Can markets stage a reversal to the upside this week? That seems to be the billion-dollar question as investors prepare for Monday's trading session. To be sure, 2010 has been a tough year for stocks so far – major indexes like the S&P 500 are down more than 4% year-to-date – but that doesn't mean that anything should be taken for granted for the rest of the year.
After all, 2009 started off on an even sourer note, only to be followed by one of the strongest rally years in history…
This week we're going to try to capitalize on any hint of a reversal with our weekly Penny Stock Watchlist… we're also going to take a look at a downside play just in case this week fails to live up to investors' expectations.
After all, 2009 started off on an even sourer note, only to be followed by one of the strongest rally years in history…
This week we're going to try to capitalize on any hint of a reversal with our weekly Penny Stock Watchlist… we're also going to take a look at a downside play just in case this week fails to live up to investors' expectations.
In case you're not familiar, each week, we take a look at a list of penny stocks to buy that are exhibiting abnormal volume, strong technicals, upcoming news, or another catalyst that suggested they might be making a material move in the coming week.
As usual, while our Watchlist errs on the safe side of small-caps, using technical analysis to tell us where a stock is headed, we opened the comments up to readers again this week, giving you the chance to offer up more speculative penny stock plays.
Check out the comments after this article on the Penny Sleuth website to get a glimpse at a slew of new user-submitter penny stock picks — and the chance to submit your own!
First, though, let's take a look at this week's breakout penny stocks worth watching...
As usual, while our Watchlist errs on the safe side of small-caps, using technical analysis to tell us where a stock is headed, we opened the comments up to readers again this week, giving you the chance to offer up more speculative penny stock plays.
Check out the comments after this article on the Penny Sleuth website to get a glimpse at a slew of new user-submitter penny stock picks — and the chance to submit your own!
First, though, let's take a look at this week's breakout penny stocks worth watching...
Beach First National Bancshares (NASDAQ: BFNB) – Shares of this tiny regional banking stock broke out last month, hitting resistance right around the $1.20 level. But consolidation right under resistance right now suggests that shares could stage another breakout in the short term. Still, stay away from shares until a close above the black line.
R.G. Barry Corp (NASDAQ: DFZ) – I know, this isn't the first time DFZ has made our watchlist… But with shares continuing to form a picture-perfect ascending triangle pattern, the imminence of a breakout should make the wait well worth it. Don't consider going long until the trigger set last week is breached.
Ebix, Inc. (NASDAQ: EBIX) – E-commerce software provider Ebix is this week's downside play. Shares of the company have been set on a bearish head and shoulder pattern for several months now, and a breakdown below shoulder level last week could turn into some palpable gains this week. Wait for a confirmation bounce down off of the blue line before taking the trade.
Quality Distribution, Inc. (NASDAQ: QLTY) – This trucking company bounced off of its 50-day moving average during Friday's trading. That move should set us up for some upside movement to start this week.
Share Your Penny Stock Picks…
Once again, we're going interactive this week...
Just visit this article at the Penny Sleuth website, and post your recommendation in the comments section between now and the market's close on Friday, February 5 to share your top penny stock play with the rest of the world.
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