Wednesday, October 21, 2009
Oct 20, 2009: NEOM rallies on settlement news
Here is another penny-stock that fits my Supernova-candidate profile: NEOM rallied on the news of a settlement and license agreement with Scanbury Inc. The price had a 60% spike as the volume exceeded 200M shares. As the day chart above shows, NEOM may be a turnaround story. The news appeared on Business Wire at 2:09pm EDT -- as the intraday chart shows, a very robust rally was fully underway at that time. So these stocks need to be traded on technical indicators which in this case would have been fairly unambiguous.