Good Monday morning, one and all. Yes, it's another morning edition of the SmallCap Network newsletter, because sending it this afternoon just might be too late.
The urgency is to introduce, or reintroduce, a small cap stock most of you may remember from about a year ago. It was a neat story then, but a couple of developments, new hires, and more progress in the meantime have made this stock worth revisiting now.
Bingo! Staffing 360 Solutions (STAFD) said it was in the works a year ago, and then two weeks ago said it was only a matter of time. Today, the very thing the company made clear was coming became a reality.
What's that?Staffing 360 Solutions is now a NASDAQ-listed company. Well, the listing has been approved. It won't technically be a NASDAQ-listed company until tomorrow, the 29th, when it begins trading back under the ticker STAF. Honestly though, this has all happened so fast you may still find it trading under the temporary STAFD ticker for a bit longer as the NASDAQ and data suppliers make the adjustment. Either way, come Tuesday, Staffing 360 Solutions has graduated to a senior exchange. This morning's press release is below.
Most of you will know what this means, so we won't preach an entire sermon about the upside of upgrading from an OTC listing to an exchange listing. Suffice it to say when you put the "NASDAQ" prefix in front of your ticker, the analyst community starts to take more notice, institutions can start to buy your stock (this may be the biggest upside), it's easier to raise funds if you need to, and the market just generally gives you more respect... the kind that can help buoy your stock's price...
You probably don't need me to tell you it wasn't a particularly ruckus week. As has been the case for most of the year (with the one exception being the latter half of August), last week was another ho-hum week for traders, with stocks not really making any major, trade-worthy moves for anybody except the true intraday traders, and even then opportunities were limited... or were they?
The fact is, there have been some rather fantastic swing-trading opportunities over the last few weeks. You just had to know (1) where to find them, and (2) how to play them. As it turns out, someone did.
Remember what we were saying yesterday about the market approaching some key near-term support levels that could prove to be a bullish problem for the bears? Yeah, well, right on cue, today's weakness was turned around to become strength again at that floor. Stocks still closed in the red, but with the way the floor stepped up to the plate and took care of business, we have little choice but to think the market is slipping deeper into the mud, getting less and less traction in either direction.
We'll hash it out as we always do. First though, we want to point you to some commentaries at the site you may have missed. We've saved the best for last today, though, which actually isn't our analysis and outlook for the market after factoring in Thursday's action.
Good hump-day, one and all. Well, the market once again hedged its bet as much as possible, staying squarely in between a rock and a hard place at a point when we explicitly need it outside of that narrow range. Ugh.
We'll talk about it all, of course, and a couple of other things. But first, a quick tribute to say goodbye to one of the world's greatest creators of tips and observations that unintendedly turned into cliches. Oh, he was a pretty darn good baseball player too.