Volatility. That is the name of the game in penny stocks. Stocks you thought were heading for the sub-basement can turn on a dime and head for the roof. Others that were supposed to be the next big pump fizzle midway. It all comes down to volatility and liquidity. It is what penny stock traders thrive one.
On the broader market today, the major indices did a sharp 180 when housing numbers came out that did not meet expectations. While most analysts were looking for a jump, instead they received a decline. A majority of the sales to were to investors as everyone now is trying to guess the bottom to maximize their ROI.
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Penny Stocks to Watch
NeoMedia Technologies Inc. (OTCBB:NEOM) has rallied nearly 80% in midday trading and is currently trading at $0.0351. NEOM has had a very volatile week as it jumped from $0.013 to $0.055 late last week. The stock then fell from $0.55 to $0.02 over the past two days. Today, traders are bouncing the stock as it became oversold. NEOM has seen massive volume so far today with 134 million shares traded, above its daily average of 23.8 million shares.
Sunpeaks Ventures Inc. (OTCBB:SNPK) continues to be one of the heaviest traded stocks on the OTC market. SNPK was the latest pick from one of the biggest promotional newsletters. When the pump first started, SNPK quickly flew out of the gates from $0.40s to $0.72. The stock then traded flat for a few days before quickly falling into the $0.30s and since then has bounced back to where it is currently trading. Sunpeaks Ventures continues to release news at a steady pace as well with the latest announcement that Clotamin will be sold at Navarro Discount Pharmacies. Over 7 million shares of SNPK have been traded so far today and it averages 32.4 million shares a day.
Talon Therapeutics (OTCBB:TLON) is up 21.61% in midday trading at $0.90. TLON hit an intraday high of $1.12 earlier today. Volume is extremely heavy today with 2.4 million shares traded, well above its daily average of 204 thousand shares. TLON shares jumped today on news that an FDA panel voted to back its leukemia treatment Marqibo. The company has a market cap of 19.62 million.
Atrinsic, Inc. (PINK:ATRN) is down 16.38% today at $0.0970. ATRN is continuing its downward trend today and is down from a high of $0.30 in late February. ATRN has traded 4.4 million shares so far today and trades about 20 million shares a day on average.