ECCE Collapses as predicted, too bad I didn't shor
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ECCE Collapses as predicted, too bad I didn't short
For those of you watching, I am heavily invested in penny stock oil company TECO. It's shorted out the rear end by a cartel of douchebags and the price is ridiculously low.
Looking at other penny stock oil companies as comparables, I came across ECCE and wrote an analysis of it which predicted a collapse in the stock price. I don't short pennies, well at least not yet, but this looked like a perfect setup for a short.
The company ran from 10 cents in October to 1.10 in early December even though they have less than 3,000 dollars in revenue for the year. Since I wrote my piece it has collapsed down to an intraday low today of 30 cents and seems to be settling at 40.
There's going to be recurring setups like this within penny stock oil companies, especially those involved in shale gas plays as that is the hot topic right now. Speculation is running rampant and the only thing faster than the moves up, will be the moves down.
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