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Stocks To Watch Thursday 10/24/13 - FNMA NTEK BZNE
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Hi Everyone & Welcome New Subscribers,
Today was another bright green day for each and every stock on our watch list, which are the days we love following up with all of you. The only way you didn't make any money trading today's list is if you simply didn't trade at all. There are some familiar faces going into Thursday too as we look for some breakouts to continue.
FNMA - Potential Continued Breakout - (Fannie Mae) - closed up 24.86%, at $2.21 a share, on over 88.5 million shares traded today. Fannie Mae is a government-sponsored enterprise that was chartered by Congress in 1938 to support liquidity, stability and affordability in the secondary mortgage market, where existing mortgage-related assets are purchased and sold. We talked about FNMA's key resistance level near $1.80 and the impact it may have on the share price should it break, which it plowed through this morning. Contrary to our belief that FNMA would end up above $2.00 later this week or early next week, it happened today, which is nothing to gripe about, and looks to be in a strong position to move even higher tomorrow. The stock closed just off today's high of $2.22, showing heavy interest into the close, and might just end up testing $2.50 or $3.00 into Friday. Keep it on close watch.
NTEK - Potential Continued Breakout - (Nanotech Entertainment, Inc.) - closed up 10.10%, at .169c a share, on over 16.5 million shares traded today. NanoTech Entertainment is a technology company that focuses on all aspects of the entertainment industry. With five technology business units, focusing on 3D, Gaming, Media & IPTV, Mobile Apps, and Manufacturing, the company has a unique business model. Shares of NTEK continued moving steadily higher, gaining some volatility today, but could see an even bigger pop tomorrow. Shares closed not far off today's high of .172c, a level which it will need to break to continue higher tomorrow. Can NTEK test .20c and above before the week is over? We'll just have to see about that; it may need to consolidate back to the .14-.15c level first. Keep it on close watch.
BZNE – Potential Bounce/Swing Trade - (Biozone Pharmaceuticals, Inc.) - closed down -0.74%, at .675c a share, on over 1.18 million shares traded today. BZNE is a public pharmaceutical company that specializes in drug development, manufacturing, and marketing. The company has developed proprietary drug delivery technology that has enabled and revolutionized the administration of drugs that are difficult to formulate. A Seeking Alpha author highlighted the company in this blog post a few weeks ago, which we made light of, that had an immediate effect on the share price and it's liquidity thereafter. After trading to a new high past .95c this week, BZNE has cooled off a little back to support, but could provide a nice swing trade opportunity should support hold above it's 50 day moving average near .60c. Today's hammer candle is indicative of a potential reversal or green day tomorrow which could send the price back up to testing new highs into next week. Keep it on very close watch.
Whoever loves money never has money enough; whoever loves wealth is never satisfied with his income. I have seen all the things that are done under the sun; all of them are meaningless, a chasing after the wind. Only trade for the sake of trading.
