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looks like the guy has the support around .18 but I think thats going to be a weak...support level right now....
here is my take... stock trades up tomorrow morning...
then comes back...
so the only time I would be buying at .18 tomorrow morning...
is if it came back right away without going up...(hoping for a slight gap down at open... then continue a run up) this I dont see that happening...
or if the company makes the run like i expect...
and then the stock comes back like I expect...
and we test the .18 and it trades there back and forth between .18 and .20 for a few hours.... then id jump in if it looked to turn and go north...
other than that.... I think the .18 support is going to be broken through quite easy... you will get a bounce but it will be quick and less than 2 points... if you get anything at all...
jmho
im not worried even if these guys become another..
R/S king like
Raven Moon...
there is still money to be made on stocks that RS like 2 or 3 times a year... but... ya they those kinda stocks are the hardest to make money off of...
but the play is a bounce right now...since 99% of the stocks would not go down more than 50% on a R/S announcement... in 1 day, let alone, 2 days in a row... not even Raven Moon...
I think the R/S was planned in conjunction with that money...
plus bottom line is if you dont have the money to pay the auditors $2000 to $5000 bucks then you dont have the money to pay the necessary paperwork and fee's for a r/s
and if the company is going under!!!!(sky is falling!!! NOW!!!) then i doubt a r/s is going to be the first thing on the to do list....
go check out LJPC it went from $2.00 to .04 in 10 days of trading...
but .06 to .34 in 5 days of trading...
one day it was trading 2.31
next day it trades from .35 down to .18 and then just kept drifting down to low of .04
but with the latest run anyone who bought at .35 and then averaged down.... basically would have made there money and more so since the stock made it back to mid .30's
its happening right now....
woudnt know about the guys in it at $2.00 and above though... heh
well... if im right... come April 1st.... and the stock is still trading...
some people are going to feel real stupid... especially if the stock makes a run like I think it will...
or if not...and the stock crashes down to .001.
then I guess the joke will be on us...
heh...
heck yeah... this is my 20th year trading pennies...
and I got caught just like u guys buying .09.... heck I was thinking about pulling the bid.... but even then so I would have been buying .07 and .08
its always hard to call a bottom... imagine if the stock went from .10 to .18 instead of going under .10... you just have to nibble... and keep nibbling... until you see the bottom... then start buying like crazy...
and wait for a bounce...
with stocks like this one... its not the news or waiting for this or that...
its "TIME" as long as the stock has time... then it should bounce... and were lucky... because... the Company isnt even in default yet with there filings...
heck I have trade stocks that were announcing a Bankruptcy and delisting end of the day... and still made money....on a late day bounce...
btw I was trying to buy anything and everything....I could under .02 lets hope im right.....
or the next level is .003 to .005 and after that I stop buying LOL
yes sounds very interesting... stocks dont go from .06 to above $1.00 very often...
in fact I can probably count on my hands... the stocks that have done that...
but I would give this stock a 60% chance to do so with the trading we have seen so far... as opposed to like 1% chance I would give another stock trading at... .06 to do so...
it all points to a News Release announcing funding and a new drug and clinical trials... that could put it back to the $2.00 level...
or like others have noted a take over with a premium offering over the market price...
in any event... trading in this stock should be great either direction... the stock takes...
another thing that peaks my interest...
is the largest buyera of shares is
(Vanguard Index Funds)
2009-02-27 211,944 $36,030 $23,314 183.33 % New Holding 211,944
(Ig Investment Management Ltd) 15.86 % 2009-02-18 1,040,979 $176,966 $31,229 21.42 %
and Barclays Global Investors Uk Holdings who now has 300000 shares
and it looks like they added very early...
or in Barclays situation just bought a little more in the last run..
the rest of the funds with 300000 or more shares have been selling...
if there is going to be a take over....shouldnt the fund or company...planning the take over... have had been buying at least 5% of the stock?
A situation in which a target company's management and board of directors agree to a merger or acquisition by another company. In a friendly takeover, a public offer of stock or cash is made by the acquiring firm, and the board of the target firm will publicly approve the buyout terms, which may yet be subject to shareholder or regulatory approval
looks like you got new institutional investing...
and the institutional investors from before are selling...
not sure thats a good sign...
but then it dosent hurt that the company has institutional investors still investing...
here is my take...
have you seen the last 8k?
who ever made that one up should be fired...
its not that the company didnt get the money it was promised...
its not that the company is going to do a split...
all that stuff has happend to a thousand other companies for decades and decades..
it is this paragraph...
Furthermore, the resultant lack of working capital has made it impossible for us to pay our auditors. Accordingly an audit report is not be forthcoming and will not be issued by our auditors until the auditing fees are paid. In the event we are unable to include the audit report in our Form 10-K, which is due March 31, 2009, our stock may be delisted from the Bulletin Board.
the idiots make it sound like the Company is going to be delisted March 31st, 2009
thats where I think the dumping is coming from...
granted there is risk in buying the stock... the stock could get delisted eventually...
but its a process... they can file a late notice...
they will get notified they are late...
a E will eventually be attached to there symbol if there isnt a filing...
then Q
and if they finally do get delisted.... they will just move onto the pink sheets...
714trader you get back in at .21?
i was in and out again...
some people like to hold... over the weekend... I dont especially when you dont know what the news is going to be......
im going to play it for a bit of a upswing monday morning... then swing back down again..
thats if they dont release any ...news...
if they put out news... thats a game changer.... and you throw out any ranges... you are currently trading from...
this is my last post...today
'714trader' sorry I missed your question...
but as of right now.... its at .25
no mans land...
if i was trading I would wait for it to break out either way....
its late in the day... so .23 is just to close to where its trading right now...
if I was trading aggressive id go with the .23 since its the low of the retracement...
but to be safer id go with a .21 bid...
and even more safer .18
the style I use works much better with a stock that is trending down with lots of volume...that way you can trade a stock going down...and still make money...
ie you have a bid at .21 and the stock is trading .25 and it dips down...if you misss getting in .21 you move the bid down...once it bounces back to .23 or .24
another thing you can do is if the stock stays at or above .25 or starts to rise again...
around "CLOSE" you can come in and buy... chances are it will open up again...barring news....
low was .23 on the retracement....
bouncing all over the place went from .23 to .247 in like 30 seconds....
this one seems to be trending down....
hate to say it... but I hope there isnt any news now...
dont think the news can top... a run up to .34
hehe
well it is holding at .25 the second time around... so it seems to be the support right now....
but for me once the volume slows... I never like to buy the second time around at a support level... some people do its... a personal preference...
yeah... .25 is a bit riskier... since it bounced from 25 already....
.23 would be a little more safer buyin right now...
o yeah... hind site is always 20-20 when your looking back...
its a lot tougher to make the right call when your money is on the line...
bottom line is all times preserve your capital... if you can make 1 dollar be happy.... because that means you can invest again...
and there will always be stocks like this one... to make money on....
for me id be buying about 10 to 20000 shares....looking at .21 .18 and .15 .12
.36 .41 .46
as jump in points... and taking quick profits.... no more than 2 points...
ya this one spooks me a little... never seen a stock run 4 days in a row on no news... just unheard of...
bottom line is the SEC should have stepped in on day one and said get your news out...
even if it is.... "THERE IS NO NEWS... NEWS RELEASE"
just so the company covers it butt...
and we dont get burned... since were in the dark
dont get me wrong... I love that the stock is moving... wre all making money...
but lets do it legal... and lets make sure everyone has the same info at the same time... that the law...
very nice... you made a profit... thats what counts in the end...
.30 would have been a a good price.... since its a common resistance point... but then this stock isnt trading like most stocks...
well in and out 4 times today im gonna sit out until it breaks 35 or trades 18
LOL... this is just crazy.... making money like crazy traded this 3 times this morning already....... and we dont even know what the news is....
the SEC better not shut this down... pending a news clarification..
well what ever direction the stock goes... we should get some good trading today...
not gonna hold anything unless they come out with news and tell us what is up...
never mind.... stock breaking .18 range trading at .20 looks to make another run...
where is the news!!!!
o o... is anyone showing the stock trading premarket?
its crazy stocks these days... when I first started trading if a stock went down...20 to 25% in one day... you would expect a bounce...
nowadays stocks have to be down...90% before it is where we expect the bounce now....
agreed.... I was loading up on this one at .05
got caught nibbling at .08 and .07 just 5000 shares at each range....
for some reason nothing I had bid at .04 or .045 got filled...
so thats always a good sign...
seems like there isnt too much stock out there even though there was a big dump..
so when it turns... might go higher than we would expect...
in any event...
this is a risk....
but I think we have time... and in stocks like this one what you need most is for the time... it takes for it to bounce...
im bid even bigger down low... have a feeling its going to test .03 at least tomorrow...
a buyout is looking like the most logical explanation...
but so nice of them to not give you any info or put out a news release to us little fish...
while the insiders are trading on insider info...
714trader not sure whats making it jump...
one reason could be with a stock that has been hammered down so much... usually when it rebounds the rebounds go higher...
thats why if your trading a stock that is dropping like there is no tomorrow... the lower the stock goes the better...
when I first started to buy the stock it was at .16 and it just kept going down and bottomed at .04
that was after the stock was down 90% trading at .25 from the $2 range
there also could be naked shorters who are covering right now...
and lets not forget the stock was at $2
and most folks wont buy a stock thats going down... ie( the best time to buy was when this stock was .06
but will buy if they see a stock turn... like it did 3 days ago...
I can see this stock run... its rare... but imagine it going to .30 or .50 or even .8
BUT
I keep saying news because... like we have seen before.... this stock can go under .10 very quick... without news to support it...
if you have made money on the last trade...then thats great...
you should be trading on what the market gives you... (NOT how much you want to make)
just be careful... unless we see news soon... this stock could be artificially pumped up.... and then they pull the rug from under you...
that something I have seen far too often... which has the potential to wipe out your capital...
because more often than not.... the second/third time it hits the .10 ranges it keeps going down...dosent come back...
look for a big swing either direction... before you come in...
and flip the stock out quick
my last trade was range trade from .152 and a sell at .16
only because it ran past .15(after trading under .10 making .15 a strong resistance point)and up to above .17 then came back
i missed a range trade from .13 to .15 ie once it goes past .13 with strength you got a trade from .135 to .15
a quick in and out....
someone just bought 300000 shares
well got me here didnt think it would make it back up this high without news...
obviously it must be something the insiders like for the buying to be like this for 3 days without news
well damn i was trading other stock... missed the last run...
well stock price definately looking good right now...
always :)
714trader
dont get me wrong though...im not saying the stock is going to .035 or worth only that...
most stocks do trade above their book values...
thats because most people buy stocks on "what could be... not what is right now..."
okay i did some calculations...
the last Quarterly was September 2009
Companies burn rate... is at least 10 million for R/D
and 2 million for Selling and Administrative...
since the company did not come out with the news until Feb 2010
im going to assume 4 month of burn rate at the normal levels..
13 million for R/D from sept 2009 to Jan 2010
2.6 million for Selling and administrative...
19 million in total assets - 15.6 million
= 3.4 million
assuming they have stopped all R/D
you are looking at a burn rate of 600000 per month
for February onward...
if my calculations are right...
the company is sitting on around 2 million cash/assets
that puts the value of the stock at .035
problem with the Financials for this Co.
they just filed a notice that the financials are going to be late...
they werent making any money
since they only had 1 drug... and it was in clinical trials...
im afraid they are going to show a loss... and a big write down...
but it could make them a target for a take over...
if a company wanted to use there tax losses...
plus if the company were to dissolve as of the last Quarterly
the company is worth .35 cents a share...
of course you have to take into account the burn rate on the cash on hand for the Co. since that last quarterly till now...
somthing im to lazy to calculate at the moment... heh
it already did... low of .0918...
well i was in at .10 out .1130
looks like its gonna above .10 for the rest of the day...
no mans land for me...
other stocks to trade today.... be back if there is news or this stock goes under .10
cya probably tomorrow...
so close... .1589
but then it needed to break .15 with strength...
not just touch .16
key support is the .13 and .10 ranges.... needs to hold .13 if there is any chance of a run today....
and .10 if this stock dosent want to see .06 again...
well high of .15 so far.....pre market...
but seems like the basturd MM's are capping it there... maybe in the regular trading hours...
well the key resistance points for today are .15 and .18
basically this stock breaks the .1877 and its going for another run...
but personally I cant see it breaking above .15
3 days straight Up...days up is not unheard of... but it is not that common especially without news...
I figure it runs a bit today... but by mid day we should see it get hit...and trade back down...
if I was the Company midday would be a nice time to put out some NEWS!!!!!
714trader.... this is my last post for the day...(used up my quota)
best advice I could give to new investors/traders is... paper trade for 2 years... it gives you time to set up your own trading system... and in the end if you have the patience to do that then you will do fine...
I always say.... its easy to buy stock... selling it when you get it is the hard part...
so make it harder for yourself to buy the stock... and make it easier for you to sell it...
thanks for letting me impart some of my wisdom on you I have been trading stocks for 20 years now... and im still learning something new all the time...
GL to you tomorrow....