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Every month I receive dozens of reader suggestions. I try to summarize the most interesting of them here, but occasionally some great ideas fall through the cracks. Here are two I should have acted on, but didn't.

OnStream Media Corp. (OTCQB:ONSM):
A reader from Hawaii tipped me to this stock in late 2005 as an interesting play on the emerging field of streaming video (he was early, and prescient). At the time, it was trading at around $1.15. After talking to CEO Randy Selman, I could tell that this company had promise. It had acquired a top notch digital media streaming and services platform from SAIC and was beginning to build a roster of blue chip clients. However, at the time the price action was miserable. Heavy sellers pushed shares down below $.65 and it looked like OnStream might not be able to raise enough money to survive and prosper. Those fears are long gone, and Google's $1.5 billion acquisition of YouTube has put streaming video in the spotlight again.

Business is picking up, and warrant exercises have shored up the company's balance sheet. Mahalo for the excellent tip, John, I only wish I had bought some in October:

onsm

Optionable, Inc. (OTCQB:OPBL): An IR professional suggested I take a look at this broker of natural gas and other derivatives last fall when it was trading just above $1.50. I liked the story but tried to get too cute finding an entry point. While I waited for a pullback, the stock quadrupled. NYMEX recently took a 19% stake in the company. I wouldn't be surprised to see NYMEX buy Optionable outright and integrate its OPEX derivatives platform into NYMEX's ClearPort.

opbl

Please keep the good ideas coming!

DISCLOSURE: I have no position in OPBL.OB or ONSM.

Source: Two Smallcaps That Got Away: OnStream Media and Optionable