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Hello STOCKHAVEN members and a warm welcome to our new subscribers,
Before we get to our watchlist we wanted to give our thoughts on SNPK. In our view, the company released a "momentum killing" PR on Friday.
SILVER SPRING, Md., March 16, 2012 /PRNewswire/ --Sunpeaks Ventures, Inc. (OTCBB: SNPK.OB - News) announces that it has initiated a review, through special outside counsel, in connection with the high volume of trading and price rise in its common shares on the OTC Bulletin Board.
Awesomepennystocks.com, the promoters behind SNPK have tried to spin this PR as a positive, telling their subscribers that "there is nothing to worry about."
Well we're here to tell you that there is indeed something to worry about and we are adamantly advising our members to follow these 2 rules:
Don't hold SNPK overnight
Don't trade SNPK unless you can watch it at all times
Our reasoning is simple, if FINRA is looking into the trading of SNPK, which the Friday PR clearly states, then the S.E.C. might not be far behind. And if the S.E.C. gets involved, they might halt the stock.
Stocks typically get halted before the market opens or after the close. When penny stocks do get halted due to irregular trading, it usually results in a 50-90% gap down the next day. (We have never seen a penny stock get halted in the middle of the day but that doesn't mean it won't happen, we just don't think it's not as likely)
As for rule #2, well Friday's move down from $0.68 to $0.30 happened in about 10 minutes and if you weren't watching it when it started, you probably got burned pretty badly.
Hopefully though no one made that mistake, as we just took the time to write an article for our Trading University explaining why you can never leave the computer if you're in a trade.
"If your broker does not allow you to place stop loss orders on penny stocks (many do not), then you cannot leave the computer when you are playing them. That is the simple, cold, hard truth! Don’t do it! You’re asking for trouble if you do. Just ask anyone who bought NSRS around $1.70 the same day it tumbled nearly 60% to $0.70. Or the people who bought AMWI around $1.30 the same day it tumbled 80% into the $0.20's. Yes, these moves really did happen the same exact day, so if you were not by a computer or you didn’t have a stop loss in place there was absolutely nothing you could do about it."
-Are penny stocks good investments? 3/6/12
Well now we can add SNPK to the examples above, and what do all 3 (NSRS, AMWI, & SNPK) have in common? They were/are all promotions by awesomepennystocks.com. So please everyone, do not make these mistakes with SNPK. We're not saying you shouldn't trade it during the day (although we're not recommending it either), but just be very careful.
As for those of you still holding, we're not going to tell you to sell it. What we will say is we have no position in SNPK and have no intention of initiating one unless it is for a very short term trade (like literally, in and out within 5-10 minutes). We'll also say the same thing we say with any stock: have a plan.
If you are holding SNPK then you need to evaluate the new supports and resistances and play the chart and come up with your own decision (bare in mind if you plan on holding past Monday you are breaking our rule about holding it overnight but that's a call you have to make). New support is going to be $0.40-$0.45 while new resistance is $0.55-$0.60.
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