The broader market is taking a breather today after the monstrous snap-back rally yesterday. Earnings from Intel and IBM are not helping matters as they both came in as a disappointment. Overall earning season has been good one so far but many analysts worry about the overall lack of confidence in the market. It shifts with the slightest change in wind.
In the world of penny stocks traders are getting a lesson in what happens when a pump runs out of gas. It falls off a cliff. The pump du jour over the past few weeks has been SNPK and it looks like its number was called today. At around 11am, the bottom fell out of the stock which had been trading in the $2 range. And like all dumps, it was fast and furious. Like going into a crowded room and yelling fire. Everyone hit the eject button at once. [Read more...]