Penny stocks are once again being dominated by heavy volatility today. One stock left for dead yesterday has been resurrected, becoming the most actively traded stock on the otc / otcbb market. Other volatile stocks are former pumps and message board plays. If you like the whipsawing action, today is your kind of day.
The broader ,market started off on solid footing pre-market until the housing market numbers came out. Most analysts were expecting a jump but instead we met with a decline in home sales. This continues to prove that while the economy is recovering, the pace is anemic at best. Also the foundation on which the broader economy is built upon, housing, refuses to recover. Most of the sales went to investors who are trying to time the recovery vs first time home buyers.
Active Penny Stocks
NeoMedia Technologies (OTC:NEOM) has returned from the dead today. Right now the stock is up over 75% on nearly 130 million shares traded. News out of the company continues to be nonexistent so this could be a case of day traders jumping in and out of the stock due to its high liquidity. Not sure anyone but the most risk-tolerant trader should even open his company up on a chart. We all saw what happened just days ago when the stock collapsed after a 400% run-up.
SNPK Continues to Meander
The once vaunted pump of PennyPic and AwesomePennyStocks continues to meander around in a range. Up 6% today on just over 6 million shares traded. The company continues to push out press releases at a fever pitch over their Clotamin drug. The FINRA investigation just seems to be holding back the stock. Questions on the message boards surround whether Awesome will continue its pump or if SNPK will languish before the inevitable dump.
CCTC Experiences a Sharp Sell-off
Clean Coal Technologies Inc (OTC:CCTC) is having a down day after they released their news this morning. The company announced that it had received the initial funding from the Archean Group. The deal was designed to give CCTC access to working capital. Safe to say traders were not enthused by the news. Currently CCTC is down 30% on extremely heavy volume. One to watch from the sidelines to see how low it goes. The risk-tolerant traders out there may look for bounce opportunities but it is like catching a falling knife.
Reports: TLON Gets FDA Backing
Now for a bit of good news on the penny stock front. Reports are hitting the wires that Talon Therapeutics (OTC:TLON) has received FDA backing for its leukemia drug. The stock is currently up over 10% on heavy volume. Should be an interesting stock to watch over the coming days if the reports come back confirming the FDA backing the drug.
We never hold a position in stocks we cover and are not investment advisors. This is for entertainment purposes only.