Spongebob2010, relax, what happened today was a very well planned attempt by the shorts to shake out the weak longs and try to cover some of their shorts. Whether or not they actually covered a significant portion is anyones guess, maybe, maybe not. It took alot of selling on their part to get the ball rolling right after they spread the false rumors, although there was also alot of buying by the strong hands on the way down. We retraced 50% of the break and only gave back about one day of gains, I would argue the bears didn't win friday because of they're inability to close us near the lows.
Keep up the good work with the promotion, I'm on the same page, bought many sponges from several different retailers and don't even own a car. Give them to family and friends and they've said nothing but good things about the product. I've emailed walmart, cosco, and many other retailers demanding they carry spongetech because of the hassle I indure having to an extra stop.
Typically in markets it never hurts to shake out the weak hands, its actually usually healthy. So don't get angry with the little guys. I think we should have a good week next week, and maybe its going to be all the small guys that got shaken out today who impulsivly sold, that will impulsivly buy when we are towards the highs of the range, which will work in our favor and push us through to new highs.
I advised smaller new traders to turn of their screens and not get caught up in the trading action, 90% of traders fail for a reason. If trading was easy everyone would be a millionaire, its not, and trying to read the market is very difficult. The best approach for anyone interested in spongetech would to be buy and hold, not even looking at the price action because days like this will scare you into puking, most likely at the low tick.
Anyways good luck to you, good post, and $1 is for starters. read some of my previous posts and you'll see my case for why we could very well see $20+ in this stock.
IMO
AI
