July 30, 2013 : It was a case of believers taking a little more heat than they could endure, according to today's edition of The Nightly . Many over-cooked promotions boiled over, while others that were defrosted and reheated turned out to be suffering from freezer burn.
ARTH was is one issue that seems to be overdone and traders seem to be sensing it. Well into the third week of its Pump & Dump program, shares are now 48% below where they were when the campaign began. The day's trades consisted almost exclusively of overpays*, as 94% of buyers paid prices that were higher than they were at the close, which by the way, was off by 10%. With the end of the month coming, we wouldn't be surprised to see the sell-off continue tomorrow and Thursday as traders clear their accounts.
Things were almost as bad for second day promotion, ADBI , as dumpers are having a hard time getting future prospective bag holders to buy whatever snake oil it is they are selling. Shares closed down another 19% today, on trades that were 85% overpays. We foresee this one following the path of INNO , PGVI , VIZS and the others that went down in a straight line before it.
They took HYII out of the deep freeze today, but new found bag holders would have preferred that it had not been defrosted. Shares were walloped by a full third as 89% overpaid for the stock.
Freshly defrosted, INLC , the attempted veiling of the repetitous Pump & Dump formerly known as ONTC , was a declared disaster after closing down 50%. It appears that nobody was buying into that lastest attempt to wash, rinse and repeat this very dirty ticker. On the heels of a one for 2,000 reverse split, followed by the issuance of 160 million new shares, today's overpay rate of 75% looks to be just the foundation for a whole new slew of bag holders.
Other issues whose trades consisted almost exclusively of overpays included: AMPG and WPNV . Tickers which saw considerably more than half of their buys at prices higher than the closing price included: LBSR PGVI NVLX SEEK and SGDH .
Today's promotions which closed below the share price they were at when their respective Pump & Dump programs began included: ADBI AMPG HYII INLC PGVI SGDH and TRTC .
* traded at a price above the day's closing price
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