ACCS could go down as one of the worst stock promotions by a premier promoter but it was not a surprise to me. Mainly this is because when the overall market is really red, penny stocks sometimes get annihilated even though for the most part any other time, they have almost no correlation with the overall market. Three out of four stocks follow the overall stock market, but this really doesn’t apply to penny stocks. That is what happen today with ACCS which was a stock promotion by one of the big guys VMC. My take on what occurred is that after the stock market tanked today the promoters got scared that the market is going to be struggling for the next few months and therefore they thought they may miss out on their typical profits which they pull out of their multi-week pump and dumps. Therefore when ACCS couldn’t make a new high around 10:00 am like it should have normally been able to, they decided to just take whatever they could get and screw over their unsuspecting lemming subscribers of all their money. I could be wrong but from experience I have found every time there is a big down day in the market, it can carry over into penny stocks, and in particular the current high flying stock promo’s like ACCS.
Luckily I traded ACCS just like I do all the rest and I was able to profit on this one despite the fact it went from .15 to .19 and all the way down to .037! I bought 125,000 shares at $.16 and sold 25,000 at $.18 and the remaining 100,000 shares $.19 when the stock failed to make a new high. I had an number of other really quick trades in it as well. I am always skeptical of promoters because lets face it they earn their living screwing over unsuspecting suckers. I would never trust a stock promoter in order to blindly buy and hold a penny stock for several days or weeks. Yes some promotions rise for weeks or months but the truth is I much rather have predictable profits of a several thousand dollars again and again rather then hoping and praying for a home run like POTG (which went for $.05 to 1.20), which is very unlikely. I am skeptical of even holding for hours since as you can see ACCS held it’s gains for part of the day and then start tanking around 2:00 PM EST and boy was it a bad day for the “believers”. This should be a lesson for those of you who go all in on all of the big promotions. You have to trade these stocks smartly and understand macro factors can impact stock promotions.
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