICOP AAU LOCM NVMI DSTI
AMCN
Up nice on good news and earnings but as always this party should come to an end , preferably today. Friday there was a nice stair stepping upward pattern all day encompassed with strong volume across the board. I have a feeling this may make a run towards $5 on Monday morning but I believe that’s where it will top out. I’m not leaning towards a buy as I feel AMCN has about 30 to 45 min of run up on Monday before retracing. I will update the mid day analysis on Monday in the “Trending Now” section.
PRXI
From Zero to Hero ( 1.16 to 2.50 ) after being awarded by a VA Court as exclusive rights to salvage the Titanic. Jack Dawson shall rise!! Original news article here http://finance.yahoo.com/news/Titanic-salvage-company-wins-apf-900131660.html?x=0&.v=2. There is obvious holes in this story and the amount awarded is larger than the market cap of the company. I would like to see more upside on this Monday morning and then short it. I’m not really interested in buying as this should be short lived.
ICOP
Was about to write this one off until it semi bounced on Friday, not much but it may provide another opportunity to short. I won’t mess with it if the volume dries up because that will remove the risk to reward. Besides this trade was “so last week” and I already made a half decent trade on it.
AAU
I liked this as a long on Friday but it’s lack of action has me itching to the short side . Take a look at the daily chart. Clearly in the exhausted stages of it’s run up and the low 2’s is upside resistance. AAU is a slow mover so do not expect an ICOP style tank but it should provide decent pocket change. I like this play.
Other stocks to watch. LOCM NVMI DSTI