Today I saw things that really astonished me.
Two much hyped about stocks GPN and todays listing YRR majority owned by GPN...
Turnover volume aprx 112 Million (Yes 112 Mil) in GPN.
High .073 pressumably those who simply had to get on prior to YRR listing at 12pm (heavily hyped as oversubscribed Uranium player)
(Action on YRR is another story by itself.}
AND THEN the heavy dumping by the big boys ... Institutions?? Super rich Day traders??
I watched it all unfold for the entire day ... on the IRESS screen where the action happens by the second automatically.
2 million .. 3 million on the BID and ASK side wiped out in a blink of an eye by massive single transactions.
At one stage from 7.3c to a low of 5.2c a 33% range on the day.
And the odd part is that a lot of (smart - Professional) people must have lost a heap of money.
There were Millions in single bids being bought all the way from 7.3c down
so its impossible to say how many of those are still holding?
A million shares even at 1/10th of a cent drop is a $1000 a tick lost.
Just who were these people??? Did the professionals slowly accumulate over the past week knowing (as we all did) that YRR would likely open at a 200% premium because it was heavily oversubscribed and the smaller guys would get sucked in along the way?
So why am I writing about GPN?
Because I got caught in the Hype and bought (regret it now that I've had time to reflect)
This came up on MS on the 2/2 as a buy on a recent high 5.2c
Since I always wait for a slight dip and retracement (AND boy did it retrace today) I thought I had missed the boat with this one.
Watching it fall, stabilize and rise slightly I jumped in 2 ticks higher.
I think the big problem now will be for any major retracement in the short term because a LOT of people must be sitting on big losses and might sell into any rally.
This day trading on penny stocks gives one a big buzz ... well I am a beginner and don't know any better.. BUT IS VERY RISKY .. after all I may have bought at open today
SO once I am stopped out of GPN I'll be out of here.
I know that potentially the biggest gains can be made in this type of stock price range but I'll try something more sedate.
I have already modified one line in my MS exploration to read AND C>O AND C>.30 so the EXT's and GPN's AND YML's wont come up untill they pressumably have found something to mine and not just holes in the ground.
Of course I will have missed the bottoms but even ZFX and PDN were 30c stocks once.
Sorry if this post doesn't make any sense but I am still in a state of shock after the going ons today
Incidentally the puny and Insignificant title was because I bought 41000k