Trading Alert for 11/3/2011

One symbol to trade tomorrow - old friend of us - $RTK. If you think the chart is overbought, think again - it's a strong momentum play and the game is likely to continue in the near term. Forgot to mention, I hold $RTK (small position) already for my mid-to-long term speculative portfolio. Tomorrow will add significantly, just for a quick trade in my pennystocks100 strategy.

Shares of alternative-fuels company Rentech got a lift after the company revealed the terms of its nitrogen fertilizer business IPO. It hopes to raise around $250 million by selling 15 million units at a price ranging from $19 to $21 a stub, and will trade on the New York Stock Exchange under the symbol "RNF."

Rentech is focusing on developing cleaner-burning jet fuel made from plant-based biomass, but its gasifier project got cut out of the financing loop by the Energy Department this summer, sending its stock barreling lower.

When it goes public, Rentech will own 60% of Rentech Nitrogen, which had $176 million in sales for the 12 months ended in June, and will see it compete against such established players as CF Industries and Mosaic