I sold my SPNG today $ 0.027 and almost went short right away at $0.023. I was only able to borrow 20,000 shares but its more of an educational lesson for ya'll in Penny Stocks 202: Following the Tide.
Not only did I make a cool 202% on the way up from my original SPNG entry... but I also think there is another 25% profit to be made on the short side. Like I said SPNG is hard-to-borrow and I could only find 20,000 shares but i'll take every penny I can get in the Great Recession.
My initial buy was right after a 41% spike on no news. SPNG was in the dumpster so I figured there was a lot more upside so I took a chance. Looking back I should have sold on 4/3 (first down day) but I got stubborn and didn't sell until today (down 11%). Now i'm looking for SPNG to crack below $0.02 and free-fall back to $0.01-$0.015. I'll cover if SPNG shows the slightest signs of strength to the upside.
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