Sunday, September 27, 2009

SPNGE - Where Does It Open On Monday?

We reported the SEC investigation of SPNGE on Friday after the close. 

http://pennystockgurus.blogspot.com/2009/09/spnge-sec-on-their-trail.html

One also has to wonder if the recent stock sell-off through Friday is just pure coincidence or did someone sell stock based on this non-public, inside information?  The SEC invstigation came to light in an after hours 8-K filed by SPNGE after Friday's close.

Fridays volume was impressive and the stock now sits at an area of support from early July.  Expect the selling to come early on Monday and it will be interesting to see if their is any bounce after the selling abates.

A guess?  SPNGE closed at $.08 on Friday another 10% down day equates to $.072.  A more likely low is in the $.06's, although there is no telling for sure.

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