It’s probably going to be pretty boooorrrring out there today with not many stocks grabbing my attention for a screaming buy/or short..but that’s how it is sometimes. Blame all these penny stock promoters!

DDRX yesterdays big penny stock gainer going up 130% but for good reason: they reported some legit earnings. Whether this is going to be a good buy/good short is 50/50 right now but I guess we’ll have to wait and see what happens today…if it makes intra-day higher highs then it’ll be a good buy for a daytrade ONLY. Any signs of weakness, i.e. green-to-red price action look to short this sucker.

FEED if this penny stock can open @ 4.24 or higher the chances of it going higher on the day are pretty good. Keep on watch, but also realize that the 200 day moving average is lurking up there.

FRZ this penny stock went up 55% with no news coming off the wire. Something’s up with this lousy penny stock company…stock promoters, news leak, message board pumping? Keep this one on watch for a potential short, don’t be surprised to see this have some more strength! You’ve seen these penny stocks lately they seem to have 2-3 more leg ups after the intial pop.

INSM has enjoyed a nice little 50% run over the past few days courtesy of that nice breakout over the 1.00 range. Yesterdays trading marked the first day in this run up that these penny stock traders had a little indecision with this stock..especially in the afternoon. If you look at the 5 min chart you can see that the afternoons have traded fairly flat during this run up..but not yesterday which leads me to believe the run may have run out of gas. Look for a short if it cracks the 1.32 range..but only look for about a .10cent quick profit as there’s some support down in the 1.20 range.

NANO a little lift-off the past couple of days probably of earnings speculation which are due to be reported on Thursday. I probably won’t play with this penny stock cause I don’t mess with earnings but it could be a good short..if earnings are bad.

CAR has been on my penny stocks to watch for a couple of days now but has yet to really confirm a short trade, besides some wild swinging we saw on Monday. Look for tomorrow to be a deciding day…It’s not really my favorite to short though cause of the long sideways action we’ve seen. We probably won’t see a quick drop and I just don’t have the patience for a gradual decline nor would I waste one of my precious daytrades (I only have 3 a week) on it. Nevertheless, keep it on watch.

Last 5 posts by Justin Bostwick

• SEC Charges 8 - May 23rd, 2009
• 6 More Penny Stocks Picks: “Buy The Hype, Sell The News” - May 22nd, 2009
• Penny Stocks To Watch For Friday The 15th - May 15th, 2009
• Six Penny Stocks To Watch That Could Make You Money - May 12th, 2009
• The Framework Of An Afternoon Fade And Why It’s So Essential To Short Selling Penny Stocks - May 7th, 2009