July 29, 2013 : It was another lesson in the laws of gravity today, according to today's edition of The Nightly . Those penny players who forgot that the cardinal rule of "what goes up must come down", as well as those who never studied the physics of the penny market, were given a strong lesson in that science.
Thursday and Friday's strong gains in PEII rewarded weekend believers with a 36% decline but only after recovering from an opening pounding that dropped the share price 54%. Today's flippers didn't fare much better as trades resulted in 77% overpays*. We'd expect the bid whacking to continue tomorrow .
Shares of SOUL also headed south in a straight line from the opening gun before recovering slightly and finishing the day down 9%. Unimaginably, there are those that aren't satisifed with over 400% gains over the short period that SOUL has been pimped. They will soon learn that greed kills. The day ended with 68% of all trades being overpays. What happens tomorrow is anybody's guess, but this will retrace all the way sooner than later and see share prices much below the pump and dump starting price.
Fresh pumps of regurgitated tickers did especially poorly today. NDEV was nothing short of a disaster, establishing its high of the day right at the open and ending up down 24% from the opening trade, in a textbook Gap & Trap. 79% of all trades were overpays. Well-worn ticker, WBSI , cleaned out just about every trader today with 95% overpays and a close 4% below the starting price.
WNTR was another issue whose trades amounted to almost nothing but overpays. Tickers which saw more than half their buys at prices higher than the closing price included: IALS MAXD PGVI and RSII .
Today's promotions which closed below the share price they were at when their respective Pump & Dump programs began included: ADBI ARTH HAIR MAXD NAMG NDEV PGVI RSII WBSI and WNTR .
* traded at a price above the day's closing price
The Nightly is published every evening after the market closes and is an analytical grid of the trading in stocks which have been promoted that day.
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