Early this morning I received an alert to check out a relatively new penny stock, Blast Applications (BLAP).  I should have investigated the alert a little further but I was rushed for work and pushed it aside to review later.  Later, as it turned out, was after the market closed for the day…and it was a good day for BLAP.

After an explosive day on the market Blast Applications  closed at $0.0529 gaining a whopping 245% from the previous day’s close.  Whoops, I  missed a great entry point on this penny stock!  As it turns out this massive gain comes following last Fridays new announcement that Blast Applications was accepted into the coveted Apple iPhone Developer Program to develop applications for sale on the Apple iTunes App Store.  Blast Applications CEO, Dino Luzzi, recently stated:

"With nearly 2.4 billion dollars worth of applications sold for smart phones, the market potential is enormous. Having the ability to sell our applications through Apple's iTunes App Store is a huge step towards that market." 

I couldn't agree more.  I don't have an Apple iPhone but I do have an Apple iTouch which is also an amazing device with thousands of useful applications.  Right now I use a slick ETRADE application to monitor my stocks when I'm running through airports or on the road.  And here's something else for you…Steve Jobs recently announced:

"The rate of App Store downloads continues to accelerate with users downloading a staggering two billion apps in just over a year, including more than half a billion apps this quarter alone." 

Wow.  The demand for quality applications is staggering so I think it's safe to say Blast Applications is well poised to profit from a piece of the market. 

And it gets better.  Earlier today Blast Application announced it has officially launched newly acquired and fully developed website, www.tweexchange.com.  According to a press release by Blast Applications

Tweexchange.com is the fastest and easiest way to search Twitter Usernames and Internet Domain Names at the same time. Tweexchange.com also unveiled a new integration with GoDaddy, the world’s largest domain name registrar. Through the Domain Name search, users can Backorder and Register Domains using GoDaddy. If a name is taken and is currently listed for sale on Sedo.com, members can also try to purchase names through the site using the Sedo API.

As a domain investor I think this a very progressive concept for overall brand recognition.  Every business would naturally want to match their Twitter account name to their domain name but with over 50 million users on Twitter you may be out of luck.  Tweexchange.com assists web developers and business owners towards acquiring the best domain name for their website.  Nowadays a matching Twitter account with your domain name could significantly increase the resale value of your web real estate.  Cross-referencing Twitter and GoDaddy with Tweexchange.com also enables their members, for a fee, to be notified when Twitter Usernames and Internet domain names become available from being in a suspended state.

With these facts in mind and looking at the great support levels for BLAP I decided to order 27,450 shares of BLAP.  I'm really NOT a regular investor in penny stocks but I feel this particular stock, along with bankrupt CITGQ.PK, offer excellent profit potential. 

I'll keep you posted.  God bless!

About Blast Applications, Inc.

Blast Applications, Inc. (“Blast”) is a premier creator and developer of applications for iPhone®, Twitter® and Facebook®, that allows users to have more fun, be more productive and make social media sites easier to use and more intuitive than before. Social media sites are growing fast all around the globe. Blast Applications has a unique opportunity to monetize the web surfer’s dedication to sites such as Twitter® and Facebook®, and through direct advertising programs tied to the Company’s tools and applications. For more information visit www.blastapplications.com.

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• November 7, 2009 -- CIT Group (CITGQ) Stock Anyone? (9)
  CIT Group like so many other lenders made some seriously bad decisions and got caught up in the subprime mortgage debacle that came to a head towards the end of...

CIT Group like so many other lenders made some seriously bad decisions and got caught up in the subprime mortgage debacle that came to a head towards the end of last year.  Although the centennial bank holding company received 2.3 billion from the government under the Troubled Asset Relief Program last year the government did not award CIT a separate program that would allow it to issue debt at low interest rates. 

On November 1, 2009 CIT Group Inc. (CITGQ.PK) shares plunged 65% to .25 cents after the lender filed Chapter 11 bankruptcy.  Almost immediately following on November 3, 2009 CIT Group announced that the U.S. Bankruptcy Court scheduled a hearing to consider prepackaged plan of reorganization for December 8, 2009.  That is good news.

According to documents reviewed by The Wall Street Journal about 700 companies have a total of $3.9 billion in undrawn revolvers from CIT. Many are small businesses that obtained revolving facilities of about $10 million to $50 million in size. CIT is the sole or main lender to two-thirds of these companies, and a failure of the lender would leave many without access to funds.  With this in mind the the prepackaged plan of reorganization scheduled for December 8, 2009 could very well fall in favor for the bank holding behemoth. 

At just .$018 as of November 6, I'll take a significant risk and order 9,600 shares upon market opening this Monday.  At worst I'm only out $1700 but there is the potential for a nice return over the next six months.

About CIT Group (CITGQ):

CIT is a bank holding company with more than $60 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, retail finance, aerospace, equipment and rail leasing, and vendor finance. Founded in 1908 and headquartered in New York City, CIT is a member of the Fortune 500. www.cit.com

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