Monday Penny Stock Watchlist: 4 More Stocks to Continue This Week’s Rally
With tens of thousands of stocks trading every day, its easy to feel overwhelmed on your quest for the next high performing penny stock.
Thats why every week, the Penny Sleuth delivers our exclusive Monday Penny Stock Watchlist – a list of penny stocks 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.
Last week, every play we mentioned – two longs and two shorts – moved exactly as predicted, offering a cumulative 17.55% gain in only five trading sessions. And this week, with markets moving higher Monday, our Watchlist could do even better…
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 last 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 fresh user-submitter penny stock picks – and the chance to submit your own!
First, though, lets take a look at this weeks penny stocks worth watching…
Daxor Corporation (AMEX: DXR) – This medical device company has had a rough run in 2009, currently down 8.4% year-to-date. But in the last few months, traders have been pushing shares of the company significantly higher on the back of strong fundamentals. Thats thanks in large part to big profits in recent quarters and a dividend yield that currently sits at 4.26%. Right now, DXR is forming an ascending triangle (see the chart above), a bullish pattern that suggests a breakout could be imminent. This weeks uptick in investor sentiment could be just the catalyst for that move.
The Savannah Bancorp (NASDAQ: SAVB) – While regional banks have been a mixed bag so far this year, Georgia-based Savannah Bancorp is one of the few thats managed to deliver reasonably consistent profits to shareholders. This stock is technically appealing too… with the stocks 50-day moving average on the verge of crossing over the 200-day, a significant signal is beginning to form for investors to pick up shares of the stock.
Cornerstone Therapeutics (NASDAQ: CRTX) – Cornerstone Therapeutics is a specialty pharmaceutical company thats gotten shellacked in the second half of 2009. Still, technically it looks like this stock has further to fall this week with a re-test of the stocks downtrend coming up (see chart above). Even in the best-case scenario, this stock could have a 10% upside for shorts. Watch things closely, though, this mornings rally in stocks could work against any technicals that are forming right now.
Modavox (OTC: MDVX) – Audio and video equipment maker Modavox has had a rough six months thats included serious quarterly losses, and a share price thats declined nearly 35%. At present, the stock is in the midst of a sustained downtrend thats showing no signs of reversing. Expect shares to fall further this week…
Share Your Penny Stock Picks
Once again, were going interactive this week…
Just post your recommendation in the comments section of this article between now and the markets close on Friday, November 27 to share your favorite penny stock play with the rest of the world.
(As a side note, remember that markets are closed on Thursday and close early on Friday for the Thanksgiving holiday.)
Cheers,
Jonas Elmerraji
November 23, 2009
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