Penny stock promotions are once again back in focus early Monday. Several are coming off Friday’s that were a mixed bag. Some were slammed, while others moved with conviction to the upside.
On the broader market, the major indexes are retrenching ahead of several housing market data points due out this week. This will be a key test to see if the Dow can maintain its bullish run over the past few weeks. Traders are definitely keen on keeping Dow 13k and shooting for 14k.
Penny Stocks to Watch
Some of the big names to watch on the otc markets are Sunpeaks Ventures (OTC:SNPK), NeoMeda Technologies (OTC: NEOM) and LifeVantage Corp (OTC:LFVN)
SNPK is recovering somewhat today after the drubbing it took on Friday. After it wad announced a FINRA investigation into the trading was started the dump was on. Value of the stock evaporated nearly instantly. Today, the stock has recovered somewhat thanks to the PR machine. Currently the stock is up 11% on average volume. Safe to say traders are a bit skittish of the stock at this point. One to watch for sure, but this pump may be over.
This was the penny stock du jour last week after a few paid NLs came out with it as a possible bounce play. and bounce it did. The stock ran over 400% over the course of 2 days. But like everything, what goes up inevitably comes down. Inevitable was today. NEOM is currently down 30% as traders look to lock in profits. Guess it pays to be the first man in. Those that piled in Thursday are liking the profits.
Volume on the stock is explosive, 4 times its 3-month average. Still no real news out of the company so either insiders know of something in the pipeline or this was just one of those random penny plays that seem to take on a life of their own.
LFVN is a strange one. No news out of the company, but the company continues to perform. Volume on the stock is heavy today, and the stock is up nearly 8%. Last week’s move to the downside may have been a consolidation period before the stock continues higher. Just no way of knowing. Interesting one to watch for the risk-tolerant traders out there.
We never hold a position in stocks we cover and are not investment advisors. This is for entertainment purposes only.