Feeding village children in Mindanao Philippines and watching my boy and girl grow up.
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Thanks
That is interesting because Derek called me yesterday and told me that Royis had told him the opposite. If I understood Derek correctly Royis told him he absolutely was not selling shares. I smell cigar smoke from hell.
Well, if the OBV chart and the ACC/DIST chart looked good then that question "who is doing all the buying" would be a relevant question in my mind. However both those charts look horrible and as I stated before, I have not seen a chart turn positive that has had this sort of negative OBV and ACC/DIST charts (falling off a cliff) while on the all time low. I would be very grateful to anyone who could point out to me a chart that can show otherwise.
Perhaps this will be the first time such an occurance has occured but in the past this has not proven to be a profitable undertaking for me.
If it turns out there is no dilution then that creates the next question, who is doing all the selling? Volume was huge on this last selloff and both the OBV and Acc/Dis charts look like a waterfall.
Thanks derek. I don't want to post it here but if you could email me at dolphintom@yahoo.com I will email it back to you.
Peace,
Tom
Good luck.
It would be interesting to know what he said, but if history is any indication I am not so sure I would trust what he said (if he were to say that the company is not selling shares here).
Good luck.
Well, me thinks Royis is a sellaholic and should join sellaholics annonymous. It's like a wife beater. He really wants to stop beating his wife but just can't seem to do it. Whack...ouch. I feel like Royis' beetch.
1flaguy....I'd keep some powder dry in case this support is broken and we spike down to the .0003 area (I only pick that number because that is where GCOG and SRSR bottomed after weeks of trading there). If the company is going to continue to sell shares I really don't see how this .0008 area can hold but I would love to be proven wrong.
Well, I think TAKI could probably kick my ass in hand to hand combat...I think he's like Mr. Naples bodybuilder.
I don't know anything about the fundamentals of either company...but thanks for the update. I think we would all agree, even TAKI, that the company needs to stop selling shares into these PR's. At other boards TAKI used to rant quite often about the SOB CEO's who kept diluting their company's stock. I'm surprised he is quiet about it here. Perhaps it is because he doesn't believe in Technical Analysis and he wishes to remain my nemesis. :)
If you look at the chart on SRSR and also GCOG you will see a very similar pattern before the breakout. GCOG traded in a tight consolidation pattern for 10 weeks before the run. But in both cases the OBV and Acc/Dist charts were flat during the consolidation not nose diving off a cliff such as ECCI looks like right now. I have been searching and searching for a chart that had a breakout such as GCOG and SRSR but had a steeply declining OBV and ACC/DIST chart during the consolidation just prior to the breakout and I haven't been able to find one. If anyone happens to stumble on one, I would appreciate you letting me know.
The stock has been trading between .002 (less one spike) and .0008 for about 16 weeks. From a TA perspective it "might be" forming a base similar to what SRSR formed before busting out. The problem I see (as I have been saying all along) is the massive selling that causes the OBV and Acc/Dist charts to look horrible. My speculation is that the company has been selling into any positive PR to raise money. I can live with that, what I have a difficult time digesting is comments being made that Royis says they are not selling. It makes it difficult for me to trust a CEO that lies about such things. I am hoping that somewhere along the line there was a misunderstanding between the person/people who talked to Royis and the reality of the situation.
As much as I would like to be optimistic here with this postive news coming out, a red flag is waving in the wind because Royis has done this so many times in the past.....postive PR.....sell into it...dilute the stock...
No one will be happier than me to change my tune and I am still in limbo as long as this stock can trade between .0008 and .002. I will turn (reluctantly) bullish is the stock can close a week out above the 20 week ma (currently .002). I say reluctantly because although it would be a bullish sign, it would not be supported by the OBV and Acc/Dist charts at this point.
Lol, thank you.
Okay, thanks.
Waverider, I went back and read the post that Steve posted and he had said that he had not talked to the company in weeks...here is the post:
Bagfull...
Actually, I have not spoken to the ECCI CEO in weeks. I have no idea what any issuing of shares were used for if such had actually transpired.
I was simply guessing because of the amount of negative volume is usually the company throwing some shares out there too in the pink sheets world. I was only trying to figure out the only reason why they would sell shares to raise capital at these levels.
It was only a guess because it made me think about a company that sold shares in the pennies then a few weeks later it hit $18.00 per share. Sometimes you have to take 2 steps back to go 100 steps forward.
Still, from the last time I spoke with Royis, it was mentioned that they would not need to sell shares to raise capital. So I'm guessing that if any were issued, then I would trust that they would have been for good reason.
v/r
Sterling
Yep, hit the bid. It's the company.
1flaguy. What SHOULD upset everyone here is that the company is saying they are flush with cash and don't need to sell stock. That is obviously BS. It doesn't upset me that they are selling stock (as they have been for years which has dilluted the stock and driven the price down). It is lying. How can a company get credability on other matters if it lies about not selling shares?
I show an after hours trade at .0008. Is that the 6 million shares? If so that is on the bid which means it's a sell. That's not a good thing. Sounds like more selling from the company.
I wish I could believe that it's not the company selling, but I don't. Someone has unloaded 34 million shares yesterday and it looks close to doing the same today. This is huge volume and "smells" like the company to me. At any rate it makes the OBV and ACC/DIST chart continue to look bad. If this sell off was on low volume I wouldn't be that concerned but it is on very very heavy volume.
Glad to see you have deep pockets Derek. I admire your conviction to this stock. So how many millions of shares have you picked up from the flippers? It traded 34 million shares yesterday. How many millions did you get of those? Heck Derek, if you bought all the shares yesterday, then in another 8 days like that and you'll own the entire company. Gee, I guess I better be nice to you, sir.
Ahhhh, my good friend Derek. A man of few words now are ya Derek? Have you read any good books on technical analysis? I haven't heard any "GREAT CHART" comments from ya there Derek.
LOL. You are one funny guy TAKI. Can't win for losing with you. Well, I don't think my 2 million shares that I had sitting in there caused it to sell off to .0009 but I wasn't hitting the bid to drive it down. I haven't had any sold for a few days now. You should be a lawyer TAKI. You have a good line for any scenario. If I commit to my convictions of believing it is coming down by selling then I am driving the price down. If I don't then I am not a man of my convictions. LOL, priceless.
Actually I am down to 3 million now as I have been selling (attempting to sell) in the .002 area once the 20 week didn't hold. I am through selling now but will buy if it breaks the 20 week on the upside. It could be that I pay more for it but (as I have said 1000 times) the On Balance Volume and Acc/Dist charts do not look good to me. It's not that I "think" it's going to do this. As I said before "I will let the charts dictate to me. Right now it doesn't look good. Next week it could. Trend is still down. Nothing has changed regarding that. Wish it had but wishing don't make it so.
After seeing what SRSR did, I happen to believe this could be a distinct possibility but it could be from lower levels (I hope not). I will pay higher if necessary (above .0020) but if my fears are correct and this does break to the .0003 or lower area, then the 20 week ma (middle band of the weekly Bollinger band) will also be lower and a break of it will put me in at a lower price.
I've pretty much said what I had to say about this, so I am not going to comment until something changes. Tired of gettin reamed by some here.
Since when did .0015 become support? The stock has been in a trading range of .0008 and .002 for 14 weeks (with the exception of a one week spike to .005). Support is at .0008 not .0015. IF .0008 is broken then another leg will more than likely start on the downside.
The middle band of the weekly Bollinger band is now at .0020 so a close this Friday above .0020 would be a buy signal for me. Sooner or later ECCI's chart will either s*** or get off the pot by breaking above the 20 week on a weekly closing basis or breaking support at .0008 and making another leg down. IF it can continue to consolidate (and the longer it consolidates the better from a technical perspective) and then break to the upside then there is a possibility that this could develop into another SRSR. I'll let the charts dictate.
Do you give credence to the On Balance Volume and Accumulation Distribution charts? It is hard to ignore how bad these two look at this time (they can change quickly however).
I will admit that this chart has over the past gotten me excited with anticipation (just as many here are now). And there have been times when the stock has gone sideways and I have anticipated a nice move....but then it breaks down again. This is the reason that I plan to wait patiently until a breakout occurs above the 20 week ma on a closing basis before adding to my position. There are those like TAKI who take advantage of the spikes up (which happen every three or four months) to unload and take a profit. In the past those people have been smart but it is a very dangerous game to buy a stock that is in such a difinitive downtrend as ECCI is to try and play the "pops".
Oh, okay. I didn't see the part about you doing your own point and figure. What do you use for a three point reversal in a sub penny stock? It's not a bad idea to do that, I agree. It is another tool that would show a breakout if a sideways motion is broken either way. Without doing point and figure I would "assume" that a tick of .0007 would be a breakdown but I am not sure about the upside. The recent upside uptick was .005 and I don't know if that generated a buy signal for your point and figure charts but there wasn't really any follow through if that was the case.
I use stockcharts.com and they don't do point and figure on stocks below a penny. Actually their "counts" are to 0 on the stock and a three point reversal doesn't take place on their charts until .19 (nineteen cents).
I didn't say I had no confidence in this one. I have a large position. I only stated that until the 20 week moving average is broken (on a weekly closing basis) that I will not be adding more. I don't like the looks of the On Balance Volume chart or the Accumulation Distribution Chart at this point, but that can change very quickly.
The 50 day EMA is at .002 and the 200 day EMA is at .01. This is oceans apart, I am afraid. But you are correct in your statement that if and when this does occur (the 50 day moving average moving above the 200 day moving average) then you have a "Golden Cross".....I look at the simple moving average as opposed to the Exp. moving average. But it really doesn't matter because they'll probably both happen in the same time frame if and when it happens.
Tom
Now there's something we can agree on!!
I agree they look sweet and perhaps you are looking for a quick trade. I guess what I am saying is that I have stock that I paid .025 for last year. I plan (if the company stays alive) to pick a point where I will average down and bring my cost basis waaaaaaay down. I won't be looking for a trade on a large portion of that postion but rather to ride it up to ?
The age old trading question is always when to buy and when to sell. Each trader/investor has his own formula for that. I am happy to hear some fundamentals discussed here and if it weren't for what I have seen happened with SRSR I would think it was a tad ridiculous. But the fact that SRSR went from .0002 to .09 is an indication to me that it "can" happen with sub penny stocks. I haven't really dealt with sub penny stocks before so this is a new experience. But I believe that TA can be applied to the sub pennies the same as it can the dollar stocks...it is still a picture of supply and demand.
So if you don't mind sharing with me, what is the cost basis of your position in ECCI? Perhaps you were not buying heavily in the .025 and higher area so your million shares at .0014 brings your cost basis way down.
I don't know what you're looking for TAKI but IF ECCI can change it's trend from down to up then you could miss out on a very nice move (as in SRSR from .0002 to .09 which is a 45 bagger thus far). I have seen traders make some nice little trades along the way but then when the BIG move comes they are out. I don't know what your cost basis is on this stock and it's really none of my business, but I do know that you have been in this entity for much longer than me and if you TRULY did bail out (of your cheap stock) at .005 as you stated earlier, then that means that your (really cheap) stock is gone. Perhaps you bought back in at .0012 and if so that was a good buy. But the question becomes where do you bail? If you bail again at .005 and the stock closes the week out next week at that level then I think you are making a mistake. You may believe that I am a negative poster, but your perception is incorrect on that point. The minute that I see (what I believe to be) a change in trend in ALL indicators then I will change my tune.
Lol. TAKI... I gots to get above .0023 on a weekly close for me to start jumping up and down but it's nice to see an uptick on my net worth....this is still in a little trading range....sorry you couldn't get another trade out at .005...guess you'll be bailing on a trade about the time that I am adding to my position....that's just the way of the trading world.
Peace,
Tom
You too, Derek, and I can understand you not wanting to read my book (out of embarrassment for having been so wrong on your posts). But I would recommend the following list of good books on technical analysis since you appear to have an interest.
RECOMMENDED BOOKS ABOUT MARKET TECHNICAL ANALYSIS
The following is a list of recommended books.
Momentum, Direction, and Divergence
by William Blau
Technical Analysis for the Trading Professional : Strategies and Techniques for Today's Turbulent Financial Markets
by Constance M. Brown
Encyclopedia of Chart Patterns (Wiley Trading Advantage)
by Thomas N. Bulkowski
Technical Analysis of Stock Trends
by Robert D. Edwards, John F. Magee
Fibonacci Applications and Strategies for Traders
by Robert Fischer
How Charts Can Help You in the Stock Market
by William L. Jiler
Candlestick Charting Explained : Timeless Techniques for Trading Stocks and Futures
by Gregory L. Morris
Intermarket Technical Analysis : Trading Strategies for the Global Stock, Bond, Commodity and Currency Markets (Wiley Finance Edition)
by John J. Murphy
Study Guide for Technical Analysis of the Financial Markets : A Comprehensive Guide to Trading Methods and Applications
by John J. Murphy
Technical Analysis of the Financial Markets : A Comprehensive Guide to Trading Methods and Applications
by John J. Murphy
Japanese Candlestick Charting Techniques : A Contemporary Guide to the Ancient Investment Techniques of the Far East
by Steve Nison
Using Technical Analysis: A Step-by-Step Guide to Understanding and Applying Stock Market Charting Techniques, Revised Edition
by Clifford Pistolese
At the Crest of the Tidal Wave : A Forecast for the Great Bear Market
by Robert R. Prechter Jr.
R.N. Elliott's Masterworks : The Definitive Collection
by Robert R. Prechter Jr. (Editor), R. N. Elliott
Martin Pring on Market Momentum
by Martin J. Pring
Technical Analysis Explained : The Successful Investor's Guide to Spotting Investment Trends and Turning Points
by Martin J. Pring
________
Also, if you can't afford to buy any of these ...you can get them at the library for free.
peace,
Tom
Lol. Gee, Derek, my feelings are hurt.
I have several winners, unfortunately this isn't one of them. In fact I'm glad you brought that up. I bought GLW in 2002 at $2.40 because insiders (president) was buying 1 million shares. I bought the stock when it closed above the weekly middle band Unfortunately I got out too early as the stock went up to 27.
I understand that you don't want anyone saying anything that will keep you from getting a nice trade out at .005 again (per your words you bailed there). But I am going to post the truth as I see it, no matter how "negative" you believe the post to be. No offense is taken TAKI, as I know from whence your post comes. Time will tell if my perception of the charts is right or wrong but you will not bully me away from stating things the way I see them.
Peace,
Tom