Penny Stock Watchlist 8.4.10 Video is BDR. Text is VRML ARNA NCI SOLF EMMS
VRML
The first 45 minutes of trading were ludicrous. Opens at $12.47, low of 11.85 to a high of 13.50 then down to 11. If it could make noise it would sound like a slot machine. After that VRML was tired a dosed off for the remainder of the day. It was difficult to sensibly play this thing as the spread at times was insane and the price action was a mess. There is still breakout potential and I will wait for a spike that fades to short into. Will be a small position as VRML can move .80 a tick.
NCI
Followed along with the pattern featured in yesterday’s watchlist. Morning spike followed by an afternoon fade. I was a bit disappointed because I felt NCI would tank but it gradually shaved it’s price. Volume on this thing is lite and maybe the summer blues saved NCI for one more day. I will look to short on a spike as usual because the air is out of this one soon. Resistance is 10.20 support 9.80.
SOLF
Opened up +2 and just started giving it up after that one bar at a time and never really bounced all day. That is typically a bad sign. SOLF has a lot of sloppy price action but there is more downside here. I will look to short after a spike, gap up or as long as it stays below 11.
EMMS
Not a technical level trade but news is out that JS Acquisition, Inc. has extended a tender Offer to Purchase Class A Common Stock of Emmis Communications for $2.40 per Share in Cash. Currently the stock is a 1.60. This news is sure to put action in this name Wednesday. Link to story. http://finance.yahoo.com/news/JS-Acquisition-Inc-Extends-prnews-4230667909.html?x=0&.v=1
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