The markets finished solidly in the red today, although they did bounce off of the lows of the session during the afternoon. Something that is troublesome though is the the harsh retrace in the Russell 2000. This index has been leading the market higher during the last 2 years and we don’t like seeing it fall so hard. We’d certainly like to see the index hold support at its 50 day moving average right around 825.
The bearish tone today was brought on by the fact that ADP employment rose at the slowest pace in months. Adding fuel to the bearish fire was the ISM services index for April, which also disappointed. Even a combination of M&A activity and decent earnings reports were not enough to tip the scale in the bulls favor. On days like today, we’re thankful there’s a penny market.
The big winner of the day today was ICBT as the stock moved over 150% from when we put it on watch @ 0.001. Not be outdone, BCCI continued to shine from one our members alert on Friday @ 0.03. The stock has now returned over 150% from his call (this is why you need to join us in our chat room!). For the small cap players, ORS continued higher after spiking yesterday, up over 25% at its high. Finally, VNTH was called late in the day @ .34 due to a huge block trade of 600,000 shares @ 0.297 that we noticed. The stock closed @ .418 and we think this could be the start of a big awareness campaign for the stock.
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