So I bought into MLX @ 18c a couple days back and it's been a real doozy! It's like the shorts have decided to put on spiky boots and kick the living shite out of it. Talk about bad timing! 1 minute chart
Thats like buying $180 stock and having it drop to $130 in a day or so. But you know that already lol. $0.18 to $0.13 for some reason just doesn't sound painful. $180 to $130 does.
Yup, it is a very high percentage fall, BUT (there's alway a 'but' hehehe) the position size is small. MLX has been a shit performer for a long time, and I think right now the way it's behaving, someone is attempting to kill the fuvkker. A couple of other observations; a) it is quite a common thing my calls are out by around 3 days thereabouts. b) The very high volume indicates a turning point after such a long run down period. c) I'll give it to weeks end, if it keeps falling I dump the shitter. d) the intraday price action to me looks like deliberate manipulation to tank the stock so I'm suspecting a bounce. But I am surprised how the volume has errupted recently.
Hmmmm, looking like it could be about the end. Not good for longs. https://www.bloomberg.com/news/arti...o-be-in-talks-with-lenders-to-file-bankruptcy
End of year roundup: My experiment with bottom fishing penny stocks is basically a failure on a short term perspective, was hoping for quicker profit results. (Brokerage fees are already factored in to results above). The problem is, and something I was not aware of, many pennys run up on reasonably large trades which are then quickly pulled. This appears to be a consistent scenario. I had created an algo called SA2 and traded pennys using quite small position sizing but the results were dismal, so have discontinued with this. As well, in a strong market, pennys tend to underperform, so the timing is not good. I did a backtest recently which indicated large cap stocks are the least volatile and have the best returns.
Two minutes prior to close I took a bottom fish on this one at $0.009. It closed for the day at $0.01.