Pan Global Corp. (OTCMKTS:PGLO) Pump Squashed a Second Time
The week-long recovery period of Pan Global Corp. (OTCMKTS:PGLO) that was backed up by a new volley of pump emails came to an expected abrupt halt yesterday, as the stock tanked once more. PGLO lost nearly 40% in Tuesday’s session, wiping out all gains made over the previous two days, and then some.
We started covering the stock before the initial crash and gave our readers a heads up for the $1.1 million pump that was targeting the ticker. As all expensive pumps do, it managed to generate artificial interest in the stock and PGLO probed an intra-day high of over $0.95 right before it tanked for the first time. Not too surprisingly, the pumpers over at Stock Tips fell completely silent after the crash and waited for volume to pick back up a little before renewing their touting efforts last Thursday.
The company has made no comments about its price movement and the pump and is instead pushing out optimistic press releases about its staggered acquisition of the small hydro plant. Obviously, there were enough people who believed PGLO was a bargain after the first drop, as the ticker shifted about 10 million shares over Friday and Monday, prodded along by the tout emails. The pumps contained the usual claims of a massive short squeeze happening. Even though yesterday’s pre-market email from Stock Tips said that this was “just the beginning” and the short squeeze has “just begun”, the price tanked nearly 40%.
Everyone who bought in during the 10-million-share flurry of action on Friday and Monday is now looking at losses ranging from 10% to nearly 50%, for the particularly unlucky ones who got in during yesterday’s daily high. You can only milk a pump so far, no matter how much cash you pour into pumping it. All traders who still believe the promoters’ promises of greatness and think this has once again got into a bargain price range, despite the two horrible crashes caused by the pump, are free to enter at their own risk.
They may still want to keep in mind what happened to two of the biggest recent pumps – those of Pacific Clean Water Technologies Inc., f/k/a Unseen Solar, Inc. (OTCMKTS:PCWT) and PacWest Equities, Inc. (OTCMKTS:PWEI), both pumped by the once-biggest, now-retired promoter Awesome Penny Stocks. Both companies were suspended by the SEC in the middle of pumping and dragged hundreds of investors along with them. PCWT is currently trading 99% down from its pumped highs, at $0.0035 per share. PWEI last closed at triple zeroes, now trading 99.5% down from its pre-suspension prices.
