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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