Wanted to give an update of Focus Media (FMCN), a stock I currently have has the highest rated stock in my database (see more here for your own access) and a stock I purchased on April 6th.  You can see the first entry regarding FMCN here.  The stock still looks good technically but has been meandering a bit.  I’m waiting for the big confirmation move up with a spike in price and volume. 

On April 18th, I added additional shares to my originial position (about 30% of the originial) on anticipation of a big confirmation move.  It didn’t quite turn out the way I had hoped as the stock never added to those gains, but i’m still confident that move will occur.  If not, I’m still in position to get out with a small gain or loss.  Lots of reward potential vs. very little risk.  Here’s the intraday chart from April 18th, which shows my entry point as the stock took out the intraday high with good volume.

One news story of note in the past couple of days is word that a competitor is suing the company for 1.7 million for unfair competition.  Link to news story.