ANRC was up 92% on Friday!
Go figure, the Dow was down 366 points and this stock almost doubled!
I have a target of 15 cents on the stock and that is still a nice move from here, but even I am not aggressive enough to purchase any and I am pretty darn aggressive.
The problem with a stock like this is that it is very easily manipulated and it is very easy for the locals on the curb to throw you a bone and then take the meat.
The other problem I have with stocks like this is that in my early years (19) I played these quite a bit. Some worked out and some were complete busts. On the whole I saw the entire process as rigged and it was hard enough to make money in the market without somebody else stepping on your face. Can you tell it left a bad taste in my mouth!
There were times also that I had some incredible profits in some of these penny stocks and my selling created a quagmire of sorts as the more I sold the faster the price dropped and I am talking about 30 to 40% with each order. So getting out of these stocks can be a real challenge to say the least.
Anyway, if you had the guts to get in on this one then you might do quite well, as a matter of fact 92% in one day might be enough for you, but if you do decide to perhaps sell a quarter of your position or half or all of it for that matter, test the waters first. Put in an order for 5,000 shares and see what happens to the price. If it acts solid and the selling does not push the stock down sharply then start unloading the stock in blocks and try and not to upset the apple cart.
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