MeetMe, Inc. MEET
Yesterday we tagged MEET for the first time since last year, and our timing in turning our attention back to it was excellent. On the strength of improved Q2 guidance published in a premarket PR, the stock made a healthy intraday move.
From a morning low of 1.66, MEET went on to hit an even 2.00 high toward the end of the session; a 20% swing. Volume was excessive, on the order of roughly 22x the 3-month average. Ideally, we need to see MEET maintain support at or above the new 200DMA of 1.74 on any pullbacks in order for us to remain interested.
The MaryJane Group, Inc. MJMJ
At the end of last week we were monitoring MJMJ for a bottom, After coming up off its bottom on Tuesday and providing us with a quality opportunity, MJMJ continued to perform well with a nice intraday surge.
The stock made its way from an early low of .0036, and managed a subsequent high of .0055; a hefty 53% move.
From our observed low of .0027, we’ve seen an overall increase of 104% over a period of just a few sessions. With many cannabis stocks beginning to show increased signs of life lately, we’ll be sure to continue monitoring this play and others in the sector.
Cleveland BioLabs, Inc. CBLI
We want to keep an eye on CBLI after this morning’s big announcement (link below), which has essentially caused the stock to enter into Blue-Sky Breakout mode this morning, cracking through its 200DMA of 5.35 in the premarket. If it can maintain that 200DMA as support on an early pullback, we could see added increases.
Regardless, whenever we run across a stock in this position we’re always on the lookout for dip-and-rip scenarios to occur after a consolidation. It’s a pattern that we’ve seen played out time and time again.
Pazoo, Inc. PZOO
We also noticed a PR published on PZOO for the second consecutive day. After yesterday’s big announcement that the company had fully acquired MA & Associates’ marijuana testing business, today we learned that the company’s other subsidiary has signed a new, potentially lucrative distribution agreement.
Pazoo is another company that falls under the category of those doing everything they can to capitalize on the ever-expanding marijuana sector. It has remained extremely active in pursuing that goal over the entire time we’ve been tracking the stock.
RXMD, MHR, PTNT, RXII, BWEN, INVT