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Seemed like it was getting easy with our gigantic wins in LUXR and VRNG. Today the penny stock world reminded me it's never easy, and sometimes the best looking situations on the fundamental side can leave you scratching your head wondering how it went wrong.
Moving forward, stocks go up and stocks go down- you can't be a baby about it. Today, one of my personal favorites- Barfresh (BRFH) has been routed today.
My original entry level two weeks ago was $.96, and since then the stock has seen a high of $1.18, so it hasn't been a total disaster. MY SSL in the original presentation was $.70, and it did trade below there today for a nano second. If you still own it, you're above my suggested stop loss.
Apparently, there's simply more people who are anxious to sell it today than there are people who are anxious to buy it today. As I have disclosed, I have a very large position in this particular stock, and was going to be active in the open market both buying and selling. So far, for the most part I've been buying more than I've been selling, and that sure doesn't look like the right choice today.
I was a buyer last week at $1.10, but I have been a seller at times as well. It's known as "trading around a position".
My sense is the panic is over, and the stock looks like it wants to rebound. The people that had to sell have done so. I'm watching it trade now, and it found a bottom and bounced rather abruptly. Bargain hunters seem to be surfacing, and that's encouraging.
Long term I love the upside here. Short term- we could look back in a week and wonder why we didn't buy as it rolls back through $1, or it could continue to be problematic.
Today, it looks like the short term sellers have gotten their fill. Or, perhaps it's been shorted. I can't say for sure. All I know is when, and if this company starts knocking down contracts with extremely large names, the whole tide could turn.
Tomorrow- before the open I'll be publishing an edition on one of my previous ideas we've made money on. We got a 40% return on this one in two months, and I see it happening again- the stock is back to our entry level, and the story is just getting better.
A reminder: Catch me live on TV every Monday from 12 to 2PM eastern.
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