Commerce Planet continued its inevitable march to $2 this AM with a nice break out on news of one of the company’s division’s accelerating growth.
The stock is becoming fairly predictable- surge up, a little pullback, a “cup” formation, and another breakout.
If you are still looking to accumulate this stock, I would not do so today. I would wait for a pullback and a little quiet trading.
Here’s the chart from the last BLOG I published on this company:
This BLOG was published on September 25th. Notice I pointed out the 61.8% retracement at $1.20 as the ideal point to buy the stock if you wanted to continue to accumulate. You have to give me a little credit for calling the ideal entry level in the past few weeks.
Fast forward a couple of weeks: Here’s today’s chart
Here’s what I want you to see in this chart. The horizontal blue line I drew in the chart is the same one I drew in a previous chart. I stated once the stock had broken above the level it had cascaded down to in July of ’05, it was pretty much inevitable it would head back to the top of the beginning of the drop.
It is headed there now. Today, the company announced their Legacy Media division was growing more rapidly than anticipated. The market responded with 620,000 shares of volume in the first 2 1/2 hours of trading, and a another new multi month high.
Today’s market reaction tells me the following- the market is keyed in on numbers for this company- any hint of improving numbers brings out buyers.
I believe October will be the last chance to accumulate this stock under $2- I believe it you want to own it for that move, you need to own it before Q3 numbers come out.
However, I wouldn’t accumulate now- wait for a pullback. I can’t wait to see this stock print at a new all time high.
Comments and questions are welcome.
With the Annual Meeting scheduled for next Tuesday Oct 10th, would the company announce preliminary 3rd qtr numbers before the meeting? Then they could discuss 3rd qtr financials at the meeting.
Skip
Editor: I suppose they could announce some preliminary numbers, but final numbers are unlikely. I would guess it won’t happen, but you never know.
I receive a notice from
Chas. Schwab about an annual meeting 10/10. I have been trying to contact the company for info. No luck. No phone listed. Emails not answered. Go to their web site and try to read their address and phone number. What gives?
Editor: The best place to look for a phone number is at the bottom of the press releases. Since you brought this up, I noticed for the first time they do not have one. I will follow up and see if I can get a number for a representative. I will also advise them they should have someone in place.
Thanks for the advice with CPNE. I made over $35,000 in a couple of months! And it’s still climbing! I would like some feedback on another stock- XXXX. The stock has never had a down day in two years. I don’t understand it!
Editor: sorry- I xxxx’d out the other stock. I don’t follow it, and don’t know anything about it, so I couldn’t comment. In the BLOG, I really don’t like to stray from the subject stock of that section unless it is a competitor that relates to the covered company.
Ugly 10-10-06, did they say something bad at the meeting?
Editor: Just posted a BLOG- my view is published- outstanding buying opportunity.
Commerce Plannet went all the way to 1.35/share. What happened? I bought some but should I be concerned.
Editor: Just posted a new BLOG- my view is published- outstanding buying opportunity.