NAUGHTY NOTES-SHORT TERM STOCK TRADING IDEAS Message Board

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Microcap & Penny Stocks : NAUGHTY NOTES-SHORT TERM STOCK TRADING IDEAS

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To: NAUGHTY NOTES who wrote (517)	5/28/1999 9:18:00 AM
From: CIMA	Read Replies (1) of 751

The Internet & Casino Stock Report May 28, 1999 Market Overview: Stocks shrugged off positive news on GDP growth and instead focused on rumors that the Fed might soon move to raise interest rates. The Dow lost 235 points and the Nasdaq fell 8. The tech-laden Nasdaq held up well considering the Dow's breech of the critical 10,500 level. However, we tend to believe such vigor in Techs signals short-term selling exhaustion rather than some inherent sign of strength. As traders head to the Hamptons we expect light, yet volatile, trade tomorrow. The beginning of June and the return of traders on Tuesday offers a glimmer of hope and a potential turning point. Casino Issues: GIC Global (GGNC) broke through support at $2 and fell 16% to $1 5/8. We bid for additional shares at 1 5/8 but were not filled. Often these sharp spikes through support reverse themselves during the following trading day. Very often these bouts of panic selling are brought about by market makers attempting to accumulate shares inexpensively. These shares will then be sold to the public on the next leg up. Let's hope that's the case here. Competitor Starnet Communications (SNMM) closed at 9 9/16 and remains in a trading range. Volume was a mere 150,000 shares. Concerning the casino stocks: Apparently traders have bigger fish to fry. Stocks to Watch: Mortgage Bankers Holding Corporation (MBHC): The stock gained 31% today to close at 38 cents on volume of 493,000 shares. Considering the general market tone we consider this quite an impressive move. The chart suggests further upside on the current rally. Short-term resistance remains at 50 and 60 cents. We have also noticed a renewed buzz around this stock at favorite penny pick websites such as www.bobz.com and www.kingfine.com If you feel strongly about a certain stock we suggest that you to visit these sites and post your opinions. However, for the benefit of all, we urge you to post only factual information.

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