APS New Pick SVEN Stock is exploding on the OTCBB!
Update: SVEN has been halted and is not trading. I will update here as more information becomes available.
SVEN has collapsed through all support levels and now trades well below a dime. This shatters any hope of this latest APS pick having anywhere near the success of even TAGG. So why did TAGG drop so fast? Surely APS was smart enough to start off with a clean shell where they had a measure of control of the free trading float just like on their last pick TAGG. Surely they would give SVEN every chance that TAGG had, after all their reputation was on the line.
What happened was out of APS control in my opinion; the stock was attacked by the ever increasingly aggressive short position, known in traders circles as the “short ball wrecking crew.” (they are made up of a mix of marginal MM’s, accredited investors and investment houses) They make their bread and butter shorting these big promo plays with little if any real fundamentals behind them. TAGG managed to make big gains but in the end the short position won. This time around on SVEN they were much more confident and stronger and were not prepared to wait around for months before they got their payday. In today’s market it is becoming increasing difficult for the these big promo groups such as APS, Victory Mark or SMA. The shorts are on to them now.
Technically damaged SVEN flounders well under a dime and the question remains; will APS put more $ into the promotion and give the stock another push? Or will they just drop it here, considering the disaster it has turned into? Even if they push it again I doubt they get it over $0.15 and even that would be temporary.
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Superior Venture Corp (OTC: SVEN) hit the OTCBB at the end of November at around $0.14 per share and quickly exploded from there on the AwesomePennyStocks (APS) alert. In typical APS style SVEN traded $35 million in dollar volume its first day out and has been leading the bb's in volume since.
The number one question that everyone is asking; is SVEN a real long term APS pick that they will support and take higher or will this one collapse just as fast as it rose? Now that we are several days into the promotion it definitely looks like SVEN is here to stay! There are also several things about SVEN that are encouraging here; first off its fully reporting OTCBB, something that all APS successful picks have in common and also just as importantly APS has put the SVEN banner on their homepage, a very positive indicator for SVEN.
The news is encouraging; On December 4 SVEN announced through its wholly owned subsidiary Ilustrato Pictures Limited that they have reached a breakthrough agreement with Wuxi Studios to co-develop a USD $15 million motion picture for both the domestic Chinese market, and the oversea international market.