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That PPS is very high for post halt-day 1 open - market would be damn lucky if it opens that high.
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Updating my above message - down to .01 now; more in line with expectations
I watch the following solars:
NYSE:DQ, NASDAQ:CSUN, NYSE:YGE, NASDAQ:HSOL, NYSE:JKS, NYSE:TSL, NYSE:SUNE, NYSE:SOL, NASDAQ:CSIQ, NYSE:STP, NASDAQ:JASO, NASDAQ:SPWR, USOTC:WEST, NYSE:LDK
It is best to watch them as a group - similar to the shippers - as they are all correlated. I have traded all of the above. Right now, I like STP and LDK, but did not hold any over night. I am going to wait and see what happens to the solars tomorrow when the gov't shuts down. I am expecting a dip and rip, but who knows, the entire market may fall throughout the day. The impact of the shutdown is unclear as far as I can see, so I think it best to just sit back at least until EOD tomorrow to see what happens. I did actually load up on a 3x market inverse ETF EOD - that is it.
The OTC suffers when the wider market is in turmoil - traders aren't in the mood for promos when legitimate tickers are crashing.
Below, I posted a list of Chinese US listed tickers - those are also hot right now. Most of the solars are Chinese listed tickers, but there are many others also. Check out the link I put in the intro to this board which lists all Chinese listed tickers and tracks their daily performance. These tickers are very volatile, and are coming off a 5-year bear run and still off of former 5-year highs when they were last a big fad.
Also keep and eye on the shippers - after this retrace, they should run again, including the wild ones (NEWL and FREE).
GL
The shutdown is not all bad news - if we got some panic, it will set up nice recovery plays; can't see the shutdown lasting too long as it is just political posturing.
I agree this was a great play - as a general rule, when a promo ticker is up 100% from where most entered, "its time to protect your nuts guys" (Bloodsport).
This dumped harder than most on crash day 1. If the wider market crashes tomorrow with the US gov't shutdown, this bad boy could head much lower before setting up a nice bounce.
FREE was a nice play. Funny how I was attacked on that board when I posted it was time to get out after Thursday. I just follow the money. The shippers may have a come back - until then, the solars and Chinese listed tickers are hot.
I missed out on CSUN - should have been paying attention this morning. Tomorrow is a tough call with the whole US gov't shutdown BS. Could be another dip and rip, or could be a real dip this time. I just read:
Asked if he thought a shutdown was now inevitable, Richard Durbin, the second most senior Democrat in the Senate, replied: "I'm afraid I do."
LTON has been solid for me.
STP and LDK also looking good, but I think I will wait until tomorrow morning. Looking like gov't shut down is on, so I am assuming stocks will open lower (and then probably move up as they did today).
The China tickers I listed are doing well even in this market. Also, the solars are holding up well somehow (all dipped and ripped).
I escaped NNRX in time this morning once I saw it dip below open (took a small hit). Hope no one here got nailed on that one. As I have always posted here, when a promo ticker dips below the prior day close, dump it.
Pre-Market looking ugly for stocks in general. Wall Street hates uncertainty. S&P down 1% (equal to the entire fall last week). Volatile tickers that were recently on a run should get hammered. For example, the shippers are taking a beating PM.
I am going to sit things out until 10AM to see what happens. Hard to short now as all the best shortable tickers will gap down.
Some ideas if the market crashes over the government shutdown:
SPXS Direxion Daily S&P 500 Bear 3X Shares
TZA Smallcap Bear 3X Direxion
FAZ Financial Bear 3X Direxion
Health Canada has no direct bearing on MJNA - I thought the news was positive overall in terms of the medical marijuana movement. I am Canadian - Canada has always wanted more liberal pot rules but is pressured by the US to be conservative.
In terms of the quality of the product - I can't comment; pot is of no interest to me. I just flip the dope tickers with all the other traders when the are popular (PHOT is my preference).
Things change fast - BDI starting to go down, plus DRYS and all the other shippers down the past 2-days. I am not saying I am done with FREE; I am just a daytrader that comes in and out. If you are long, I would not worry about day-to-day fluctuations. FREE should go higher over the long-term.
Nice analysis, except for the fact that the PPS was far overvalued when it hit $73.
I would like BBRY if it falls to $7 on buyout uncertainty, as it appears most likely the $9 buyout will go through after the 6-weeks DD process.
FREE may go up without the other shippers, but it is less certain. It did move huge Thursday w/o the sector, and Friday may have just been some profit taking. I just prefer more obvious plays.
I am also a bit concerned with the US government stoppage (if it happens) pulling everything down, although I read some articles that showed the last stoppage did not have a significant affect on the market. The recent debt ceiling crisis did, however, appear to drag the wider market down approx. 15% (according to a few sources). Maybe they will have a deal in place by EOD tomorrow. Otherwise, I will have to consider some leveraged inverse ETFs.
What is with these damn government crises every other month anyhow - might be best if one just comes to fruition and causes some quick chaos so we can ride the correction back up after traders realize the sky isn't falling - worked well in 2008.
I don't like this - could be the start of a correction: http://www.bloomberg.com/quote/BDIY:IND
Small move, but Lee Marvin and Clint Eastwood also painted the shippers Friday.
After a lot of fun, just watching to see what happens tomorrow.
If you like trading sectors, also check out the solars.
(Canada) Conservatives launching billion-dollar free market in medical marijuana
Dean Beeby
OTTAWA — The Canadian Press
Published Sunday, Sep. 29 2013, 2:23 PM EDT
Last updated Sunday, Sep. 29 2013, 5:25 PM EDT
229 comments
The Conservative government is launching a $1.3-billion free market in medical marijuana this Tuesday, eventually providing an expected 450,000 Canadians with quality weed.
Health Canada is phasing out an older system on Monday that mostly relied on small-scale, homegrown medical marijuana of varying quality, often diverted illegally to the black market.
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In its place, large indoor marijuana farms certified by the RCMP and health inspectors will produce, package and distribute a range of standardized weed, all of it sold for whatever price the market will bear. The first sales are expected in the next few weeks, delivered directly by secure courier.
“We’re fairly confident that we’ll have a healthy commercial industry in time,” Sophie Galarneau, a senior official with the department, said in an interview.
“It’s a whole other ball game.”
The sanctioned birth of large-scale, free-market marijuana production comes as the Conservatives pillory Liberal Leader Justin Trudeau’s campaign to legalize recreational marijuana.
Health Canada is placing no limits on the number of these new capital-intensive facilities, which will have mandatory vaults and security systems. Private-dwelling production will be banned. Imports from places such as the Netherlands will be allowed.
Already 156 firms have applied for lucrative producer and distributor status since June, with the first two receiving licences just last week.
The old system fostered only a cottage industry, with 4,200 growers licensed to produce for a maximum of two patients each. The Mounties have complained repeatedly these grow-ops were often a front for criminal organizations.
The next six months are a transition period, as Health Canada phases out the old system by March 31, 2014, while encouraging medical marijuana users to register under the replacement regime and to start buying from the new factory-farms.
There are currently 37,400 medical marijuana users recognized by the department, but officials project that number will swell more than 10-fold, to as many as 450,000 people, by 2024.
The profit potential is enormous. A gram of dried marijuana bud on the street sells for about $10 and Health Canada projects the legal stuff will average about $7.60 next year, as producers set prices without interference from government.
Chuck Rifici of Tweed Inc. has applied for a licence to produce medical weed in an abandoned Hershey chocolate factory in hard-scrabble Smiths Falls, Ont.
Rifici, who is also a senior adviser to Trudeau, was cited in a Conservative cabinet minister’s news release Friday that said the Liberals plan to “push pot,” with no reference to Health Canada’s own encouragement of marijuana entrepreneurs.
Rifici says he’s trying to help a struggling community by providing jobs while giving suffering patients a quality product.
“There’s a real need,” he said in an interview. “You see what this medicine does to them.”
Tweed Inc. proposes to produce at least 20 strains to start, and will reserve 10 per cent of production for compassionate, low-cost prescriptions for impoverished patients, he says.
Patients often use several grams a day to alleviate a wide range of symptoms, including cancer-related pain and nausea. They’ll no longer be allowed to grow it for themselves under the new rules.
Revenues for the burgeoning new industry are expected to hit $1.3-billion a year by 2024, according to federal projections. And operators would be favourably positioned were marijuana ever legalized for recreational use, as it has been in two American states.
Eric Nash of Island Harvest in Duncan, B.C., has applied for one of the new licences, banking on his experience as a licensed grower since 2002 in the current system.
“The opportunity in the industry is significant,” he said in an interview.
“We’ll see a lot of moving and shaking within the industry, with companies positioning. And I think we’ll see some mergers and acquisitions, strategic alliances formed.”
“It’ll definitely yield benefits to the consumers and certainly for the economy and society in general.”
Veterans Affairs Canada currently pays for medical marijuana for some patients, even though the product lacks official drug status. Some provinces are also being pressed to cover costs, as many users are too sick to work and rely on welfare.
Health Canada currently sells medical marijuana, produced on contract by Prairie Plant Systems, for $5 a gram, and acknowledges the new system will be more expensive for patients.
But Galarneau says competition will help keep prices in check.
“We expect that over time, prices will be driven down by the free market,” she said. “The lower price range will likely be around $3 a gram. ... It’s hard to predict.”
Saskatoon-based Prairie Plant Systems, and its subsidiary CanniMed Ltd., were granted the first two licences under the system and are already advertising their new products on the web.
Prospective patients, including those under the current system, must get a medical professional to prescribe medical marijuana using a government-approved form.
Health Canada only reluctantly established its medical marijuana program, driven by court decisions from 2001 forward that supported the rights of suffering patients, even as medical science has been slow to verify efficacy.
Penny stock blog below - I hold 2 of the 3. I actually also started trading the APS pick, but don't hold it over night. It appears halt risk is low for the coming week, but after PWEI, better safe than sorry.
I have traded NNRX from day-1 - posted about it here - and it performed perfectly last week. At this point, I would say dump risk begins to heighten on Thursday/Friday or any other day the ticker goes up more than 25%. It is possible the dump won't come until week 3 as Brighton's official mailers went out Friday, but there has been a lot of front loading. Everyone in the penny world that pays attention to promos knew this was the Brighton pick on Day 1. It should gap and run tomorrow, but we shall see.
BZNE is an SA tout - I posted about here on the day of the pop. SA touts on the OTC normally don't carry weight past day-2, and I will probably exit tomorrow morning, but we will see how it moves. I would be happy to just grab another 10% off this one. I will dump on any sign of weakness.
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Penny Stock Experts Blog - blog.todayspickis.com
Stocks To Watch Monday 09/30/13 - NNRX PCWT BZNE
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Our profiled pick NNRX closed up 90.67% last week, creating a new high every day, and showed no signs of slowing down. Could NNRX test $1.75-$2.00 or higher this week? We'll just have to wait and see.
NNRX - Potential Continued Breakout - (Nutranomics, Inc.) - closed up 6.72%, at $1.43 a share, on over 1.6 million shares traded Friday. NNRX is a publicly traded company engaged in research and development of nutritional food products. Nutranomics' mission is to increase human health and longevity through education and self-awareness. Shares closed up over 90% last week, just off their weekly high of $1.45, and up every single day last week. With over 15 million shares traded between $.85-$1.40, it was one of the easiest stocks to trade and turn a profit with. In our modest, unlicensed opinion, we believe the stock will continue moving higher this week and create another new high. Make sure it is on the top of your list and look for our new e-mail report tomorrow morning.
PCWT – Volume/Momentum - (Pacific Clean Water Technologies, Inc.) - closed up 13.33%, at .255c a share, on over 15.3 million shares traded Friday. PCWT is an Environmental Services Company that primarily specializes in industrial water treatment, helping clients stay compliant with EPA regulations, commercial-scale water recycling, reducing energy costs, and helping clients transition into new "green" alternatives. After trading sideways most of the week, PCWT caught a nice rally into the end of the week, which makes it worthy of an eye tomorrow. The stock closed just off Friday's high and it's weekly high of .263c and looks to be in good position to test .30c or higher this week. Look for a continued increase in volume to push the stock higher. Keep it on close watch.
BZNE – Potential Continued Breakout - (Biozone Pharmaceuticals, Inc.) - closed up 16.18%, at .79c a share, on over 4.5 million shares traded Friday. BZNE is a public pharmaceutical company that specializes in drug development, manufacturing, and marketing. The company has developed proprietary drug delivery technology that has enabled and revolutionized the administration of drugs that are difficult to formulate. A Seeking Alpha author highlighted the company in this blog post Friday, which had an immediate effect on the share price as investors raced to get in. The article highlights billionaire CEO Dr. Phillip Frost's recent investment in BZNE. With a close just off Friday's high of .795c, it's well worth watching into tomorrow. Keep it on close watch.
Tough call on this one. Looks more likely to fall than rise - I would wait to see if it can form a steady trend like it had on Mon - Wed. If it starts steady up again, .014 will be the big test. I will just watch this one for now.
Could be a bad weak for equities across the board with this whole US government shut down debacle.
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As US government shutdown seems likely.
NEW YORK - As a last-minute deal to resolve spending negotiations in Washington appeared less likely, U.S. stock investors braced for what had previously seemed remote: a shutdown of the US government that could spark a major equity decline.
The House of Representatives early on Sunday voted for an emergency spending bill that includes a delay of President Barack Obama's signature healthcare reform law despite veto threats from the White House.
While a deal could be reached before the government's fiscal year ends at midnight on Monday, the unanimous passage of a bill to continue paying U.S. soldiers in the event the government runs out of money was viewed as a sign that there would be no agreement between Republicans, who hold a majority in the House, and the Democrats, who control the White House and Senate.
Among the consequences of no deal being reached are many government employees will be furloughed, and the Labor Department will not issue its monthly employment report scheduled for next Friday.
A shutdown is expected to have a major impact on markets, injecting massive amounts of uncertainty into all asset classes. If a deal is reached quickly, that might allow markets to recover, but a prolonged shutdown could have significant implications for economic growth and consumer confidence.
"A shutdown is just one domino; if it falls, it will cause a series of unknowns, and those unknowns are impossible to quantify," said Adam Sarhan, chief executive of Sarhan Capital in New York. "The immediate shock could be 200 Dow points, could be 1,000 Dow points. Those moves may be exaggerated at first, but if things aren't resolved quickly that could just be the start."
The S&P 500 is currently 0.7 percent above its 50-day moving average of 1,680.18, a level that has been serving as support, but the index is likely to break below it in the case of major uncertainty. The next key level is the index's 100-day average of 1,659.29, 1.9 percent below current levels.
Historically, Wall Street has managed to avoid steep downside during similar incidents. During the federal government shutdown from Dec. 15, 1995, to Jan. 6, 1996, the S&P 500 added 0.1 percent. During the Nov. 13 to Nov. 19, 1995, shutdown, the benchmark index rose 1.3 percent, according to data by Jason Goepfert, president of SentimenTrader.com.
That precedent may not hold this time given that growth continues to lag. The U.S. Federal Reserve recently held off on slowing its stimulus program, saying economic growth was not meeting its targets.
Since the market is near all-time highs and has seen little in the way of a sustained pullback this year, Sarhan said the downside potential was vast, with the S&P 500 "slicing through" support levels before finding support around 1,550, a level that is 8.4 percent below its Friday closing price.
While the threat of a shutdown has weighed on markets recently, with the S&P snapping a three-week streak of gains to fall 1.1 percent last week, many investors considered the prospect unlikely. The S&P is up 3 percent this month, and is a mere 2 percent away from its all-time high.
The CBOE Volatility index spiked about 18 percent last week, but remains sharply down for the year, suggesting little concern is priced into markets. The VIX closed Friday at 15.46, a level that is very low by historical standards.
Analysts had viewed a shutdown as unlikely, with many citing other government stalemates that were resolved in the past few years. However, political infighting in 2011 prompted the loss of the United States' triple-A credit rating and was the primary driver of the stock market's last full-on correction.
Essentially all market sectors could see a reaction to a shutdown, with industries tied to the pace of economic growth- like energy and financials- seeing outsized impacts.
The defensive sector "will feel an immediate impact since its biggest customer is the U.S. government," said Sarhan. "We're talking billions of dollars in income. If that goes away, what could replace that?"
Even utilities, which are considered a defensive group, may see steep moves if a shutdown impacts interest rates.
Among other asset classes, the uncertainty could been a boon for U.S. Treasuries as investors seek shelter. Benchmark 10-year Treasury notes rose 10/32 on Friday, with yields easing to 2.62 percent.
Analysts at Brown Brothers Harriman said the U.S. dollar was likely to weaken, and that it looked vulnerable against the yen.
Even if a last-minute deal is reached, investors face a second Washington cliffhanger as Congress must agree to increase the $16.7 trillion limit on federal borrowing by Oct. 17. If Capitol Hill fails to act in time, the unthinkable could happen and the United States could default on its debts.
"We're in a game of chicken. Once it became clear that people were willing to risk Federal employee jobs, that's when it became a real concern," said Len Blum, managing partner of Westwood Capital LLC in New York.
"We've become somewhat desensitized to this kind of apocalyptical thing coming out of D.C., but as time goes on with no resolution, it will get increasingly bad."
Topics: wall street, Fed, Barack Obama, US shutdown
VPLM - might be worth trading Monday on a dip and rip
Chinese US listed stocks (non-solar) with momentum to watch next week:
AMCF Andatee China Marine
CNTF China Techfaith Wire
LTON Linktone Ltd
DANG E-Commerce China Dan
CCCL China Ceramics Co.
SKBI Skystar Bio-Pharmace
HPJ Hong Kong Highpower
CGA China Green Agricult
CBAK China Bak Battery
KNDI Kandi Technolgies
AMCF - Looking for high-risk and extreme volatility from a big board ticker Monday - trade Andatee China Marine Fuel Ser Corp
That makes no sense that TD Ameritrade expects you to adhere to a 30-day holding period. Are you sure that is correct? EFTs trade like stocks. The 30-day rule is typical of mutual funds, but not ETFs. Basic ETFs are trusts that hold an index of funds and trade like stocks - they have lower hidden fees than mutual funds as there is no active manager.
When I trade ETFs, I do it on the short-term and flip the 3X leveraged EFTs. These should not be held long as they have inherent problems and have been proven to be scams over longer holding periods (just pull up a long period comparison of NUGT and DUST and you will see what I mean). Over a max holding period of 5-days, they are fine. To see all the 3x ETFs, go into Bar Charts ETF section and search for "3X" as the name. In your list, you should see the popular ones such as NUGT, DUST, CURE, and UGAZ. Note that some of these are extremely volatile - some in the trading business refer to UGAZ as the widow-maker.
If you are going long a year, don't buy a leveraged ETF. To evaluate ETFs, use bar charts to search for what you are look for. There are literally thousands of ETFs that now trade. Basically, you can trade any index or sector you want via an ETF. I like ETFs - I use them in my RRSP rather than using mutual funds as the internal fees are lower and index funds beat managed funds historically.
It is the "grey" market (not "gray"). It will start trading on Tuesday Morning.
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The Securities and Exchange Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the "Exchange Act"), of trading in the securities of PacWest Equities, Inc. ("PacWest"), of Las Vegas, Nevada at 9:30 a.m. EDT on September 17, 2013, and terminating at 11:59 p.m. EDT, on September 30, 2013.
Food for thought - below are histories for the other 3 promo halts this year shortly after the halt. PWEI is probably most similar to BIZM (complete BS ticker). NORX and POLR were O&G scams - worthless but a little more tangible than your typical P&D:
Sorry for the crappy display - columns mean:
Date Open High Low Close Volume Adj
Close
Norx - pre-halt .83
2013/08/01 0.50 0.55 0.50 0.52 189,001 0.52
2013/07/31 0.56 0.59 0.50 0.52 158,374 0.52
2013/07/30 0.50 0.59 0.50 0.56 322,623 0.56
2013/07/29 0.53 0.55 0.48 0.50 331,749 0.50
2013/07/26 0.55 0.60 0.53 0.55 210,241 0.55
2013/07/25 0.56 0.60 0.51 0.55 207,456 0.55
2013/07/24 0.55 0.60 0.50 0.55 245,676 0.55
2013/07/23 0.61 0.64 0.52 0.55 522,440 0.55
2013/07/22 0.51 0.65 0.51 0.61 307,606 0.61
2013/07/19 0.66 0.70 0.50 0.50 1,002,881 0.50
2013/07/18 0.59 0.70 0.50 0.60 910,375 0.60
2013/07/17 0.34 0.46 0.32 0.45 663,617 0.45
2013/07/16 0.21 0.30 0.21 0.30 571,137 0.30
2013/07/15 0.31 0.35 0.20 0.28 1,468,455 0.28
2013/07/12 0.45 0.46 0.35 0.37 729,521 0.37
2013/07/11 0.25 0.46 0.080 0.44 3,192,347 0.44
Polr - pre-halt 5.75
2013/07/17 0.34 0.50 0.30 0.50 160,119 0.50
2013/07/16 0.58 0.65 0.30 0.37 609,150 0.37
2013/07/15 0.45 0.60 0.35 0.45 95,639 0.45
2013/07/12 0.60 0.60 0.40 0.50 116,963 0.50
2013/07/11 0.66 0.79 0.55 0.60 124,560 0.60
2013/07/10 0.80 0.80 0.55 0.66 274,355 0.66
2013/07/09 0.80 0.94 0.72 0.80 302,148 0.80
2013/07/08 1.30 1.30 0.80 0.80 186,529 0.80
2013/07/05 1.90 1.90 1.38 1.50 208,311 1.50
2013/07/04 - 2.09 1.75 - - -
2013/07/03 1.90 2.09 1.75 1.80 153,751 1.80
2013/07/02 1.51 2.00 1.50 1.95 466,303 1.95
2013/07/01 0.96 1.55 0.96 1.50 486,580 1.50
2013/06/28 0.85 1.15 0.85 1.10 334,152 1.10
2013/06/27 0.71 0.96 0.70 0.90 265,633 0.90
2013/06/26 0.90 0.95 0.65 0.70 248,903 0.70
2013/06/25 0.90 1.00 0.70 0.85 230,820 0.85
2013/06/24 0.25 1.40 0.20 0.90 429,433 0.90
BIZM - pre-halt 3.45
2013/08/01 0.38 0.48 0.30 0.40 27,208 0.40
2013/07/31 0.42 0.49 0.30 0.37 47,414 0.37
2013/07/30 0.44 0.50 0.30 0.45 71,090 0.45
2013/07/29 0.47 0.49 0.41 0.47 95,519 0.47
2013/07/26 0.45 0.46 0.41 0.46 47,650 0.46
2013/07/25 0.41 0.45 0.30 0.45 49,480 0.45
2013/07/24 0.34 0.45 0.30 0.41 216,191 0.41
2013/07/23 0.40 0.40 0.26 0.34 81,141 0.34
2013/07/22 0.35 0.35 0.25 0.30 96,231 0.30
2013/07/19 0.39 0.39 0.30 0.31 76,817 0.31
2013/07/18 0.50 0.50 0.30 0.40 888,523 0.40
2013/07/17 0.45 0.59 0.45 0.50 407,339 0.50
2013/07/16 0.64 0.75 0.26 0.55 3,069,609 0.55
2013/07/15 0.16 0.60 0.16 0.55 1,611,443 0.55
2013/07/12 0.22 0.22 0.15 0.16 1,486,957 0.16
2013/07/11 0.40 0.40 0.20 0.29 1,695,662 0.29
2013/07/10 0.25 0.65 0.13 0.44 3,578,458 0.44
I also consider my funds lost and will basically take what I can get. In terms of your strategy, I am not saying it is bad, but be careful holding your shares too long. The grey's often have little to no volume after week 1 (probably week 2 in this case given the # of holders caught) and sometimes completely dry up after a few months. I will probably just dump what I have at 10:30 on Monday.
I guess I stand corrected - I find that very odd; that is a ridiculously annoying process.
Thanks for the heads up. I did read the news you are referring to; I found it odd that the news was out Thursday morning but the stock did not pop until Friday. I will be watching this one closely Monday to see if the momentum can continue. I will be careful - I have traded many Chinese tickers in the past and they always seem to be low volume, high volatility, and high bid/ask spread plays; which is not necessarily a good or a bad thing.
I have bottom fed and traded the greys many times; it is not nearly has bad as some suggest here. There is no L2, but there is a real time trade history and you can get the ask by putting up a share for sale at market (just don't go through with the trade). No brokerage requires a call in for a sell order. This will have a ton of volume given the millions of shares people will be unloading, and there will be some bottom feeders. Don't get me wrong though, this will open south of a penny and will likely only hit .02 at best. May hit .03 if we are lucky.
PME exploded today on the Nasdaq - I am having trouble finding the catalyst. Appears worth following. Details I am finding on the ticker are shady - typical Chinese stock BS.
The catalyst appears to be the news below, but the market is never a day late moving a stock on news. I suppose it is possible as this is very thinly traded. Be careful if you trade this one unless it has volume on Monday - I am sure it will given everyone will notice it as I did on the top percentage gainer list tonight:
Pingtan Marine Enterprise Acknowledges Recent Notification by The Ministry of Agriculture Restricting New Fishing Licenses
Date : 09/26/2013 @ 7:00AM
Source : PR Newswire (US)
Stock : Pingtan Marine Enterprise Ltd. - Ordinary Shares (MM) (PME)
Quote : 2.28 0.79 (53.02%) @ 8:10PM
Pingtan Marine Enterprise Acknowledges Recent Notification by The Ministry of Agriculture Restricting New Fishing Licenses
Print
Alert
Pingtan Marine Enterprise Ltd. - Ordinary Shares (MM) (NASDAQ:PME)
Intraday Stock Chart
Today : Friday 27 September 2013
Click Here for more Pingtan Marine Enterprise Ltd. - Ordinary Shares (MM) Charts.
FUZHOU, China, Sept. 26, 2013 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company") an integrated marine services company in the People's Republic of China (PRC), today announced that The Ministry of Agriculture of the People's Republic of China ("MOA") recently issued a notification that it will suspend accepting shipbuilding applications for tuna harvesting vessels, squid harvesting vessels, Pacific saury harvesting vessels, trawlers operating on international waters, seine on international waters, and trawlers operating on the Arafura Sea, Indonesia.
Pingtan previously announced the addition of acquired and newly built vessels in June and September, which are intended to operate mainly on the Arafura Sea, Indonesia. The applications for these vessels preceded the MOA's recent notification, and the Company is currently one of the largest fishing companies operating on the Arafura Sea with total of 106 fishing vessels.
The Company is including a link to the notification by the MOA (in Mandarin): http://www.gov.cn/gzdt/2013-09/03/content_2480463.htm.
Mr. Xinrong Zhou, Pingtan's Chairman and CEO, stated, "We acknowledge the recent notification from the MOA, which we believe is a positive indicator for long-term stability and balance in China's fishing industry. We have closely followed recent discussions surrounding the issue of over-fishing, most notably in November 2012 when the MOA issued a notification to limit new licenses. At that time, our management acted quickly to accelerate our new build efforts. We believe that this has helped to ensure our fishing productivity in international waters, while also serving as a major barrier to entry for competitors in our industry. In addition to strengthening our competitive advantage through asset expansion, we are also positioning the Company to begin directly selling our products to end markets. We feel that delivering our seafood straight from the sea to the consumer will provide a fresher, more attractive product, while simultaneously expanding Pingtan's margins through the elimination of a distributor. We are pleased with the direction of our Company's operations, and feel that today's announcement strengthens Pingtan's competitive position in our markets."
About Pingtan
Pingtan is a marine enterprises group, engaging in dredging services and ocean fishing through its wholly-owned subsidiaries, China Dredging Group and Merchant Supreme, and their respective PRC operating subsidiaries, Fujian Xinggang Port Service Co., Ltd., or Fujian Service, Pingtan Xingyi Port Service Co., Ltd., or Pingtan Xingyi and Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Pingtan Fishing primarily engages in ocean fishing with many of its self-owned vessels operating within the Indian Exclusive Economic Zone and the Arafura Sea of Indonesia. Pingtan Fishing is a growing fishing company and provider of high quality seafood in the PRC.
Business Risks and Forward-Looking Statements
This press release may contain forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. In addition, please refer to the risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Definitive Proxy Statement and Registration Statement on Form S-3. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason.
CONTACT:
Roy Yu
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
ryu@ptmarine.net
INVESTOR RELATIONS:
The Equity Group Inc.
Adam Prior, Senior Vice President
(212) 836-9606
aprior@equityny.com
In China
Katherine Yao, Associate
86 10 6587 6435
kyao@equityny.com
SOURCE Pingtan Marine Enterprise Ltd.
Why is this listed as China Growth Equity Investment Ltd. on Google Finance. Haven't figure out the catalyst yet for today's pop - very strange.
WEST looks interesting. Given the run of Excel Maritime as a sympathy shipping play on the OTC, I was looking for a solar on the OTC. I was going to pick up WEST today when it started running, but didn't bother as I have to call my broker to make the order. My laziness was a mistake, as it closed up 50%. I will have to watch it closely now to see if it is a one hit wonder or has legs.
Interesting - I did not notice any of these as I always start my scans from the top traded list (100 tickers). I am surprised ACYD never showed up on the list - nice volume on that one. Where did you find ACYD - I really like the chart on that one and am annoyed I never noticed it. I do recall you plugged it once here, but I figured the run was done by then.
I ended up buying some BZNE - bounced nicely and closed strong. SA touts usually only good for a 2-day move so I doubt I will be holding come EOD Monday.
You are talking about Bank of America correct? That is an ugly chart. Better watch out or it will pull all the way back to $12.3. I don't like tickers that move so much with the general market.
What OTC tickers did you hold this week. I assume one of them was NNRX; what other 2 did you do well with?
I have traded GALE before over the years but not recently. I will take a look at that article. Chart looks a bit crappy.
This has been a real smooth ride - virtually no dips below prior day close during this 5-day run; even smoother than TALK was.
Power hour will bring some buyers - close at $1.48, open Monday at $1.55
My solar tickers did well today, but I missed out on CSUN - will have to put this one back on watch. Up to much for me to buy right now. I will reassess EOD.
All the solars I plugged a couple days ago are rocking today - keep an eye on the for an EOD run and potential Monday follow through; lots of momentum here (I like JKS, HSOL, TSL, DQ)
BZNE - an SA tout once again gives an OTC ticker a bounce - lets see if it holds.