Behold The Incredible Shrinking Stock: Converted Organics Inc (COIN)

Posted by timothysykes on Tue 20th of May, 2008 01:30:24 PM

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As you probably know by now, me no likie COIN. Not only is it a pumped up penny stock–in the truest sense–they’ve got less revenue than my publishing company BullShip Press (seriously!), sketchy promoters/PR people galore and a whole host of other problems I don’t feel like digging through because I value my kneecaps, but now, as PennyStocking DVD student Jeff “The Man” Rogers pointed out, their stock is the perfect example of a multi-month head and shoulders breakdown chart pattern, the most reliably bearish pattern there is.

headandshoulders Behold The Incredible Shrinking Stock: Converted Organics Inc (COIN)

Now, the pumpers/amateurs who are drunk on the company’s rather refined PR machine-induced Kool-Aid, are adding shares here, desperately trying to hold support in the mid $7s–the only problems are a.) given their naivety they don’t have much capital b.) the absolute joke of an earnings release the other day makes Dennis Gartman look like the fool/classy pump and dumper that he is and c.) as THESE charts show, this turd of a company is in the grips of the flip side of the Supernova chart pattern (can ya guess what product you can buy to hear me explain them all!?!?!), kinda like death/the SEC itself.

So am I short? Nah, a.) I wouldn’t be surprised to see the company issue some fluffy news release to try to squeeze shorts b.) I suck at trading lately c.) I gotta save my buying power for potential gains on FPP and PDO reversals as this could be a multi-week/month breakdown of only $2-3/share and d.) It’s much more fun/fulfilling poking holes in these inflated balloons while my students profit (JR already covered his short for $1,200 in profits for basically 1 day of work!)

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Related Reading

What Classy Pump & Dumper Dennis Gartman Can Learn From Classy Fund Manager Sy Jacobs & How To Profit From It May 26, 2008
Is Dennis Gartman A Classy Pump And Dumper? You Be The Judge May 2, 2008
The Latest Penny Stock Death Spiral December 27, 2008

Davey

Short 150 MXC @ 40.32, liking the slight fade on PDO and MXC.

timothysykes

i'm definitely considering it, but if it doesnt breach the mid $37s, it could squeeze into the close/tomorrow morning and then you're looking at $50-$60....this is why i prefer stocks that are near going negative on the day instead of these things...i just don't sense any fear yet, other than in short sellers

fantom

Hey Tim where's my newbie lesson?

This is for the newbies, and please correct me if I'm wrong

Short selling ,this is the reversal of betting for the stock.
You want to place a short sell order when the stock has just about peaked. Set your personal rules .20-.50 a share and then buy to cover. If the stock went to a down trend you have a profit of what the loss of the share is * the # of shares you sold short.

You want to watch which penny stocks go in high % change over time. Then wait on the down trend.

Sounds like a steady pay check to me.

One day I too will be a Jedi Knight.

yaktipper

Reading the Yahoo COIN message board today is pretty funny stuff. The anti-Sykes haters are active today, still beating the CYGT dead horse. What you say above is so true about the turd-like qualities of the current COIN financials.

will_the_thrill

Davey, I think you shoulda waited.

timothysykes

newbies lesson comes after i get some sleep, for not just click the basics tab and u got some stuff there, along with this article:

http://biz.yahoo.com/tm/080513/17258.html

GabeC

I have some FPP reserved, don't look like its going to drop anytime soon. Check out MMGW though. Looks like it caught a triple.

Max

potential shorts for overnight holds

CPSL
SUTR
CDY

Joey

Tim, what do you think of holding FORC? I'm short since 1.99.

timothysykes

good short on FORc, d epends on your goals, risk tolerance, capital

timothysykes

here u go newbie short sellers:

http://www.timothysykes.com/2008/05/20/don%e2%8...

is anyone having pro0blems getting on this site, my firefox version doesnt seem to work?!?!

pglombardo

Firefox 3 had a problem scrolling in your site (atrociously slow). But it's not just your site, it's any site that has a static background that doesn't move when scrolling.

I posted a fix here: https://bugs.launchpad.net/firefox/+bug/125970/...

Works good now...

Adam

PDO is cracking and i have to go to a meeting GRRRRR!!!!!

timothysykes

thanks lombardo!

PDO aint crackin, its called consolidating, cracking occurs when a stock goes from positive to negative on the day

Joey

Tim, i finished watching DVD2.. just to be sure:
ROYL would be a messy Supernova, and MXC and clean one.. right?

Adam

good to know, i'll have to rewatch the dvd some more!

enorck

Hello again gents,

Called the double top on COIN during TIM's Barrons article, shorted and then covered at 7.65. Nice profit. The TA was written all over this chart, wasn't to hard to pick this one out.

ivegotstylekid

davey mxc and pdo shorts aren't looking too nice right now. Good luck man, cause the energy's are being hyped everywhere now

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Nov 4	COT	$8.66	$8.88	$642
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Oct 29	CTDC	$4.00	$4.42	$781
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