Sunday, February 28, 2010

Stock Watch 3-1-2010

Stock Watch 3-1-2010
Got a nice 9 stock watch list. Mostly comprised of breakouts which are my favorite. ISSI was my trade last week check out my summary here.

MCG Capital Corporation (MCGC) – MCG Capital Corporation is a private equity firm specializing in investments in middle market companies. This stock got a nice spike on Friday on speculation of future earnings. The best part is that it is a technical break out at $5/share and has volume behind it to propel it forward and spike good. Potential buy for quick gains on Monday, will watch the action in pre market to see where it might go.

China Armco Metals, Inc. (CNAM) – This stock got a 16% spike on Friday from an announcement that they received a line of credit from ING bank for 15million dollars to Expand Its Distribution Business in 2010. It is in the technical break out range right now, no telling if this could keep going or if this is an opportunity to sell into it. I will watch this to see if volume picks up and price action leans towards a higher breakout, potential buy for a swing trade if it does.

Atlas Pipeline Holdings LP (AHD) – This stock gained 14% on Friday on speculation of 2010 earnings as well as speculation of a 34% growth in shale reserve in the Appalachian region. I did trade this stock not to long ago in an intisipation of a breakout. The breakout failed and I was stopped out, I took a tiny 2% loss in the initial investment which was no big deal. With this news release it will test that breakout out point once again at $7ish/share. I will watch to see if it can break it and hold, only then will I try it once more for a breakout that could potential run big!

Magellan Petroleum Corporation (MPET) – Got a gap up in Friday with a 13% gain putting this in a technical breakout range. The only problem is I have not found the cause or reason for such a spike in price, no news, no P/R’s, and not even any stock promotion. This causes some suspicion for me. On the other hand since this is a technical breakout it could be a potential buy for a quick day possible swing trade. Although I must find out why it is spiking so much in the first place before I get in so I can calibrate what type of trade it is and how to play it. With this in mind sitting on the sidelines wont be a bad idea until the time is right.

Wave Systems Corp. (WAVX) – This stock has just been on a huge momentum move, almost defined as going parabolic with nothing but green days and no pullbacks yet. This is technically breaking out from $3/share. I can see this running a few more days, this would be a good opportunity to short into this spike as I missed the breakout. Will look to short on the first sell day for a quick gain if it happens.

Interpublic Grp Cos (IPG) – Is right on the cusp of a breakout at $7.50/share. It was up 11% on Friday from financial news as well as the hype around advertising spending increasing. If this stock can break threw it could spike if the price action is right. Potential buy if it can power threw.

Tuesday Morning Corp (TUES) – This one is breaking out nicely, it got a 7% gain on Friday. I am not sure if it is due to the breakout or for the company’s director Robin Selati resignation. I will just watch to see if it will continue its momentum or it will sell off and become a short opportunity.

TASER International Inc. (TASR) – I have been watching this one for a few days as it does not know what it wants to do. There is also controversy surrounding this company which makes it unpredictable as to which direction it is going to go. On the other hand, volume is slightly fading as buyers are leaving and as it is hitting tiny resistance. This could end up being a potential short. Will just sit and watch.

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