The Dean’s Top Penny Stock For 2009 Is Red Hot
April 30th, 2009 at 6:39 am Posted by The Dean
WWAG closed up 50% yesterday on record volume right after I emailed all students about their historic news release. In case you missed it, WWAG announced that its wholly owned subsidiary World Wide Auctioneers will host its first construction equipment auction ever in North America this year, and in a prime location.
In my opinion a lot of yesterday’s volume came from very large institutional buyers and I really doubt they’d take their entire position in one trading day. Usually when ‘whales’ take a position in an illiquid stock like WWAG they spread out their buy orders over the course of a few days. If I’m correct… this means the buying will continue and if/when WWAG breaks out above its resistance level, it could be trading above $1 in mere days.
I’m able to say this with conviction purely based on the historical chart below. The last three times WWAG traded more than 10x its average volume the stock traded above $1.
Despite what the SEC requires me to put in my legal disclaimer, past performance usually is a good indicator of future results. History does tend to repeat itself and, although I could be wrong, I think WWAG will soon trade above $1 if the surge in volume continues.
Explosion of volume yesterday for WWAG
Volume today is around 300,000 shares and it is up 17% which is another big day esp. since it was up 50% yesterday why is the volume picking up so much?
Woah closed at $0.37 nice