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OTC Journal Members:
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Market Comment |
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Wow!!!!!!!!- Today
was the largest percentage gain, the highest point gain,
and the highest volume day in the history of the NASDAQ.
The NASDAQ was up 273.97 points, closing just under 2900.
They're calling it the Bush bounce
and the Greenspan Gain. Yesterday evening's ruling from the Florida
judge paved the way for putting the election controversy behind us. Later
in the day Alan Greenspan indicated he was concerned about a softening
economy, leading investors to believe interest rates would be coming down.
Although today's rally brings some
much relief to badly battered investors, there is still a lot of damage
to repair. The carnage in the technology and small cap arenas is so deep
it will take months to get back to anything resembling former valuations.
Don't expect the market to rocket
straight up from here. However, we do feel the tide has turned back to
an upside bias. We are still in a bear market and will be until the NASDAQ
gets back to the 4000 range.
On pullbacks we will be using our
resources to find Trading Alerts in larger cap names on behalf of
our members over the remainder of December. Microcaps will still be under
some pressure until January when tax selling ends. MicroCaps should be
able to exhibit dramatic gains once tax selling pressure abates.
Here are updates on two of the companies
we follow which have been in the news lately:
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Visa
Gold Explorations (CDNX: YVL) |
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Despite horrifying market conditions
until today, Visa Gold has been trading well due to very high profile
press coverage on the company's recent accomplishments.
Under a comprehensive, international
contract reached with the Cuban government in February 1998, Visa Gold
Explorations has exclusive rights to search for shipwrecks in the depths
of Cuba's waters. Since May 2000, the company has located two sites, and
has recovered many valuable artifacts from the shipwreck site of the “Palemón”.
Last Thursday night Reuters
issued a newswire article from Havana, Cuba, which spawned a flurry of
media coverage for Visa Gold's lucrative discovery of more than
6,500 artifacts. Articles in Canada's Globe & Mail, Toronto Star,
Calgary Herald and the Ottawa Citizen helped bring valuable
credibility to the Visa Gold's salvage efforts of the 19th century
Spanish shipwreck off Cuba's northern coast. Reuters heralded the
company's fertile find that included gold jewelry, diamonds and other items
that might soon find themselves in museums and in the collections of the
super rich.
The press coverage sparked interest
in the stock. It traded over 100,000 shares both Thursday and Friday, and
is holding up in the $.70 CDN range.
This could become an exciting stock
as the value of the antiquities they are uncovering becomes known. US investors
who wish to purchase need to call their discount brokerage firm- The stock
trades on the CDNX exchange in Canada. Most firms don't offer on-line
trading of the shares.
Click
here if you wish to read the entire text of the Reuters'
release.
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IQrom
Communications, Inc. (OTC BB: IQCO) |
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IQrom is one of the badly
battered technology companies we follow which could rebound dramatically
from current levels. The stock was at $10 back in June when we first launched
our profile, and has been beaten down to a low of $.94 in recent weeks.
The stock is beginning to recover
and has found its way back to the $1.50 range as a result of recent contract
announcements.
Today the company announced the signing
of a contract with The Ritz-Carlton Huntington Hotel and Spa in
Pasadena, California. IQrom has been contracted to develop and produce
a revolutionary CD-U(TM) Card
(CD Updateable) to supplement
and ultimately replace its conference services brochure on behalf of the
Ritz-Carlton. Click
Here to read the full text of the press release.
In a recent meeting with management
we learned that the company has a substantial flow of new smaller contracts.
Cash flow is adequate to meet the company's immediate needs. There are
potential major milestones on the horizon, and we are hoping for breaking
news soon. Time will tell if they come to fruition.
IQrom designs and markets
credit card sized CD Roms which have a unique and proprietary updateable
feature. The card has the ability to update its content directly from the
Internet when in the CD Rom drive of a computer.
Expectations were very high for this
company back in the summer, but lead times on new contracts have proven
longer than anticipated. This one could be getting ready to turn the corner
to the positive side after several months of disappointments. Stand by
for further developments.
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