SPNG - Holding Up Well After Resumption Of Trade

SPNG, all things considered, is holding up well and back over $.03 at mid-day.  An initial surge at the open was met with support and the stock is now well off its $.02 low.  Over $1.2 million in volume today with 50 million plus shares trading hands so far.  A 50% loss is certainly a big loss, but a 75% or 90% loss is much worse, so this can be considered less worse for SPNG shareholders.

We thought this was about how SPNG would trade today, although nothing is ever assured.  This is an excerpt from our post over the weekend before SPNG resumed trade this morning:

The crash will come and the stock will bounce as there are many believers in the stock irregardless of the current issues surrounding it.

If I had to guess an open of $.01 - $.02 and then some bottom buying bringing the stock back to $.03 for a -50% day.

http://pennystockgurus.blogspot.com/2009/10/spng-news-and-sec-filings-hit-wires.html 

For longs, this might be a good opportunity to re-assess their positions as any momentum will likely wane over the coming weeks with legal battles still to be resolved.  SPNG's better days are in it's past and the future is murky with numerous obstacles to navigate.