$596 Profit In 30 Minutes Shorting Penny Stock SCON
Source: http://pennystocker.com/596-profit-in-30-minutes-shorting-penny-stock-scon/Posted on Tuesday, April 21st, 2009 | In Market Commentary, Small & Micro Cap
Take a look at the chart and memorize this classic chart pattern that almost always makes you $$$$ shorting penny stocks.
As I pointed out early this morning before the market opened in my penny stocks to watch, SCON was up 150%+ on an obvious hyped/manipulated run because there were no PR’s hitting the wires whatsoever on this penny stock. Look at this chart and tell me this is not a screaming short. Penny stocks just can’t keep going up and up and this one was no different. It went up tooo much tooo fast so the game plan for the morning, yes game plan (you should all have one as I pointed out in THIS post) was to watch for any weakness and short the weakness. At the market open we got a slight gap-up in this penny stock but the postive run up only lasted 5 minutes..after that it was weakness as sellers came into the stock at full speed. About 9:50am SCON went negative on the day – this was the weakness I was looking for. Now, I didn’t get a good entry price as it was dropping so quick and the bid/ask was going crazy but I wound up getting my 1290 shares short @ 2.71. From there it was a classic death spiral of a hyped penny stock on green-to-red price action. Think about it: If I was a stock promoter/pumper and I had a huge long positon in a stock that has gone up 2 consecutive days over 150% and on the 3rd day it opens up and things are looking great then all the sudden it goes negative/red on the day (something it hasn’t done in days) panic sets in and everyone sells which is why green-to-red works so well when shorting penny stocks. I explain this pattern further and how to short these penny stocks in my FREE eBook that if you haven’t already gotten, you should!
Last 5 posts by Justin Bostwick
- SEC Charges 8 - May 23rd, 2009
- 6 More Penny Stocks Picks: “Buy The Hype, Sell The News” - May 22nd, 2009
- Penny Stocks To Watch For Friday The 15th - May 15th, 2009
- Six Penny Stocks To Watch That Could Make You Money - May 12th, 2009
- The Framework Of An Afternoon Fade And Why It’s So Essential To Short Selling Penny Stocks - May 7th, 2009
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 About Justin Bostwick (http://pennystocker.com)
My name is Justin Bostwick and I am an 18 year old college student at the University of Tampa in Florida. Pennystocker.com was launched on March 25th, 2009 with $7,000 in capital with a goal to turn that into $XX,XXX over a period of time buying and shorting penny stocks. Watch as you and I both learn what it takes to profit down in penny stock land aka the “gutter” |
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