Recommendations for a Book on Penny Stocks?

It's the offseason (I don't play MLB or NBA playoffs), so I'm thinking about saving up some money and putting in a decent sum into a stock with high volatility.

I know the way stocks are suppose to be played, and I'm not looking to do that. In sports betting it's an all or nothing situation where you get 100% (91% actually) return on your investment.

Penny stocks seem to be the appropriate investment for me. I am aware of the extreme risks. So can anyone recommend a good book to teach the basics on picking them? 

I am likely going to invest everything in 1 stock and will choose carefully. I don't think I have the balls yet to pick some obscure company. I think I will probably invest in a stock that was previously a lot of money, but has been beaten down, yet still have potential.

Without much research I'm leaning towards Fannie Mae right now. Thoughts on that would be nice too if you could provide some.

Thanks Guys 

I ordered a couple of books based on suggestions from multiple web sites. Books about penny stocks are expensive! I ordered a couple based on basic stock market investing to start out with. If you don't know the basics, it's like gambling on sports but not understanding the vig, money lines, halftimes, home field advantage, etc.

In case you were wondering the books are:

How to Make Money in Stocks - William O'Neil

The Intelligent Investor - Benjamin Graham.

I've started How to Make Money in Stocks. It says to not buy low and sell high. It says to buy high, because it will go higher. It focuses a lot of chart cycles and says where to buy. Kinda boring, and it focuses on safe stocks with good futures. I'm not willing to wait for 5 years to triple my money, just not what I'm looking for.

I haven't started the second book yet, but will probably switch over soon.

As for right now, I've realized that there's a million stocks on the exchange that can go to 0 within months. This is not like studying 30 NFL teams, there are literally thousands upon thousands of stocks.

As Rush said, it seems like the big money is to be made in Biotechs. I've seen a lot of talk about Dendreon - DNDN over the past 6 months or so. It's been beaten down since then going from 14 to a little over 6. I'm thinking it's time to get back in.

Regardless if they get FDA approval or not, the drug is still being sold in many states, and has good revenue. It's a cancer treating drug that serves a growing epidemic.

If anyone has some recent opinions about DNDN or any other agressive stocks that aren't really in danger of going to 0, I'd like to hear it.

Some people may think it's funny that I'm asking a bunch of sports gamblers advice on stocks, but I think this is the perfect avenue. The normal investor would be happy with a 20% return per year, so they'll go with only safe stocks.

We're all gamblers here, and trying to hit it big. Let's do it then.

I had been following DNDN for months. After it dropped to 4.25, then rebounded to $5.20 I said I would buy it the next time it hit 5.50.

I ended up buying a pretty good sum at $4.45. Was up a decent amount when it went back up to 5.20-5.30, but it's gotten beaten down since then.

They are have a conference call on the 30th to discuss earnings. It appears to be a very saturated market for prostate cancer drugs (one competitor just received FDA approval in September).

They've just paid $25M in severances and closed down their primary facility, but hopefully those dropped operating costs will lead to more gross in the end.

The market has long priced in all these factors, and with some decent earnings, I hope to see a pop in the next couple of weeks.

I initially was looking into MJNA (medical marijuana) - half joking. However, it's gone from around 5 cents in August to almost 9 cents the last time I checked. It's a sneaky investment, and if anyone has some substance (no pun intended) on the stock, I would appreciate some feedback.

I'd have to sell my position in Dendreon to make a significant buy in anything else at this point though.

Boy am I really kicking myself. I was looking at 3 stocks and picked the one that's not making any money when the stock market is at an all time high.

In my first post I mentioned I was looking at Fannie Mae. I believe it was 24 cents at the time. Hit $1.00 last week, so 4x my money.

I also mentioned Medical Marijuana at 8 cents a share, and it hit 50 cents a couple of months ago. It's settled in the 20s lately, but still huge profit in a short period of time.

I invested in Dendreon, and although I was up 50% at one point, I'm damn near even right now.

Even crappy companies like Blackberry have doubled since last summer.

Pecador, CBIS was too risky for my blood, but with the recent bump in Marijuana stocks, it has done decently, but nowhere in the neighborhood of MJNA.

If I don't get any positive movement in the next year, I might sell and put all my money into another stock.

I'm getting old, so I'm trying to leave sports betting behind and have a nice starting point so I can move forward.