There have been alot of penny stocks in play this week but unfortunately I haven’t been around but I did get to trade one penny stock on Wednesday. I didn’t have time to update the blog on the trade, but I did update via my twitter. I traded the nice breakout on penny stock INSM for a small gain – coulda/shoulda had more but that is what happens when trading penny stocks BUT anytime you have a profitable trade…then its a good one! Lets get to the penny stocks to watch for today. Remember that the market is closed on Monday, and keep in mind normally Fridays before a major holiday are very slow and not much volume is pushed through the market.

MRM 200%+ move here for this high paced penny stock. Reason for the move you ask? Earnings! They reported a “turnaround” performance in earnings making a net income in the Q1 compared to a loss during last year’s Q1. You all know how these earnings plays have been acting lately they just continue to go up and up reguardless if it looks toooo overbought. This penny stock is more of a buy then a short, but these aren’t exactly my favorite types to buy. With that being said I’ll keep this penny stock on watch just to see if it gives me an opportunity to scalp some money on the short side for a quick daytrade. I’ll be looking for a green-to-red move for a quick short and cover before a short squeeze that will most likely continue a push to higher highs.

NMTI this penny stock has been surging higher based on new analyst rankings and a bad earnings report. Bad? Yes, bad. Which is why this penny stock will eventually come back down and fall from its graces. Its got no reason to be pushing higher right now which is why a short play may be in effect for today. Watch that 2.00 level as it’s very important. I’d look to possibly either go short on a break on 2.00 in the morning on big volume, or a break of 1.90. Your choice!

ETWC & PCBI these penny stocks have made huge runs but do not qualify as buys OR shorts simply because they’re getting buyout offers. Normally these spike on the day of the news(yesterday) to the targeted buyout price and don’t ever move much from there. Reason I put these on the penny stocks to watch is because I’m sure they popped up on your screeners. They’re dead to me and don’t offer any trading opportunities for you guys/gals.

OGXI penny stock is zippin’ higher on drug news from last week. Has gone from 7-17 on the news, but im not interested yet….I’m just gonna sit back and watch all of these pennystocker’s that are short get squeezed. Because of that, it’s more of a buy then a short…but be careful because that sentiment could change any day now. There are 74,000 shares short right now (Read this post to figure out how I found the short interest), so there are plenty more to get juiced out there. Be patient and the shorting opportunity will come.

NGSX this penny stock has pushed around 100% over the last week for really not much reason. Earnings aren’t good at all as the company has still yet to turn a profit. In my opinion this penny stock’s run was on anticipation of the Europeans Commission decision on one of their drugs. Well, the approval decision came yesterday with a surprisingly negative reaction by traders. I guess this fits the common phrase: “buy the hype, sell the news” This could be setting up up for possibly another down day..and if so, a good shorting opportunity could arise on a break of 4.66!

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Last 5 posts by Justin Bostwick

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