WOW… what a day ! PNCH gapped up this morning at open, then about 1.5 hours later crashed hard down to a low of .007. That was a huge drop in the span of about 20 minutes. It did start the recovery process about 11:45a, and the recovery took place over the span of about 45 minutes. The stock stayed fairly flat the rest of the afternoon, closing at .012, for a 20% down day. This is not what we expected to happen today !
We are not worried ! This volatility has to be expected in penny stocks. That’s part of what makes them exciting, right ! The movers and shakers of the market makers needed to shake lose some shares, and we suspect this move today did the trick… lol. Everyone is positioning for the 10-K release later this week… most likely Friday when the market is closed, and we suspect those holding any shares short needed to cover before what may be a big move upward if the news is good. Certainly the flippers who bought in before the huge increase over the last 2 weeks were happy to take some profit today also.
So… everyone but the “longs” probably made some money today, however as longs we are not worried because the overall direction is up. Remember, the trend is your friend ! And the trend with PNCH is still up, with the best news yet to come. Today’s wild ride was not for the faint of heart, but all in all, just a blip on the screen of a great company !
In closing today we want to extend a special thanks to “SLICKRIC50” who is a MOD over on the Investors Hangout PNCH board. He is keeping an eye on this blog and sets us straight in the proofreading area. Thanks RIC… your efforts are appreciated !
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