Wednesday Penny Stock Watchlist: The Fannie Mae Trade Beckons
Today it’s time to take a look at four penny stocks that have serious trade potential this week, including the ever-volatile Fannie Mae (NYSE: FNM)… But first things first this week – I’d like to extend a heartfelt “thanks” to all of those who’ve already completed our watchlist survey.
Here at the Penny Sleuth, we’re working hard to increase the value that you get by opening your daily e-mail from us. Typically, companies send out surveys when they’re trying to gauge how they can better fulfill customer service requests or the like. Not us.
Instead, our Watchlist survey focuses on how we can help you increase your trading profits. That’s why it’s so essential that you fill out the survey if you haven’t already.
Like I said in Friday’s watchlist, anyone who fills out the survey gets first crack at some truly exciting penny stock trading opportunities I’ve been working on, coming later this summer. And two survey respondents will get randomly rewarded with a special Penny Sleuth Prize Package.
Again, click here to fill the survey out before Friday…
Four Stocks Worth Watching
After the results of the Survey have been tabulated, I’ll be able to implement them. Until then, here’s a look at four more stocks that could pose interesting technical trades this week.
In case you’re not familiar, each week, the Penny Sleuth takes a look at 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.
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’ve 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 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…
Overhill Farms (AMEX: OFI) – Shares of this frozen food manufacturer have been forming a bullish ascending triangle pattern for the last couple of months, a great sign for small-cap traders who are hoping to take advantage of an upside swing. Hold off putting your money on the line until this stock can break through $6.40.
China Recycling Energy Corp. (NASDAQ: CREG) – This energy savings company is moving in a decidedly downward direction right now: all told, shares have fallen 47% since January, an impressive feat given that the broad market has essentially remained flat over that time. Right now, it looks like shares could make another big move downward if it can crack support at $2.92.
PAB Bankshares (NASDAQ: PABK) – In the fragmented banking business, regional banks are starting to show quite a bit of promise fundamentally. From a technical standpoint, this tiny, $17 million bank looks even better. Shares are starting off a bounce from a triple-bottom at present. This is an upside trade.
Fannie Mae (NYSE: FNM) – I’ve saved the “best” for last today… Fannie Mae is currently down nearly 43% following the announcement that it and Freddie Mac would be delisting shares from the NYSE and trading over the counter. Even though I think Fannie and Freddie are junk investments right now, they could prove to be interesting trades given their oversold status. Trading was halted earlier today because of the pandemonium taking place with shares – only consider taking a position with money you’re willing to lose. Even if shares make a bounce back higher, it could be short lived. While this is one of the most risky plays I’ve ever brought up here, I think it’s worth watching nonetheless…
Share Your Penny Stock Picks…
Once again, we’re going interactive this week…
Just post your best penny stock pick in the comments section of this week’s Watchlist by Friday, June 18.
Cheers,
Jonas Elmerraji
Managing Editor, Penny Sleuth
June 16, 2010
Wednesday Penny Stock Watchlist: The Fannie Mae Trade Beckons was originally featured in the Penny Sleuth. Check out Wall Street’s 5 Most Profitable Penny Stock Patterns Report.
This story was originally featured on Penny Sleuth.
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