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The Market's Mood |
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I wrote about this a week ago, but
it's worth looking at again in light of today's action. We're in a period
of consolidation, and the stock market is simply grumpy.
We're almost past earnings season,
and the tone of the market has changed rather dramatically since the Q3
'09 reports. Let's review, and get a little historical perspective.
Cast yourself back to the summer
of '08. August was the start, and October to December marked the worst
90 period in the history of the stock market- and I'm talking back to the
first stock trades in the late 1700's at Jonathan's Coffee house in London
(more on that later- there's a great story). True, the market fell farther
during the Great Depression, but that was over a period of years- not months.
It was an absolute blood bath.
Jan to March of '09 was characterized
by a lot of sideways, choppy trading as we then set up for one of the greatest
nine months in the history of the stock market.
As if to intentionally prove out
Newton's Laws of Motion (for every action, there is an opposite but equal
reaction), the market delivered one of the best 10 months in history from
March of '09 to January of '10- the top being January 19th to be precise.
Now, the market is simply in a bad
mood, and looking for reasons to blow off. Today's jobs report put the
market in a foul mood along with the wrangling in Washington on the health
care bill.
Today's Wall Street is a bunch of
"Glass Half Empty" guys. The market is looking for excuses to do
what it has to do- either head down and complete a correction in a hurry,
or trade sideways for an extended period of time. After one of the best
10 months in the history of the stock market, Newton's Laws of Motion still
apply.
I keep going back to the earnings
releases for Q1 numbers- 80% of tech companies beat, but nearly 100% of
the stocks went down after earnings. This is pretty simple stuff- the market
just needs to consolidate for a while. The stocks in our universe are simply
treading water on lighter volumes, storing up their energy for the next
surge.
Sideways for a while or down in a
hurry- getting it over with quicker would be my preference, bit either
way it's natural for the market to have a "Glass Half Full mentality for
a while.
Later this year there will be plenty
of profts to take.
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Legend Media (OTC BB: LEGE):
Getting the MO Back |
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I reincarnated Legend Media
on Monday, and the stock has had a very decent week. This China based advertising
company is coming off the canvas after a protracted absence from the proverbial
penny stock cross hairs, and we're off to a decent start.
As I recounted in Monday's edition,
I felt LEGE was going to start attracting interest, and I haven't
been disappointed the first week out of the gates. On Monday, the stock
traded nearly 1/2 million shares after being deathly quiet for some time.
Tuesday we hit the 130k mark, followed
by 229k on Wednesday, and 200k today. For a stock that was barely trading
two weeks ago, it appears some real interest has begun to surface.
LEGE is proving out my belief
the company is gaining momentum and has a good shot and both top and bottom
line growth. The company announced another new contract today post close,
and it's with another real estate developer.
LEGE has signed nearly $1/2
million in new advertising contracts this week alone. For a company annualizing
at about $10 million, that's a great week.
I still suggest this stock should
be accumulated in the $.25 range for reasonable upside. I would suggest
a GTC limit order, so you get in at the right level on a pullback.
Stand by for further updates. I like
what's developing here. The daily volume is increasing with a nice surge
this week in both price and volume, and the company is starting to deliver
new business.
Here is the latest news for your
review:
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Legend Media's
Subsidiary Enters into Advertising Contract with Sinobo Group for RMB 1,050,000
(US$153,733)
Press Release Source:
Legend Media, Inc. On Thursday February 25, 2010, 4:01 pm
BEIJING, Feb. 25 /PRNewswire-Asia/
-- Legend Media (OTC Bulletin Board:LEGE.ob - News) ("Legend Media" or
"the Company"), a Chinese multi-media advertising company, today announced
that the Company's subsidiary Beijing Yin Se Ling Dong Advertising Co.,
Ltd. has signed a contract with Sinobo Group in the amount of RMB 1,050,000
(approximately US$153,733 based on the exchange rate as of the date of
this press release) for the advertising of its Heritage Estate Project.
Sinobo Group, established
in 2005, is a diversified corporation mainly engaged in the development
of energy and real estate, with its headquarters located in Beijing, China
and a number of branches in and outside China. Real estate development
is one of Sinobo Group's core businesses. Its representative investment
and developments projects include Latitude 40 Degrees N, a residential
project in Chaoyang District of Beijing; Heritage Estate, a residential
project in the humane community of Haidian District, Beijing; Xinhuamao
M-TOWN, a new landmark project in the business center of Tangshan; Sanya
Hongtang Bay, a tourism real estate project in Sanya, China; and City Scenery,
a high-class apartment project in Scottsdale / Phoenix, Arizona.
Mr. Ju Baochun, Chief
Executive Officer and Director of Legend Media, commented, "It is very
exciting for Legend Media to embark on an advertising campaign on behalf
of Sinobo Group and their Heritage Estate Project. We anticipate that through
our strategic nationwide channels we will be able to increase public recognition
of their great residential community and bring value to the project and
company as a whole. This contract is further validation of Legend's success
as a premier advertising company in China and its continued growth going
forward."
About Legend Media
Website: http://www.legend-media.com
Legend Media, Inc. (OTC
Bulletin Board:LEGE.ob - News), headquartered in Beijing, is a leading
China advertising company focused on selling advertising that reaches affluent
consumers in China through major airline magazines and radio channels in
key districts of China. The Company currently owns an exclusive sales agent
contract for Expression, the airline magazine for Hainan Airlines Group
(HNA Group). With the execution of the policy of building Hainan into an
International Tourist Island, there will be more business opportunities
for the airline magazine. What's more, the airline magazine is distributed
to a network of the subsidiary hotels of HNA Group, which enables the airline
magazine to reach 20 million direct readers and cover 30 million to 40
million readers indirectly per year.
Aside from the main business,
Legend Media owns two radio stations in Tianjin and Xi'an. The execution
of the policy of developing the Ring Bohai Economic Circle brings Tianjin
opportunities to further develop, enabling radio media to have great growth
potential. Xi'an is an old city in China and with the development of Xi'an
economy, the radio business of Xi'an will have new business opportunities.
Legend Media will continue
to develop a sales network and strive to cover and eventually reach the
most valuable direct advertisers in China and expand the sales business
of the Company through the acquisition of new and good-quality media.
Safe Harbor Statement
This press release contains
certain statements that may include 'forward-looking statements' as defined
in the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are often identified by the use of forward-looking terminology
such as "believes, expects, anticipate, optimistic, intend, will" or similar
expressions. Such forward-looking statements involve known and unknown
risks and uncertainties that may cause actual results to be materially
different from those described herein as anticipated, believed, estimated
or expected. Investors should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. The
Company's actual results could differ materially from those anticipated
in these forward-looking statements as a result of a variety of factors,
including those discussed in the Company's periodic reports that are filed
with and available from the Securities and Exchange Commission. All forward-looking
statements attributable to the Company or persons acting on its behalf
are expressly qualified in their entirety by these factors. Other than
as required under the securities laws, the Company does not assume a duty
to update these forward-looking statements.
For
more information, please contact:
Lauren Milner
American Capital Ventures
Tel: +1-305-918-7000
Email: info@amcapventures.com
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