The back story: The Meet Group Inc. (MEET) runs MeetMe Inc., a social network where people connect and chat via mobile platforms. Beyond MeetMe, it runs Skout, Tagged and hi5. The company was just recognized with a small award given in Philadelphia for being a good, growing public company. But this is more about the technicals than any press release or news.

The chart:

 

This is a good bottoming chart with a nice curl here, recently making a slightly higher low since the stock found its support level in August. I think it makes a small run to the 50-day moving average here, which would be just above $4 level.

The play: I bought 5,000 shares of MEET at $3.66 on Sept. 28. I like the $3.50ish level as a stop-loss here, but I expect it to get to or past $4, at which point I will start trailing out and hopefully see it go even higher.

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   Taylor Conway is the lead day trader at PennyPro.com. He is a short-term day trader of stocks and ETFs.  At the time this article was published on RagingBull.com, he had 5,000 shares of MEET and was planning to trade them as described in this commentary; he had no additional options or open orders in the stock.

Author: Taylor Conway

Taylor’s Shadow Trader system allows his subscribers to tap into the hidden corners of Wall Street and to capitalize on “dark pool” trading activity. This powerful "follow the big money" strategy uncovers large trade activity that most regular investors have no access to, but that Taylor’s subscribers receive alerts about. Starting with a small account and trading part time, Taylor rapidly built his personal trading millions using his own proprietary trading systems. Sharp, savvy, and highly driven, Taylor looks for profits in any market condition, bull or bear.

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