The penny stock market was abuzz yesterday with the collapse of SNPK, the pump by several of the bigger stock promotional newsletters. A lot of people were wondering what happened? To understand what happened you have to suspend the thinking that stocks like these act like big board stocks. When you have such a sustained promotional campaign it eventually takes on a life on it own and keeps going up. Until it reaches that point where people take their profits.
Check out https://www.pennystockstrategy.com/penny-stock-alerts for the latest coverage of penny stocks.
Once the profit taking begin it can start a cascade of selling which is what you saw yesterday. SNPK dropped like a rock through midday before finding a temporary floor. What investors need to realize is penny stocks are not for them. You do not buy and hold these. These are day trade to swing trade opportunities if you choose to play the game. Remember, take profits on the way up and be happy. Nothing lasts forever, especially with penny stocks.
On the broader market earnings season is trying valiantly to prop the market up. Several data points like existing home sales and jobless claims disappointed. European concerns continue to permeate the psyche of investors as the EU seemingly lacks the ability to solve the sovereign debt issue.
Active Penny Stocks
Sunpeaks Ventures, Inc. (OTC:SNPK) is up 18.92% so far today at $1.10. SNPK took a big hit yesterday as a ton of selling pressure entered the stock and sent it from $2.40 to around $0.70. The stock has since bounced as day traders and swing traders try to make money off such a big sell off. SNPK is still seeing big volume with over 23 million shares traded.
For more in-depth coverage of the otc and otcbb markets check out https://www.pennystockstrategy.com/penny-stock-alerts
Liquidmetal Technologies Inc. (OTC:LQMT) is up 13.55% today at $0.2850. LQMT has traded 11.4 million shares so far today, way above its daily average of 1.7 million shares. LQMT shares have jumped nearly 100% this week as rumors are rampant on investing forums about big news that could be coming for the company.
Onteco Corp. (PINK:ONTC) is up 51.54% heading into midday at $0.0197. ONTC has seen above average volume today with 19.4 million shares traded. ONTC gapped up at market open and hit an intraday high of $0.0270 before selling off some.
Cannabis Science, Inc. (OTC:CBIS) is up 4.74% today at $0.1215. CBIS has traded 4.4 million shares so far today. CBIS shares have bounced back nearly $0.02 a share after falling $0.04 over the past week.
Stevia First Corp. (OTC:STVF) is up 7.59% today at $1.70. STVF has traded 619 thousand shares so far today and trades 2.8 million shares a day on average. STVF shares have rallied more than $0.30 a share in the past two days. The company has a market cap of 87.47 million.
Check out https://www.pennystockstrategy.com/penny-stock-alerts for the latest coverage of penny stocks.
About Danny Fisher
