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Two Out of Three Isn't Bad: CXM, GRAN, and AMRN Poked and Prodded

|Includes:AMRN, Cardium Therapeutics, Inc (CXM), GRAN

The broad market's getting trashed, yet a handful of small cap stocks are still making gains. Gotta love it, though I'm still not sure I'd be buying blindly here. In any case, here's a better look at Bank of Granite Corporation (NASDAQ: GRAN), Amarin Corporation plc (NASDAQ: AMRN), and Cardium Therapeutics Inc. (AMEX: CXM), two of which are those winners I was talking about, and the third..... well....

Let's just start with the bad news - it may have been a good run for Amarin Corporation plc, but the weight of all those gains has finally started to take a big toll. AMRN shares fell under their 100-day moving average line today, and simultaneously fell under a floor (orange) at $13.46.

Were it not for the big gap between $8.80 and $14.20, we could almost dismiss what this chart was suggesting was in store here. There's just a little too much downside risk to ignore with Amarin Corporation now though, so we won't. The Fibonacci lines as well as prior floors/ceilings agree that there's a meaningful landing spot for AMRN around $8.00.

As for today's amazing small cap stocks that are actually moving higher, let's start with Cardium Therapeutics Inc. This medical technology name is up by 9.2%, with plenty of room to run after getting trounces for the better part of the year. Oh, and if the name rings a bell, it may be because I pointed it out a high-odds reversal candidate last week after the selloff went berserk and this small cap made a sharp - too sharp - plunge to $0.20. Sure enough...

If you didn't get in on my advice then though, don't sweat it. CXM is still going strong, and doing so on higher volume. And as the chart clearly shows, there's still room for Cardium Therapeutics shares to move before even the first headwind is hit. Don't overthink this one.
Finally, though it's still not caught much attention for the move, Bank of Granite Corporation is actually one of the market's biggest winners from the universe of small cap stocks. GRAN is ahead by 19%, and yes, there's some big volume behind the move.

That being said, this size move may be a little more heat than GRAN can handle... it's not exactly one of those 'regularly explosive' small caps with that kind of following. . In other words, you don't have to step in today. My only point was to point it out, since nobody else has. Ideally, Bank of Granite will consolidate around current prices and build a base from which to launch the move above $0.95.