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Day Trading Penny Stocks – Watchlist 10-29-09

Posted on October 28, 2009 by Penny Stocks Picker

SureFirePennyStocks.com searches for the best day trading penny stocks to watch.  Four of the best penny stocks to trade today were posted right here on our watchlist.  Both FRCMQ and NXTH were posted on the watchlist yesterday and bounced nicely today.  Both were top penny stocks to trade today as they confirmed a signal to enter a day trade and provided ample time to obtain a position and get out.  Additionally, MFLI and BZCN were also posted on this weeks watchlist and had solid gains today.  We find some of the best penny stocks to trade and want to help educate you on a regular basis.  Your comments and suggestions are greatly appreciated.

EDUCATIONAL TIP

We scan the market for certain trends and indicators the night before to identify hot penny stocks for the next trading day (Details explained in our Introduction article).  While this can produce many winning penny stocks to trade there are no guarantees.  It is so much better if you can learn to scan the market when it’s active to find your own hot penny stocks on the move.  Our watchlist is dynamic in that we use different technical and psychological elements to help give you ideas what to look for.  Some of the elements we want to see before placing a penny stock on our day trading watchlist include the following; Volume breakout, price breakout, breakout chatter, large # of trades, positive message board chatter, pullbacks, technical chart patterns, candle stick patterns, support zones, resistance break, news, extreme momentum (up or down), new lows, undervalued commodities or sectors, and much more.)  The more elements that apply to a stock at that moment the better odds that you have found a hottie!  The bottom line, search for penny stocks in demand or that are about to be in demand based on specific criteria (See my article titled ”How to Pick Penny Stocks – The Basic Approaches Used to Analyze a Penny Stock” dated March 7th, 2009 for some details).

PULLBACKS AND MORE - WATCHLIST 10/29/09

In addition to this weeks watchlist suggestions were adding the following:

• IGSM @ .0097 (Breakout volume and price.  I’ll be watching to see if this can bust .01)
• AMLM @ 1.41 (This was at $3.00 last week and has now pulled back to close at the 1.40 support zone on strong volume.  Large # of trades (2596) and dollar volume was over $7.5 Million.)
• CDBTE @ .10  (Super scary downtrend and broke below .20 support but maybe it’s about time this dead cat bounces.)
• SUNV @ .175 (Two days up with breakout volume and price.)

WATCHLIST UPDATES TOMORROW SO CHECK BACK FOR MORE