Friday, October 1, 2010
IGSM - The Accumulation Continues
IGSM has been on a rampage, and I still think this story is unfolding. The chart looks nothing short of spectacular. How many penny stocks have you seen post 7 straight days of gains? It's unheard of. IGSM has defied the odds In a market where stocks are held for minutes, or a few hours, This tells me all I need to know about this stock. For it to be closing higher in each of the last trading sessions
Those hitting the bid today were the same traders selling BFHJ for $.0007 - $.0008 a few weeks ago. They have little patience and can't spot a winning stock if it hit them square in the face. IGSM has all the characteristics of a winning stock, most notably an attractive share structure.
With only 199 million shares in the market, traders know exactly what they are getting into with each purchase. I think the share accumulation that has been going on will finally reach a head early next week, possibly as soon as Monday. We saw a little of it today when light buying volume pushed us to the high of the session. The market maker reaction was to eat every bid down to $.0028. It was amazing to watch, even more amazing was how IGSM bounced back. It showed tremendous resiliency at a point where a weaker stock would have crumbled.
I can see this stock making a quick move higher on Monday, just as it did today. I am looking for the $.004 break and a chance to see $.005 on Monday. If the accumulation continues we could see $.01-$.015 by mid-week.
Let's face it. There are not many shares left to go around. We've all seen how high a stock can go when the entire float is accounted for. We should find out just how high IGSM will go next week.