A brief recap of last nights scan before I post tonights.
Overall most of the stocks did exactly as their chart said. You can view all tickers here: BEXP KOG PDO ENT DGLY EXM ICO SCA MMR WMG

EXM - although it didn’t fall immediately, this is a great example of the “gap and crap” I mentioned last night. It had a lot of momentum going into Wednesday’s open gapped up (opened higher then its previous close) and squeezed $2.00’s before it began its sell off. From what was up $4.00 at one point today came to within +.50 on the day. I’d expect the selling pressure to continue for at least another day before it starts to look for support.

MMR - still worth watching like a hawk. $28.00’s held for most of the day before the EOD (end of day) sell off. I’d watch for it to break $28 again since this appears to be extremely strong but if it cant break this can correct to the downside for $1.50-2.00. I’d personally like to see it test a bit higher before shorting.

ICO sold off 8% and is down an additional 8% after hours on a wider quarterly loss reported.

PDO from last night:

“PDO - very thin not worth it to take a big position. I would watch for
the test of $7.00 again before shorting. This is one of those stocks
that could wash out to $5.50 and immediately recover to the $6.50’s
leaving shorts confused and before you know it … its double digits.”

PDO tried to test $7 again today… failed… and started its downtrend. This could wash out (dip heavily knocking out lots of stop losses causes more of a move than anticipated) but watch for it to quickly regain its composure once it hits bottom. This has not traded many shares for a Nasdaq stock and can move in both directions rather quickly. If you did take a position today based on the comments from yesterday.. keep an eye on Tim Sykes, he is trading it and can be helpful to those looking for an in depth analysis on who, what when where and how.

It’s good to keep an eye on the charts from previous post because although they may not play out as anticipated the day of … within a few days most of these have had a nice downside move. GNVC has sold off to where the first anticipated support level is, watching for consolidation this may turn the jets back on and head towards higher highs, but first it has to confirm its at bottom.

Scan List: BEXP KOG PDO ENT DGLY EXM ICO SCA MMR WMG

This is a purely technical scan and what I’m looking for on each. There may be earnings expectations being built in and if hit could spike further, or upon a miss could sink, there also may be news releases that come out and disprove any reads on the charts as of tonight 4/21/08! So with that, proceed with caution but here are my thoughts!

Big day in the markets tomorrow with AAPL first and then BIDU Thursday

KOG
Very nice move as of late. Lots of players trying to find the top (which it did top temporarily) but managed to squeeze higher and higher. The top is near in my opinion. Watch for a morning spike, if it loses $3.20 this should test $3.00 support again and end up near the $2.75 mark shortly there after. Worth a watch here could be an easy .50 cent play given a morning squeeze.

PDO - very thin not worth it to take a big position. I would watch for the test of $7.00 again before shorting. This is one of those stocks that could wash out to $5.50 and immediately recover to the $6.50’s leaving shorts confused and before you know it … its double digits.

ENT - A lovely chart, volume is really kicking in now. The volume tells me there is still more to come and may very well take out the last high of 2.65-2.70. On this break it should see $3.00. It’s not ready to be shorted … yet…

BEXP - quite a break out lately watching for the break of $10.00. If it breaks $10 it will probably start consolidating around this level before it heads for $12. If it breaks over $10 proceed with caution, and wait for the trade to come to you. $10 is a key area. There are two plays I am watching for.
1) Any spike to the upside of .50 to .75 I will likely scalp (rather quickly unlikely to hold for any period of time)
2) If it opens above $10 and squeezes higher I will wait for it to show weakness, upon breaking $10 on the downside I will enter looking for mid 8’s.

DGLY - met some resistance today, if this loses $9.00 it may retest low 8’s before heading back towards $10.

EXM - what a breakout $28 to a near $45 in a week. Watching for this to “gap and crap” tomorrow. This may open up $43.50-$44.00 and sprint towards the $45 before closing near $41. Most definitely on radar!

ICO nearly 10 million shares traded hands today. If this trades above $9 tomorrow I will watch for the fade under $9 to begin my short. What does that mean? If its $9.10-9.20 and begins to sell off towards the $9 mark I will short then, rather trying to catch the top. This can very easily see $10 so I’d rather not try to find the top by picking it out of a hat but rather let it form and then just join the fall.

SCA - starting to turn off bottom here, I’m not usually a fan of the sub dollar plays. If this breaks $1.18 it could turn into a supernova of sorts after it breaks $1.50 in which case I’m sure you’ll find Tim PennyStalking it but its time time and as he’s mentioned its just a POS random stock. I agree. BUT its on the radar just in case it squeezes not worth a position yet, although I do think we’ll see .80 before 1.20.

MMR some of these NYSE stocks vs. NASDAQ stocks are unbelievable. They just trend straight up without looking back. It’s heading towards $30 but I don’t think it will make it. This is on watch for any weakness, potential upside I feel is $31.00 potential downside support is around $24.00. Tomorrow may be the last day it closes green before taking a breather to gain additional momentum.

WMG - Heading towards $9.00. Note back in February it had trouble getting past that. This is what I’m looking for, if it fails as you can see it corrects rather quickly to the downside!

RDTA a great short heading right to where it belongs…

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