We are entering a new year full of opportunity and potential. Play it safe out there and make sure you follow your rules. I don’t particularly like anything for the morning as of yet. You can follow me on Twitter for any updates or stocks I may be watching here: https://twitter.com/freethinkingmen

3 Day Trades Available

3/5 PME- $1.48M last traded, rel vol 4.59, Chinese Farm Products, 34.66M float, .20% short @ ratio .37, news that their CFO was interviewed by a Satellite TV channel and will be featured in a weekly finance program airing on 1/6, 1/13, and 1/20. This is a fairly illiquid stock that has formed a cup and handle and looks like it wants to break 1.75. The next level of resistance on the chart is 2.15ish with potential of resistance forming at $2. This stock can get choppy but should theoretically be able to get to 2.15ish.

            This stock did break out in the morning but failed to maintain the volume necessary to move and got range bound.

2/5 IMGN-$33.54M last traded, rel vol 11, Biotech, 76M float, 20% short @ ratio 10, 7 days to cover, news of phase 1 data on their ovarian cancer drug as well as a presentation on 1/11. If this can hold support @ $2 it may re-test 2.10 and potentially 2.25. I would have to wait for the break of 2.25 to get in.

            This fell out of the gate but managed to hold support at 1.86. It worked its way back to the opening price with some volume and may prove to be in play tomorrow. Looking on the daily chart it looks like it used the 50DMA for support.

3/5 INVT-$1.87M last traded, rel vol 6, Telecom Services, 9.25M float, 4,2% short @ ratio .97, no recent news. This looks like it wants to break .75, even without a catalyst. This stock is known to have one day, gap up spikes. The next level of resistance is .92 followed by 1.24 and the 200DMA @1.35. I wouldn’t play this one without some news.

            This did in fact make the move to the first resistance level, though very briefly, despite the lack of news. It failed immediately but held support at the breakout level. With news this can still have potential.

3/5 MRNS-$15.52M last traded, rel vol 30.8, Biotech, 17.7M float, 6.14% short @ ratio 2.18, no news. This had a gap and run before being turned around by resistance at 1.25. It looks like $1 is trying to act as support. I’m guessing this was a squeeze but it doesn’t seem playable to me now. News this morning that they received orphan drug designation from the FDA.

            This was originally a non-play for me but did get news before the open. I expected this to move but it seemed to struggle with the 50 DMA. It held up more or less but will need to pick up some volume in order to be active again.

1/5 XXII-$976k last traded, rel vol .78, Biotech, 73M float, 5.26% short @ ratio 3.32, no recent news. This stock tends to get range bound between 1.15 and 1.45. With no news or high volume I will not be playing this.

            Failed to make it into the range.

1/5 NVCN-$1.42M last traded, rel vol .15, Canadian Medical Appliances and Equipment, 38M float, 7.23% short @ ratio .51, no recent news. This is below the $2 breakout level but has been holding support in the low 1.60’s. This would need a lot more volume to be playable.

            Still holding support on relatively lighter volume. I will keep an eye on this in case it perks up.

4/5 IDXG- $1.59M last traded, rel vol .08, Business Services, 1.33M float, 38% short @ ratio .35, 0 days to cover, news today that they have an agreement with Blue Cross Blue Shield to provide them evidence for their tests and possible gain coverage on BCBS’s 36 different plans. This stock recently spike from 5.50 to 7.50 in an hour on the 28^th apparently on news of a reverse split. The 200DMA is @ $6 and would be the only thing stopping this from getting back to 7.50.

            I alerted this on my Twitter account as it approached the day’s PM high. It was around the 5.30’s when I pulled up my Tweetdeck to add a couple columns for stocks I was watching. It only took me a few moments but when I looked back I had already missed my entry. I considered buying this as it broke $6 but I wasn’t going to chase. Looking back at their last spike that was on news of coverage I probably should’ve but most importantly I followed my plan. Missed out on a $200 win but not upset about it. I’m excited that I called this so well. I’m really looking forward to this year.

3/5 LEI- $339k Last traded, rel vol .30, Oil & Gas, 7.5M float, 10.5% short @ ratio .87, 1 day to cover, news today that they are purchasing a lease for land with a 90% working interest pending title approval. If this can get 4M in volume it should be able to break 1.55 and reach the next resistance level at 1.94. Oil spot prices look decent.

            Looked like it was set to breakout PM but dipped in the morning. CNBC mentioned oil to be looking good and then this crashed, which I thought was amusing. It never did recover and from what I hear oil reversed today, I’ll look at the spot chart in the morning.

BIOS- $12.46M traded as of 3pm, rel vol 7, Home Health Care, 115M float, 11.5% short @ ratio 9.5, 10 days to cover, news that they received coverage by Lake Street recommending a buy. This had been uptrending all day with higher highs and lows. This fell from 2.50’s to the 1.50’s on an earnings release. Volume seems to be picking up in power hour. This is looking to test resistance at 1.45 but the L2 looks heavy. The 50DMA is in the high 1.50’s and may prevent this from reaching the next resistance level of 1.75.

            Beautiful chart today. I decided to sit on my hands for this one. It may need to consolidate but I will definitely be looking at it tomorrow.

CETX- out of price range.

MYHI- OTC, no news.

KOPN- mid range.

CSBR- no news.

TENX- not the best volume but closed well. Will look at this for tomorrow.

 

CBAY- up AH on what looks like a licensing agreement.