$LEE - symbol to trade on Monday. Lee Enterprises (
LEE) is extremely oversold. Action on Friday was a short covering reaction on news several days ago that Mary Junck, the company CEO according to
SEC filing bought 100,000 shares. Also the company officials said late Monday last week that because of market conditions, it’s decided not to proceed with a
planned private offering to refinance about $1 billion in debt that’s due next year. So, the company management feels they have enough time and they are probably right. We should definitely have at least one strong bullish run up, until the dust is clear.
3-min chart shows a pullback on a very weak volume from the Friday highs which could suggest a continuation on Monday morning and provide a nice entry point (unless it gaps up above the previous day highs on $1.30)
Symbol: $LEE
Backtest Strategy: Pennystocks100 (5 min chart)
Period: May 13, 2010 - May 13, 2011
# Win: 0
# Loss: 0
Winners: 0%
Profit-Loss%: +0%
By the chart the stock looks weak.
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