As U.S. Stares Down Fiscal Cliff, Washington Continues To Bicker

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You can read the original version online: ——————————————————————————– December 23, 2012 Week In Review…

Week In Review For December 17 to December 21, 2012 Canadian Technical Penny Stocks To Watch This Week:

* Golden Minerals Company (TSX:AUM) * Bankers Petroleum Ltd. (TSX:BNK) * Sierra Iron Ore Corp. (TSX-Venture:NAA) U.S. Technical Penny Stocks To Watch This Week:

* AK Steel Holdings (NYSE:AKS) * Dyax Corp. (NASDAQ:DYAX) * ShoreTel Inc. (NASDAQ:SHOR) This week on

* Article Published, December 18, 2012: netTalk Growing Revenue Through VoIP Technologies and a Fresh App ( (U.S. Company) * Article Published, December 19, 2012: Spackman Equities Group Sells Back Shares of Intech ( (CDN Company) * Article Published, December 21, 2012: Mindpix Live Streaming Concert Celebrates End of Mayan Long Count Calendar ( (U.S. Company) Video charts for the week:

* December 19th Technical Video Chart For BNK:CA. The Bankers Petroleum chart has been steadily rising off a strong support at $2.35 cents. The PPS is now caught between the converging 50 and 200 day moving averages, positioning the chart in a unique spot to try and make a move towards the next resistance at $3.45. view:

( ).

* December 19th Technical Video Chart For ONVO. A spike in volume on Tuesday has the Organovo chart on radar for a breakout of a tight channel with resistance at $2.25. A move in September took shares as high as $3.39, a point that traders will be looking for again. Click here to view: ( ).

Featured Link: ( – Offering Free U.S. and Canadian technical analysis charts, buy/sell ratings and stock screening tools for over 15,000 stocks utilizing technical analysis techniques such as candlestick charting, technical analysis indicators as well as volume and trend analysis.

WEEKLY UPDATE – STOCKS STRUGGLE TO HOLD MODEST GAINS AS FISCAL CLIFF DRAWS NEAR This past week featured a flurry of economic data from both the United States and Canada that by large was better than expected, but still carried undertones of economies struggling to fight through high unemployment. Consumers opened their pocketbooks as the holiday season is upon us, suggesting that consumers aren`t paying much attention to macroeconomic conditions, but this is really just a product of the nature of people, not a sign of strength of the Canadian or US economy. Canada`s housing market is definitely signaling that it has topped and could be ready to begin a stark retrenchment. Gross domestic product in the Great White North is stubbornly slow. Stateside, the data was a bit more optimistic with the housing industry still showing strong year-over-year growth while manufacturing data has shown resilience in the aftermath of Hurricane Sandy blasting the eastern seaboard late in October.

Realistically, though, the economic data was just a side note to the so-called “fiscal cliff” in the United States that is the single, largest market driver currently. The story this past week was nearly the same as the week prior. Early in the week, the markets rallied on interpretations that policy makers in Washington were drawing closer to a deal to bridge the impasse to agree upon a new budget to avert the fiscal cliff, a batch of automatic tax hikes and spending cuts that will strip about $600 billion from the fragile US economy on January 1. Many economists, along with Federal Reserve Chairman Ben Bernanke, have warned that if Republican and Democrats cannot agree upon new policies to avoid the cliff that the US is in serious jeopardy of seeing unemployment surge and the country spiral into a recession in 2013.

Hopes that progress was being made amongst lawmakers hit a wall on Wednesday to end a two-day run as the White House warned that they would be vetoing House Speaker John Boehner`s backup plan for budget changes. Those threats didn`t amount to much as on Friday House Republicans abandoned a scheduled vote for “Plan B,” a proposal that would have raised taxes on households earning more than $1 million while extended tax cuts for households making less than that amount that were put into effect by former President George Bush. In a statement, Boehner said that the plan was aborted because the House lacked “sufficient support from our members to pass.” The markets response was exemplified by a 120 point dump in the Dow Jones Industrial Average.

John Boehner offered to extend the debt limit for a year in order to reduce the deficit and suggested that Republicans were open to imposing higher tax rates on the wealthiest Americans, although the Democrats said that the offer didn`t go far enough. In other signs of limited progress, President Barack Obama responded to the offer with his own compromise on both tax increases and spending cuts. However, none of the comments have done much for the stalemate.

The pattern is pretty simple. Any speculation that a deal will be reached and the markets rise sharply. Any concrete evidence (which has come regularly) that Boehner and President Barack Obama can`t agree and the markets sell-off. It`s a simple concept and has taken a firm grip on Wall Street, regardless of economic data. It is so powerful that Friday, a day which would typically be marked by low volumes because of the holiday early this week, was the highest volume day since March 16 and third-highest volume day of 2012.

Hopes are not high for a deal next week either as talks appear stalled with no votes scheduled to happen. Although both parties have repeatedly said that they are open to negotiations, no real bi-partisan activity has surfaced and neither party seems to have budged on their contentions about how to change the budget. Further, both the House and Senate are planned to adjourn for the holiday until Thursday, leaving only a handful of days to strike a deal before January 1 the following Tuesday. The state of urgency rattled the markets for the second half of the week and crippled consumer sentiment. Somewhat amazingly, the blue chip indices managed to eke-out gains for the week.

Economic data will be light this week with housing information making up the largest potion of fresh statistics. Those figures are expected to show continued recovery of the US housing market, which should not come as a big surprise. Indeed, the biggest market moving activity will be centered around the fiscal cliff once again as the trading year winds to a close. Washington better figure out a way to kick negotiations into high gear.

The US dollar gained ground on its Canadian counterpart after a series of weekly losses, fueled in part by a sharp decline in the loonie on Friday that took the CDN to near one-month lows compared to the USD.

Early in the week the loonie, nicknamed for the aquatic bird on the $1 Canadian coin, had found strength on international securities transaction data, but lost steam on weak gross domestic product data late-week. The fiscal cliff talks finding no resolve again this past week also weighed on Canada`s currency as it could impact transactions with the US, its largest trade partner. While the USD gained on the Canadian dollar, it took a strong Friday to pare losses against other major world currencies. The ICE dollar index, which measures the USD against a basket of world counterparts, edged ahead by 0.05% for the week. Head-to-head, Canada`s dollar shed 0.93%, or $0.0077, against the greenback, meaning next week will begin with one Canadian dollar buying US$1.0067.

Commodity Snapshot:

* Gold futures caved through a key support level this past week as fiscal cliff concerns stoked selling of bullion for three straight days before some short-covering and bargain buying gave a rise to the precious yellow metal on Friday to pare steep weekly losses. The Tuesday – Thursday nosedive took gold futures from $1,700 per ounce to $1,636, marking a four-month low for gold. Gold prices have now fallen for four straight weeks. February contracts were the most actively traded last week, falling by $36.90 per ounce, or 2.17%, to $1,660.1.

* Silver futures, also sizzled lower, hitting the cheapest levels since the third week of August as investors abandoned precious metals amidst budget worries, soft commodities sentiment and weak fundamentals. Technically, silver also fell through a support level at $31, sparking a spike in selling volume and a loss of $1.37 per ounce on Thursday. Silver for March delivery was the most actively traded; declining 6.49%, or $2.096, to $30.203 per ounce.

* Copper prices weren`t spared either in the broad metal sell-off midweek. Copper had been rising over the past six weeks on increasingly better data on manufacturing in China, the largest consumer of copper in the world, but a lack of data from that country this past week provided no catalyst to offset swelling copper inventories and budget worries in the US. March contracts were the most actively traded on New York`s COMEX exchange during the week; sliding to three-week lows with a decline of 11.6 cents, or 3.15%, to $3.567 per pound.

* Oil prices rose modestly early in the week as investors tried to get a read on supply, demand, inventories and the potential impact of the fiscal cliff. The gains were moderated on Friday with a sell-off as oil reached a resistance point at $90 per barrel, inspiring caution and docking of small gains heading into the holidays when many traders will be on vacation while leaders in Washington search for resolve to avert the fiscal cliff. January 2013 contracts for West Texas Intermediate crude were the most actively traded; rising by $1.93, or 2.23%, to $88.66 per barrel.

Equity Market Snapshot:

(All percentages on a weekly basis unless otherwise noted) * Major gold miners took a hit with falling gold prices. Newmont Mining (TSX:NMC, +1.11%) was a rare gainer. Kinross Gold (TSX:K, -3.01%), Barrick Gold (TSX:ABX, -1.86%), Yamana Gold (TSX:YRI, -1.97%), Agnico-Eagle Mines (TSX:AEM, -3.63%) and Goldcorp (TSX:G, -3.67%) all shaved-off points.

* In other mining news, copper miner Inmet Mining Corp. (TSX:IMN, +4.18%) said that it still hasn`t received the increased $5.1-billion takeover bid that was announced by First Quantum Minerals Ltd.

(TSX:FM, +2.77%). Inmet advised shareholders to take no action until it evaluates the details.

* Energy plays generally advanced with oil notching gains for the week. Talisman Energy (NYSE:TLM, +0.54%), Canadian Natural Resources (NYSE:CNQ, +3.92%), Imperial Oil Ltd. (NYSE:IMO, +0.60%), Cenovus Energy (NYSE:CVE, +2.88%) and Suncor Energy (NYSE:SU, +1.45%) rose as Exxon Mobil (NYSE:XOM, -0.97%) nipped down.

* ConocoPhillips (NYSE:COP, +1.59%) advanced upon reports that it is selling one of its units to Pertamina for $1.75 billion.

* Pengrowth Energy Corp. (TSX:PGF, +4.75%) agreed to sell its about 10 percent interest in its Weyburn property to Omers Energy Inc. and the Ontario Teachers` Pension Plan for $315 million. Pengrowth said the deal will help it pay down debt and finance the initial phase of its thermal bitumen project in Lindbergh, Alberta in 2013.

* Canadian regulators said that the $2.2 billion joint venture between PetroChina (NYSE:PTR, +1.54%) and Encana Corp.`s (TSX:ECA, +0.85%) isn`t subject to review under the Investment Canada Act. In the deal, Encana is selling 49.9% of its Duvernay natural-gas-and-liquids play in Alberta to PetroChina.

* The biggest of banks in the US chugged higher last week. Goldman Sachs Group (NYSE:GS, +7.61%), JPMorgan Chase (NYSE:JPM, +2.78%), Bank of America (NYSE:BAC, +6.71%), Citigroup (NYSE:C, +5.03%) and Wells Fargo & Co. (NYSE:WFC, +4.01%) notched strong gains, while UBS AG (NYSE:UBS, -2.39%) lagged. UBS shares were stung by the company saying that it will pay $1.5 billion to settle claims in the U.S., U.K. and Switzerland over rigging Libor benchmark interest rates. XLF (NYSE:XLF, +4.01%), the financials select sector SPDR that tracks the financial stocks in the S&P 500, had its best week in nearly three months.

* Wells Fargo, the biggest bank in the US by market value, said that it has bought a 35% stake in hedge-fund firm Rock Creek Group, with an option to acquire a majority stake over time.

* By large, Canadian banks were stellar performers last week as well.

Canadian Imperial Bank of Commerce (TSX:CM, +1.17%), Toronto-Dominion Bank (TSX:TD, +3.35%), The Bank of Nova Scotia (TSX:BNS, +2.52%), Royal Bank of Canada (TSX:RY, +2.13%), Bank of Montreal (TSX:BMO, +1.58%) and National Bank of Canada (TSX:NA, +1.88%) all advanced.

* Sun Life Financial Inc. (TSX:SLF, -4.74%) agreed to sell its U.S.

annuity unit and certain life insurance businesses to Delaware Life Holdings for $1.35 billion U.S. to Delaware Life Holdings, a company owned by shareholders of Guggenheim Partners.

* Research in Motion (TSX:RIM, -21.76%) gave back a lot of gains from the past month as the BlackBerry maker reported fiscal-third-quarter results that beat Wall Street’s estimates, but investors were clearly concerned about changes to its high-margin services business and costs associated with the launch of its new BlackBerry platform.

In a separate manner, RIM and Nokia (NYSE:NOK, +4.45%) reached terms on a patent licensing agreement to end any legal action between the two phone makers in which RIM will be making payments to Nokia, but exact terms weren`t disclosed.

* In other telecom news, Sprint Nextel (NYSE:S, -1.62%) confirmed that it will buy out the rest of Clearwire (NASDAQ:CLWR, -14.69%) for $2.2 billion, following-up on its offer from the week prior.

* Shares of FedEx (NYSE:FDX, +2.94%) got a lift as the shipper reiterated its adjusted full-year earnings outlook with a target of 6.20 to 6.60 a share. FedEx also said that it expects to show a third-quarter profit of $1.25 to $1.45 a share, which is lower than Q3 2011, as Hurricane Sandy had an impact on earnings. The third-quarter projections were roughly in line with analyst expectations.

* Shares of Apple (NASDAQ:AAPL, +1.87%) rose as bottom-feeders grabbed shares of Apple around $500, its lowest level since February.

Citigroup slashed its rating on the stock to “neutral” from “buy” and analysts at Cannacord Genuity and Mizuho Securities lowered their price targets for Apple shares, citing weaker-than-expected sales of iPhones and iPads. Separately, a federal judge denied Apple`s request for a permanent ban on 26 Samsung products stemming from Apple`s $1 billion patent infringement lawsuit with Samsung earlier this year.

* Only weeks after receiving a $1.4 billion bid from rival Getco, trading firm Knight Capital Group (NYSE:KCG, +8.95%) agreed to merge with Getco, who already owned a portion of Knight.

* In a deal that will end the age of independence for the New York Stock Exchange, NYSE Euronext (NYSE:NYX, +37.53%) agreed to sell itself to fellow exchange operator IntercontinentalExchange Inc.

(NYSE:ICE, -1.29%) in a deal worth about $8.2 billion, payable in cash and stock. The oldest exchange in the United States, the NYSE has been in business for about 200 years. Federal regulators have failed to approve other deals involving mergers with NYSE Euronext because of antitrust laws, but it is believed that because of dissimilar operations, the deal between ICE and NYX may go through.

* Bombardier Inc. (TSX:BBD.B, +8.14%) said an unidentified America-based airline signed a letter of intent to buy 12 Bombardier CSeries jets, with options for 18 more. All tallied, the transaction could be worth up to $2.08 billion. In a different manner, Bombardier said air carrier airBaltic has followed an original Letter of Intent from July with a firm purchase agreement for 10 CSeries planes with options for another 10.

* In what it called a “major milestone,” Burcon NutraScience Corp.

(TSX:BU, +14.43%) announced the first commercial sale of its Clarisoy soy protein, which is under license to Archer Daniels Midland Co.

(NYSE:ADM, +2.55%).

* Caribou Coffee Company (NASDAQ:CBOU, +31.41%) agreed to be taken over by German holding company Joh. A. Benckiser Group for $340 million. The move by Benckiser is the latest in a series of buy-outs to expand its presence in the US. In July, Benckiser bought Peet`s Coffee & Tea.

* Leading supplier of television ratings Nielsen Holdings (NYSE:NLSN, +3.17%) said that it will pay $1.2 billion to acquire Arbitron Inc., a company which tracks listenership of the radio industry.

* Healthcare giant Pfizer, Inc. (NYSE:PFE, -0.40%) said that it will cut about 600 of its 3,000-member sales force team as part of cost-cutting measures after losing patent protection on its blockbuster cholesterol drug Lipitor.

* Shares of Oncothyreon Inc. (NASDAQ:ONTY, -56.33%) crumpled upon reports that pivotal Phase III trials for its L-BLP25 (formerly called “Stimuvax”) failed to meet its primary endpoint of improving the overall survival rate in non-small cell lung cancer patients.

Weekly Indices Results:

The S&P TSX Composite Index churned ahead again for the fourth time in five weeks; advancing 88.98 points, or 0.72%, to 12,385.70. The TSX Venture Exchange continues to struggle for traction; dropping 5.91 points, or 0.50%, to 1,177.71 on the week.

In the States, the Dow Jones Industrial Average fell far from highs by limping through the second half of the week, but still edged upward; climbing by 53.83 points, or 0.43%, to 13,190.84. The much-broader S&P 500 tracked the Dow; rising 1.17%, to close at 1,430.15. The tech-rich NASDAQ Composite posted the largest percent gain amongst the blue chip indices; adding-on 49.68 points, or 1.67%, to 3,021.01.

Canadian Economic Data:

* Statistics Canada said that non-residents acquired $13.3 billion of Canadian securities in October, led by corporate and government bonds.

Meanwhile, Canadian investors added $3.2 billion of foreign securities to their portfolios, also focusing on bonds in October. Foreign acquisition of Canadian debt securities strengthened for a fourth straight month, reaching $12.5 billion during the month.

* The Canadian economy grew at just a 0.1 percent rate in October, following no growth in September and a 0.1% contraction in August.

The output of service industries advanced 0.1% in October, primarily a result of increases in wholesale trade (+0.8%) and retail trade (+0.3%). The manufacturing, construction and transportation sectors all posted declines and the arts and entertainment industry notched a notable decline on the back of the ongoing National Hockey League lockout that has games cancelled into January.

* Information released by the Canadian Real Estate Association showed that national home sales activity processed through the MLS System slipped lower by 1.7 percent from October to November, to fall back to August levels. On a yearly basis, non-seasonally-adjusted sales are down 11.9% from November 2011. Sales during the month were down in three out of every four local markets compared to last November. The number of newly listed homes dipped 0.9% from October to November, while the cost of homes edge up by 3.5%, the smallest increase since May 2011.

* Wholesale trade rose more than expected with an advance of 0.9% to $49.2 billion in October, following a decline of 1.5% the previous month. Higher sales were reported in six of seven subsectors, representing 87% of wholesale sales. Analysts had predicted wholesale activity to rise 0.3 percent in the month. In volume terms, wholesale trade was up 0.8 percent. September numbers were revised down from a decline of 1.4% to a decline of 1.5%.

* Following a small decline in September, the number of people receiving regular Employment Insurance benefits in October edged up 4,600 (+0.9%) to 535,000. Saskatchewan reported the largest increase with a 7 percent jump compared to September. Nationally, the number of initial and renewal claims was virtually unchanged in October at 231,700.

* Retail trade continued to expand for the fourth straight month with a 0.7% increase to $39.4 billion in October, according to StatsCan.

The data was in line with economist predictions. Through the first 10 months of the year, consumer spending is up 3 percent compared to the same period in 2011. On a monthly basis, October 2012 sales were 1.7% higher than October 2011. The largest dollar increase was a 1.6% rise at motor vehicle and parts dealers to $49 billion in October, equating to a 2.8% gain over the previous 12 months.

* The Consumer Price Index, the key metric of inflation, rose by 0.8 percent in the 12 months to November after a 1.2 percent climb in October, marking the smallest increase in the CPI since October 2009.

November was the ninth consecutive month for which inflation was at or below the Bank of Canada`s 2% target following 16 months above it.

The CPI dropped 0.2 percent in November from October. Gasoline prices leveled with a 0.4% climb on an annual basis at the end of November, following a 4.0% increase the prior month. The cost of food increased 1.7 percent in the 12 months to November.

There will be no major economic data this upcoming week.

U.S. Economic Data:

* The New York Federal Reserve Bank said that its December Empire State manufacturing index remained in negative territory for the fifth consecutive month. The index fell to negative 8.1 in December from negative 5.2 in November. Readings below zero indicate a decline in manufacturing activity in the New York region. Economists expected a reading of a positive 5.2. The new orders sub-index, a key metric of future growth, dropped into negative territory from a positive reading in November. As more data was analyzed, it was noted that Hurricane Sandy was estimated to cut into revenue by 7% in October and 5% in November.

* Separately, the Philadelphia Federal Reserve Bank said that business activity in its region rebounded from a negative 10.7 in November to a positive 8.1 in December. The report, which covers manufacturing activity in eastern Pennsylvania, southern New Jersey and Delaware, far exceeded economists predictions of a minus 3 reading in December. The new order subindex climbed to 10.7 from negative 4.6, pointing to stronger months to come.

* The Commerce Department reported that housing starts decreased by 3.0% in November from October to a seasonally adjusted annual rate of 861,000. The November drop appears to be a pause from a surge the prior two months. Compared to November 2011, housing starts are up 21.6 percent. Building permits during November, a key barometer of future starts, rose by 3.6% to an annual rate of 899,000, the highest level since July 2008.

* Existing home sales surged to three-year highs in November.

Purchases of previously-owned homes grew 5.9 percent to an annual rate of 5.04 million, said the National Association of Realtors.

Economists expected a climb to a 4.9 million annual pace. Inventories are drying-up, contracting to the lowest level in 11 years, as property values have risen more than 10 percent since November 2011.

* The Labor Department reported that first-time filings for jobless benefits rose by 17,000 to 361,000 for the week ended December 15, marking the first increase in five weeks. The consensus estimate of economist predicted a similar climb with projections of 360,000 initial jobless claims. The one-month average, regarded as a better gauge of labor trends because it eliminates volatility, declined by 13,750 to 367,750, the lowest level since the end of October.

* The Commerce Department said that consumer spending in November rose 0.4 percent, its biggest jump in three years, and that personal income rose 0.6 percent during the month, the biggest move since February. Economists were anticipating a 0.4 percent rise in both categories. More income and less spending equates to more savings by citizens. The saving rate rose to 3.6 percent of income in November from 3.4 percent in October, according to the report. The 3.6 percent saving rate was the highest in four months.

* Gross domestic product, the broadest measure of goods and services produced in the country, expanded faster than originally estimated in the third quarter, according to the Commerce Department. The agency upwardly revised its original reading of 2.7% expansion in the July to September quarter to 3.1% annual rate. Economist had forecast a 2.8% increase. The revision to GDP reflected an upward revision to consumer spending, a downward revision to imports, and upward revisions to exports and to state and local government spending.

* Orders for durable goods, products meant to last at least three years, rose more than expected in November with a 0.7% jump.

Meanwhile, the October reading was heavily revised upward from a 0.5% advance to 1.1% growth. Economists only expected a 0.1% climb in November. Orders for core capital goods, those which exclude the volatile aircraft and defense sectors, rose 2.7% in November, following a 3.2% increase in October, suggesting that businesses are slowing down in the face of the fiscal cliff.

* The University of Michigan/Thomson Reuters Consumer Sentiment Index fell to a final December reading of 72.9 from 82.7 in November, representing the lowest level since July. Economists predicted a reading a 75 for the month. Even with the latest decline, the proxy of how consumers view state of the US economy is still up by 4 percent in the past 12 months. Commenting on the effects of the fiscal cliff on sentiment, Richard Curtin, chief economist of the survey, said, “Confidence is lost much more easily than it can be regained, and the pessimism created by not reaching a resolution before year-end will be difficult to reverse even if a settlement is reached soon after the start of 2013.” This week, data in the States will include the Case/Shiller Home Price Index on Wednesday; Initial Jobless Claims and New Home Sales on Thursday; and Chicago PMI and Pending Home Sales on Friday.

Technical Penny Stocks to Watch & Company Spotlight Results:

Amongst our “Daily Technical Penny Stocks to Watch,” the largest mover was AK Steel Holdings (NYSE:AKS) which was listed as the first play this past week at a price of $4.40. Shares immediately rose in the first half of the week to a high of $4.64 for gains of 24 cents per share, or 5.45%, before slipping back with the broad big boards heading into the weekend. Congratulations to all the technical traders that may have benefitted this past week from our technical penny stocks to watch feature.

Even though there was no major news released by corporate spotlights this past week, we did want to highlight Sierra Iron Ore Corp.

(TSX-Venture:NAA) from a technical perspective. It looks as though the $0.50 level has held up as a strong support level as the stock price has bounced off of that level a few times and has climbed shortly afterwards. Volume is becoming more steady and interest is building, as such the stock price has been trying to push higher for the last week or so. With most technical indicators in oversold territory, a more meaningful bounce may be in the cards shortly, as such we encourage our investors to continue to follow NAA into the New Year.

Also, we had planned to release a new Company spotlight this past week, in fact we even provided investors with a hint of what the Company is doing in our last week in review email. Obviously no Company Spotlight was announced this past week, as we simply decided that the timing of the release was not ideal with the Holidays fast approaching and we also were waiting for some technical indicators for the stock to improve, but that didn`t materialize for now. We still like this Company and its prospects and will continue to watch developments along with plan a time to spotlight it in the New Year as all of our criteria lines up accordingly.

Lastly, and most importantly, at this time, from everyone at, we wish all of our website visitors and email newsletter followers a happy holiday and a safe and prosperous New Year. It`s a great time of year to lay back for a few days, enjoy the holidays with family and take meaning of the truly important things in life. As everyone is enjoying their holidays, we hope that they are enjoyed responsibly. If you drink, please don`t drive. Again, Happy Holidays from

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Disclaimer feature stock reports are intended to be stock ideas, NOT recommendations. Please do your own research before investing. It is crucial that you at least look at current SEC filings and read the latest press releases. Information contained in this report was extracted from current documents filed with the SEC, the company web site and other publicly available sources deemed reliable.

For more information see our disclaimer section, a link of which can be found on our web site. This document contains forward-looking statements, particularly as related to the business plans of the Company, within the meaning of Section 27A of the Securities Act of 1933 and Sections 21E of the Securities Exchange Act of 1934, and are subject to the safe harbor created by these sections. Actual results may differ materially from the Company`s expectations and estimates.

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