MS, JAMN, KKD, POY, WAMUQ

Morgan Stanley (MS:NYSE) Keep an eye on this one because it broke the key $22 level that many traders viewed as the line in the sand. The volume was decent, but wasn’t overwhelming. So the decline just might be a one day hit for short sellers.

Jammin Java (JAMN:OB) This coffee penny stock is really starting to look broken as the promotion seems to have wound down. This once massive winner is at a critical level right now, because a breach of $1.10 could really add fuel to the fire for existing naked shorts.

Krispy Kreme (KKD:NYSE) I know the market was down today, but some thought Krispy Kreme might have done better with the Dunkin Brands IPO news today. Shares still look OK, but that failure to hold the $10 level on strong volume obviously concerned some longs.

Potash (POY:NYSE) The Ag stocks took a nice hit today, but POT still has an incredible looking chart, and seems like it has eyes for new highs. As long as the volume is under 10 million shares there probably isn’t too much to be concerned about. Unless the market melts down of course.

Washington Mutual (WAMUQ.PK) I realize that WAMUQ is a zombie penny stock and shouldn’t really be impacted by broader market moves. However, with the financials looking so weak, some penny stock scalping longs may sit on the sidelines for a few days. Not only with WAMUQ, but with Lehman Brothers (LEHMQ.PK) as well.

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GLUU, GGRI, GLD, AA, SAVW

Glu Mobile (GLUU:NASDAQ) We wrote a piece on Zynga sympathy plays last week, and it wasn’t based on the GLUU takeover talk that you see elsewhere on the internet. GLUU could be in play for two simple reasons. The first is that GLUU is trading under $6, and momentum players will probably be looking for a way to play Zynga without participating in the IPO. Secondly, GLUU’s market cap is tiny in relation to the industry potential.

Greenwood Gold Resources (GGRI.OB) GGRI is simply another exploration stage gold mining company that was heavily in play. Shares have pulled back after a monster move last week. Add GGRI to your penny stock list regardless of you bias.

SPDR Gold Trust (GLD:NYSE) Just when everyone counted GLD out, the well known and widely traded ETF came back. The chart is starting to look good, but this could be a headfake or bull trap. Although, a break of 52 week highs would prove that theory wrong. It’s still best to stay neutral on GLD for now. Too much smart money on both sides of the trade.

Alcoa (AA:NYSE) This bellweather NYSE stock is slated to report earnings and no matter what the result is, the news will be strongly debated by the talking heads. Let Alcoa give you the read, don’t try to read Alcoa.

SavWatt USA (SAVW.OB) This green, sub penny play has really heated up on the IHUB message boards, where it is currently the most active. There is a gap to fill on the downside, but momentum could build if longs and penny stock scalpers load up after the weekend. Add SAVW to your sub penny stock list.

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NFLX, JAMN, BAC, CHK, RYUN

Netflix (NFLX:NASDAQ) It seems like Cramer has been right and the shorts have missed a beat. NFLX is now squeezing shorts on news of streaming in Latin America. The $300 handle could be a battleground level for longs and shorts. Remember there is a ton of smart money on both sides of this trade, so it may be best to sit on the sidelines.

Jammin Java (JAMN.OB) The coffee stocks are relatively flat today and so is JAMN. It seems like the bloom is off the rose on this once hot penny stock. JAMN should be on your penny stock list, but it’s starting to seem like existing longs are in their hope and pray phase.

Bank of America (BAC:NYSE) This is another stock that has conflicting opinions. The longs like the potential breakup value and the shorts feel there may be another shoe to drop. It seems like the $10 psyche level has been defended, but there have been issues breaking $11 on strong volume. Remember, BAC is a tough one to trade, so only look at the long side from a longer term perspective.

Chesapeake Energy (CHK:NYSE) CHK was a darling and then a dog, and now it’s becoming a darling again. Shares have been strong recently and there seems to be only a little bit of resistance before the $34 level. Just remember, natural gas plays can change course on a dime.

Respect Your Universe (RYUN:OB) RYUN is a “new deal” and has an MMA twist on it. Shares have performed well with promotion in the last few days, but on a technical basis, there are gaps to be filled on the downside. Stay tuned for a RYUN highlight in the near future.

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CDIV, BAC, POT, HH, BAC

Bank of America (BAC:NYSE) Today’s news of the $8.5 billion settlement and a strong market created an upward move. However, BAC is still in a downtrend, and isn’t out of the woods just yet. This still might be a good buy for investors with a long term strategy, but with so much event risk, there seems to be better banks to trade for the short term.

Potash (POT:NYSE) The Ag’s obviously have looked strong this week and POT has always been a darling of short term traders. But, there is a potential double top formation on POT and it’s just slightly above the current level. This chart pattern should be factored into your trading strategy, but a breakout is very possible.

E-Commerce China DangDang (DANG:NASDAQ) We recently issued a piece on Chinese reverse mergers and most investors know that there is a dark cloud hanging over many stocks headquartered in China. Today, DANG did buck the trend. This once hot IPO rallied nicely today and the news of the stock buyback and insider buying certainly won’t hurt.

Hooper Holmes (HH:AMEX) We highlighted this AMEX penny stock a little while back and after a nice pop, HH seems to be basing again. Hooper Holmes was a stock that was followed by several major brokerage firms and was once in the double digit range. Put HH on your AMEX penny stock list because it is in the midst of building a two year base. Remember, when the base is long, sometimes the upward move is larger.

Cascadia Investments (CDIV.PK) I know we mention this one often, but you sort of have to if you follow penny stocks. Shares of CDIV have not shown much life since the stock reopened from it’s halt. Volume was less than pathetic today and it seems like the activity in CDIV might be reduced to tax selling.

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KKD, JCOF, MMI, MCP, WTFS

Krispy Kreme Doughnuts (KKD:NYSE) KKD set a new 52 week high on higher than average volume, but didn’t test the $10 handle and somewhat lacked the end of the day surge that is generally seen by stocks that are breaking out. Keep an eye on this one leading into the Dunkin Brands IPO, and if you are a true speculator, KKD also has warrants.

Javalution Coffee (JCOF.PK) This high flying pink sheets penny stock came in over 8% today after a furious multi-day rally. We wrote a comparison piece earlier in the day comparing JCOF to JAMN. Shares of Javalution could still have some life if the coffee stocks remain strong. However, it’s best to watch for now, but add JCOF to your penny stock list.

Motorola (MMI:NYSE) Is it me ? Or is Motorola starting to trade like a higher priced Nokia (NOK:NYSE) ? Shares violated lows on the weekly chart and may remain weak unless there is some sort of positive catalyst. Looks like a good one to avoid from the long side for now.

Molycorp (MCP:NYSE) One day the rare earth stocks are hot and the next day they are not. Even at these reduced levels shares of MCP remain risky for longs and seem to be stuck in no-man’s land. Congress could help though, if a strategic rare earth reserve bill is brought to the floor of the House.

Xinde Technology (WTFS.OB) We issued a piece on WTFS and some of the risk involved in Chinese reverse mergers a few days back. It is common knowledge that Herb Greenberg of CNBC is bearish on the concept of these foreign names, but today, there was an even more negative, WTFS related article out of hotstocked.com. It touched on the expensive stock promotion of Xinde. Shares imploded and closed down over 36%. This one seems even too risky for long biased penny stock scalpers to play

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