I know, not much posting going on here. That’s because there’s not much trading going on. I’ve been watching a full board of stocks every day and they aren’t moving.
I see momentary rises but they are always quickly knocked down by profit takers. Looks to me like traders are so panicked they’re afraid to keep their money in the market. Scared rabbits!!
One of my clients mentioned that the profit taking could be due to US tax season and people need their cash to cover gains made last year. Anything is possible.
I saw nice action on a couple of my picks, CBTE hit a nice high and CHCG is mid-way through a nice run-up (probably cash out late summer or fall).
My other penny stocks are just sitting around though. People keep asking me if my position has changed and I’m still long on these:
- AMHI - reduced their costs and started turning a profit. just waiting for positive financial news.
- IFLI - only long because its cheap. its a good product but definitely risky. they have tons of press releases and news coverage, so growth will depend on profit.
- ABDS - strong company, newsworthy product line. it needs to start making a profit and the stock will run. right now though i’m not sure the company knows how to make a profit.
- BLTA - when oh when will the FAA approve? this one is risky but could explode if they get their approval. seems like the company expects it, since they even rented part of a terminal at JFK airport. FAA approval will mean 2 or 3 points. FAA denial will bankrupt the stock.
So, in summary, I haven’t been trading. Just holding my positions and waiting for these furry freaks to calm down and start investing again.
Oh yea, and its a great time to buy cheap houses if you are in the market. American house prices are down 15-30% from last year. Will probably be a few years before you can flip them though, since no banks are issuing mortgages anymore. Have fun!
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