The Elephant has jumped and the parachute ain’t strong enough to keep it from free-falling. That was the idea we had when we highlighted the coming crash of Green Innovations Ltd. (GNIN) from penny stock heaven. Just prior to 11AM, it looked as if the bulls were going to be able to keep their horns and teeth for another day, but knowing that the bowels of the elephant were about to burst, traders dumped out of GNIN stock before the botched alerts from Kowloon could dump on them.
Half way through the day and the bottom is still about $1 away before any chances of a recovery with tomorrow to be even worse.
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GNIN Stock Quote as of 11:57:47 AM
Market Cap: 186.00M
Last: 1.86 (▼ -0.89 (-32.36%)
Dollar Volume: $29,474,807
14-Day Rel Strength: 71.01%
14-Day Stochastic: 51.81%
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Shorts were all over GNIN stock prior to the open and its was clear that today was the last day that Green Innovations shareholders were going to see any chance of breaking $3. While the share price did rise to as high as $3.35, a 458% gain from our initial alert at 0.60, the drop came quick but not as quick as with the last dump: Punchline Entertainment (PUNL).
What to expect now is to see a bounce play off the bottom which will not be set at any point today. Investors who are working their 9-5 jobs and bought shares off the phone call tips and snail mail brochures still need a chance to catch wind of the news and have their freak out session.
When they sell out, then will GNIN stock see the double-down bounce play that could sponsor a trip to Las Vegas for two or another refill of that Xanax supply to keep from throwing the monitor out the window.
The irony is that a toilet paper distributor dumped on the whole world having waited for the Chinese New Year to finish before dropping the stink bomb on GNIN. Now its all about cleaning up the mess or leaving it behind and forgotten.
So much for Bruce Harmon’s Green Innovations successfully repaying the 4 Convertible Promissory Notes issued to Kachess Financial Corporation.
About GNIN Stock
Green Innovations Ltd., through its wholly-owned subsidiary Green Hygienics, Inc., is the exclusive licensed North American distributor of American Hygienics Corporation’s 100% tree-free bamboo-based product line, including personal care and paper-based goods.
Last 4 Trading Sessions:
Bottom Line: GNIN mght lead the OTC listed penny stocks in trades and dollar volume today,but it won’t be in a good way. With all signs pointing to GNIN stock trading under $1 at some point today, even then the chances of it being the established bottom for a bounce is too early. Let the sell off tomorrow come forth before risking a re-entry into this one.
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